August 17, 2024
“Greek Ferry Industry 2024: The Green Journey Begins.”
It is the 23rd annual study conducted by XRTC Business Consultants Ltd. The report (in Greek) provides an economic analysis of major ferry companies such as ANEK, ATTICA, and Minoan Lines, as well as smaller and medium-sized companies within the Greek ferry market.
Key Highlights:
- Mergers and Acquisitions: The report discusses the significant merger of ANEK by ATTICA, making ATTICA the largest ferry operator worldwide in terms of passenger capacity.
- Market Dynamics: The Greek ferry market has evolved into an oligopoly, dominated by ATTICA and Seajets, with a significant presence from the Grimaldi Group through Minoan Lines.
- Financial Performance: The financial performance of major companies in 2023 showed significant improvement, driven by a reduction in fuel costs and an increase in demand. ATTICA and Minoan Lines, in particular, posted strong results.
- Challenges and Investments: The report identifies challenges such as the need for fleet renewal and environmental upgrades, with companies like ATTICA and Minoan Lines planning investments in new ships to meet environmental standards. However, smaller companies face difficulties in accessing financing.
- Fuel and Environmental Regulations: New European regulations, including the “FuelEU Maritime” initiative, require the use of low-sulfur fuels, posing additional challenges for the industry.
- Ticket Prices: The report highlights a significant increase in ferry ticket prices over recent years, with some routes seeing up to a 60% increase compared to 2019. The high cost of ferry travel in Greece is noted as being significantly higher than in other parts of Europe.
- Tourism: While the tourism sector in Greece saw a record 33 million visitors in 2023, this has not fully translated into increased ferry usage, as many tourists arrive by air and only use ferries for inter-island travel.
- Hydroplanes: The report also mentions the slow development of hydroplane services in Greece, with only a few water aerodromes fully licensed, though progress is being made.
