Superfast Ferries Continues Buying Spree

Attica Enterprises, the holding company of Greek coastal ferry line Superfast Ferries, continues its buying spree with an order for yet another two new super-fast vessels. Last month, the Greek ferry line placed an order for the new ships from the German shipyard Flender Werft. The order includes an option for two sister vessels.

The newest order, for Superfast XI and Superfast XII, will cost the company about 67 billion drachmas. Delivery of the first is expected in January of 2002 and the second will follow four months later. At the moment, the company’s fleet of four super-fast vessels plies the Greece-Italy routes. Two new vessels to be delivered in the coming months, Superfast V and Superfast VI, also will sail these routes.

Another four new vessels now under construction will be delivered next year. These new vessels will run Baltic routes to Germany, Sweden and Finland. Attica has not revealed route plans for the latest order of new vessels. Separately, Attica, with its subsidiary Superfast Ferries, posted profits of 9.1 billion drachmas for its financial year 1999. The total is slightly up cover the year before even though the Greek coastal shipping sector experienced a drop in revenue during the Yugoslav crisis.

Revenue for the year reached 12.5 billion drachmas or 11% more than posted in 1998. The company increased its market share again this year on the Greece-Italy routes and remains the leader there. Last year, Attica spent 44.06 billion drachmas to purchase controlling interest in Strintzis Lines and invested 9.3 billion drachmas on capital increases of subsidiaries.

For 2000, Attica expects a substantial increase in revenue and profits as it will place two new ultra-modern ships on the Greece-Italy routes.