According to the XRTC report, the Hellenic Coastal Shipping requires responsibility, analysis and forecasting of the future conditions as well as decision making that will allow ferry companies to be viable.
Some of the reports’ main findings are the following:
- The pandemic allowed the ferry sector’s chronic economic problems to emerge, as they have been overshadowed by the steady increasing demand in the past four years 2016-2019.
- The Association of Hellenic Passenger Shipping Companies (SEEN) estimated that passenger traffic in the first half of 2021 will be lower compared to 2020, both on the domestic and Greece-Italy lines.
- In 2021, fuel prices dramatically increased affecting negatively the ferry operators’ financial results. It is estimated that at the end of 2021, the average fuel price will have increased by 60% -70% compared to 2020.
- In 2030, 32.7% of the Hellenic ferry fleet will be older than 40 years, which means that in the next 10 years 50% of the existing ferry fleet will have to be replaced.
- The maintenance costs for ferries over 35 years old are prohibited, while smaller ferries suitable for the Hellenic Coastal Lines are not available for sale in the International Market.
- The cost of building new ships will be high, mainly due to the new EU environmental standards.
- The renewal and upgrade of the Greek Ferry Fleet requires 2.6 to 3 billion euros over the next decade. Also, the upgrade of the existing newer ferries needs an additional cost of 100 million euros.
- The current decade, until 2030, is a crucial period for the ferry companies in order to comply with the new business environment. New financial tools will be provided by the EU, in the context of its policy regarding the environment and sustainable development. Also, new ESG standards will impose in the near future a new management model for the ferry companies.