SeaJets submitted an improved proposal for the acquisition of ANEK Lines

By | 2023 Newsletter week 27 | No Comments

On June 30, 2023, SeaJets, Kiara Shipping and Golden Step Shipping Ltd submitted a new improved proposal to the Piraeus Bank for the acquisition of ANEK Lines.

[see last week’s news: Surprise: SeaJets submitted a proposal for the acquisition of ANEK Lines]

According to the new letter, which was also sent to ANEK Lines and its Creditors and Shareholders:

  • The three companies proposed an increased offer at EUR 83 million, under the same terms of payment.
  • In terms of transparency, they proposed a loan of EUR 55 million secured by first marine mortgages on ships with a commercial value of EUR 138 million (coverage rate of 250.9% of the loan). The remaining EUR 28 million will be paid from equity, which is immediately available and certainly reduce the Bank’s exposure.

In addition to the increased offer, the letter mentions a few arguments as a response to the Bank’s objections. Among other things it is stated that:

  • Until approval is given by the Competition Committee, the “implementation” of the Attica transaction, which the bank claim is in progress, is illegal.
  • It is already known to the public that the proposed Attica “transaction” raises significant competition issues based on the initial views of the Competition Committee.
  • The formulations adopted in the Bank’s response raise many questions and lead to the conclusion that the Bank is acting and arguing as the buyer of ANEK Lines rather than as a representative of its Creditors.
  • SeaJets proposal does not contain a due diligence clause, as it is inaccurately stated in the Banks’ answering letter. On the contrary, the Bank acknowledges that due diligence was carried out by Attica Group and information was provided to Attica Group, even though ANEK is a listed company. This constitutes privileged information and leads to an audit of the related stock market transactions to date.
  • SeaJets proposal ensures not only the competition but also a greater return for the Bank’s own loans.
  • The view that SeaJets proposal does not “meet the necessary criteria to constitute a viable credit risk” is not substantiated.
  • The three companies are willing to immediately engage in direct discussions with each one of the informants to avoid misunderstandings and await a prompt action.

Source: ANEK, 3 July 2023 (in Greek)

Surprise: Seajets submitted a proposal for the acquisition of ANEK Lines

By | 2023 Newsletter week 26 | No Comments

In the last few days, a series of events have been taking place within the Greek Ferry Scene concerning the unexpected Seajets’ proposal for the acquisition of Anek Lines.

  • On June 16, 2023, three companies (Seajets, Kiara Shipping and Golden Step Shipping Ltd) submitted a proposal to Anek Lines’ Creditors and Shareholders (that represent 57,70% of the company’s total share capital), regarding the acquisition of ANEK’s shares and loans under specific conditions. That proposal included:
  • The immediate payment of EUR 82 million for the acquisition of all the Company’s loan obligations with the provision of collateral.
  • Acquisition of all the shares of the main shareholders for the price of € 0,2220 per share.
  • Piraeus Bank loan guarantee.
  • On June 23, 2023, Anek Lines issued a press release (in Greek) to the Athens Stock Market informing officially the Market Capital Committee as well as the investors about that proposal. Also, told that Anek Lines’ Board of Directors addressed the proposal to the Company’s Shareholders and Creditors, to be evaluated by them. The Company pledged to make announcements to inform the investing public if the relevant legal conditions are met.
  • On June 27, 2023, Anek Lines issued a new press release (in Greek), where Piraeus Bank rejected Seajets’ proposal.
  • Piraeus Bank, as a representative of Bond Creditors, sent a letter of refusal to the proposing companies on June 26, 2023. That letter was also sent to the Competition Committee as well as to the Board of Directors of ANEK Lines.
  • In it, the Piraeus Bank explained that:
  • The proposal comes at the wrong time, as the ongoing merger of ANEK Lines with Attica Group is already known to the public since September 2022.
  • The Bank’s consultant analysis judged that the submitted proposal is inferior to the current agreement under implementation between Attica Group and ANEK Lines in terms of recoverable value. At the same time, that proposal exhibits a significantly greater risk, so it is not a viable alternative for ANEK Lines.
  • There is uncertainty in the financing of the proposed price, as well as in the condition of carrying out due diligence, a process which has already been completed for the Attica Group proposal.
  • The proposal does not consider ANEK Line’s cash flow needs towards third-party creditors, nor does it include planning for the smooth transition and uninterrupted operation of the company due to the potential termination of the ANEK – Superfast joint venture (operational risk).
  • Therefore, the proposal does not meet the necessary criteria to constitute an acceptable credit and business risk and cannot be accepted.
  • Also, the VARMIN Shareholder (Vardinoyannis Family) with a letter to the Board of Directors of Anek Lines stated that: “We do not accept the specific proposal due to the price offered and its structure. We consider that the existing agreement with Attica Group for the merger of ANEK Lines, which is already in the approval stage is the only immediate solution, which ensures the company’s rescue”.

Greek sources say that Seajets is preparing a counteroffer.

See also our news from 22 September 2022:

Seajets’ HSC ELITE JET entered service on the Piraeus-Crete line

By | 2023 Newsletter week 25 | No Comments

On June 19, 2023, Seajet’s HSC ELITE JET (ex STENA LYNX III) made her debut on the Piraeus– Rethimnon (Crete) line replacing her fleetmate NAXOS JET.

