Superfast Ferries Considers New Investment Program

After the sale of four of its first-generation super-fast ferry vessels, Attica Enterprises reportedly has its eyes on foreign shipyards for the construction of new vessels within the framework of a new investment program. This time, however, the new vessels concern its coastal shipping subsidiary, Blue Star Ferries, rather than Superfast Ferries, say press reports.

In the meantime, shipping analysts estimate that Attica Enterprises will post a revenue increase of 22% for last year over the year before. Sales are expected to reach 390 million euros against 319 million euros posted for 2002. Net profit for the company is expected to reach 25 million to 30 million euros, which is a substantial improvement over 2002, a very difficult year for all Greek ferry companies.

Overall, the shipping analysts believe all the country’s ferry companies will post a profit for 2003. For some this will be the first profitable year after years of losses. As well, they expect these companies to post increased profits for this year, thanks to the Olympic Games.

They also expect at least four Greek ferry companies to have laid out plans to acquire new ferry vessels. According to the applications forwarded to the merchant marine ministry for planned new coastal shipping routes, say the analysts, these companies will have to invest in new vessels.