She was purchased in 2019 and came in Greece as the RAPID LINK JET and refitted and upgraded at Perama.

The ship was built in Australia (Incat) in 1996.

Her carrying capacity is for 700 passengers and 156 private cars, speed 33 knots.

Photo: Dimitris Mentakis

A-ships Management GOLDEN BRIDGE left Greece for her Western Mediterranean service

By | 2023 Newsletter week 24 | No Comments

On June 13, 2023, A-Ships Management’s GOLDEN BRIDGE departed from Greece with destination Spain.

The Ro-Pax is being chartered out to GNV since September 2021 and she will initially serve the Barcelona – Majorca – Ibiza line. Then she will be transferred on the Almeria – Nador long run for the rest of the summer period.

The ship arrived in Greece for repairs and dry docking in May.

Photo: A Ships Management

Seajets purchased Panellenic Lines’ HSC SANTA IRINI

By | 2023 Newsletter week 24 | No Comments

Another one high-speed craft vessel has seemingly been purchased by Seajets, who dominates the world of High-speed Craft vessels in Greece and worldwide. The new addition to the Seajet’s fleet is the Panellenic Lines, HSC SANTA IRINI (exHSC ALMUDAINA DOS), which was purchased in April 2022 from Acciona and chartered to the Cretan Transportation Services (CTRS) for daily excursions on the Heraklion – Santorini line.

The unexpected news came on June 13, 2023 and it seems that the new established ferry operator couldn’t stand the fierce competition on the specific area and halted services.

Seajets has grown into a “giant” that operates mainly high-speed craft vessels and became one of the largest ferry operators in Greece. It covers more than 250 port connections from Piraeus, Rafina and Crete to the Cyclades islands, while HSC SANTA IRINI will be their 16th high-speed vessel.

Seajets also operates four conventional ferries (SUPER STAR, AQUA BLUE, AQUA JEWEL, SPORADES STAR) on Greece’s domestic lines.

HSC SUPERRUNNER JET and HSC CAT 1 sailings for summer 2023

By | 2023 Newsletter week 22 | No Comments

Seajets announced that on June 2, its HSC SUPERRUNNER JET will enter service on the Thessaloniki – Skiathos – Skopelos – Alonissos line. The ship will be serving the line four days a week, while as from July 4 she will serve the Thessaloniki – Lemnos – Lesvos line twice a week as well.

Seajets, connects Thessaloniki with the Sporades Islands and Northern Aegean Islands for a third year in a row, offering travellers from Northern Greece and the Balkan countries the opportunity to travel with their vehicle to the islands of these lines by High-Speed Craft.

On June 2, 2023, Magic Sea Ferries’ HSC CAT 1 will make her debut on the Agios Konstantinos – Skiathos – Skopelos – Alonissos line, while from June 30 she will serve the port of Mandoudi (Evia) until September 3, 2022.

Photo: Seajets and Magic Sea Ferries

Seajets purchase HSC Gotlandia

By | 2023 Newsletter week 9 | No Comments

According to latest information, Seajets is the buyer of the Gotlandsbolaget (Destination Gotland) monohull high speed craft GOTLANDIA.

The ship served on the Vastervik /  Nynäshamn – Visby service until June 2018 and since then has been laid up. The ship was sold due to Destination Gotland’s decision to focus mainly on using their newbuild LNG vessels.  As reported by FSN last week, GOTLANDIA II is also on the market for a buyer.

Crew will reportedly fly to Sweden this week in order to take over the vessel.

With the purchase of GOTLANDIA, Seajets own 16 High-Speed Craft vessels plus 5 conventional ferries. The company’s fleet connects 33 Aegean islands and Crete, while its fleet transport capacity is 3,500 cars and 20,000 passengers.

Photo: Gotlandsbolaget

COLOR VIKING is being prepared for delivery to SeaJets

By | 2023 Newsletter week 7 | No Comments

The delivery of Seajets’ newly acquired vessel, the COLOR VIKING, is expected to be completed by the end of February.

The ship is currently located at the port of Sandefjord in Norway, where a Greek crew is making final preparations for the delivery.

The COLOR VIKING ceased operations on the Sandefjord-Stromstad route on November 22, 2022, and was sold for a price of EUR 8 million.

It is anticipated that the vessel will arrive in Greece before March 15 and will undergo conversion before being introduced into the domestic ferry service.

Photo: Trygve Eriksen (

Ferry operator SeaJets acquire cruise ship COSTA MAGICA

By | 2023 Newsletter week 6 | No Comments

On February 8, 2023, it was announced that SeaJets of Mr Marios Iliopoulos acquired the cruise ship COSTA MAGICA.

This 4,000-pax cruise ship was built in 2004 and adds significant value to the 5 cruise ships of the SeaJets fleet. The shipping brokerage was Masters Shipping.

The specific acquisition came almost a week after it was announced in the Athens Stock Market that Ration Holding LTD of Mrs Despina Iliopoulou (daughter of Mr Marios Iliopoulos – Seajets) acquired the 5,48% of voting rights in Marfin Investment Group.