Sea Tourism

A marine ministry decision to liberalize ferry ticket fares from Piraeus remains on hold.

Navigator Travel is now representing Silversea Cruises in Greece. Silversea, a luxury cruise company, has a fleet of four six-star ships (with two more under construction) that travel to ports throughout the world. The company’s high quality cruises, explains Aris Zarpaneli of Silversea, are geared for customers seeking unique yet discreet luxury achieved through a high staff to customer ratio, excellent service, facilities and programs, gourmet food and wine. The company’s success in this niche market is evidenced by the 60 percent repeat customer rate it enjoys.

Blue Star Ferries last month reported after tax profits of 17.5 million euros for 2005, an increase of 66.4% from the 10.5 million euro profit reported in 2004. Total revenues increased despite a 25.5% decrease in the number of sailings.

For the eighth consecutive year, Superfast Ferries held the leading position for the transportation of passengers and freight units on the Greece-Italy route in the Adriatic Sea. Last year, the company’s market share for passengers was 24.2%, for freight units 21.7% and for private vehicles 22%.

Aegean Speed Lines, founded last year by the Eugenides Group and the British company Sea Containers, announced last month that it would refund within 30 days any ticket lost by a customer, provided the lost ticket has not been used.

Louis Cruise Lines last month announced the delivery of the latest addition to its fleet, the 1,250-passenger cruise ship Sea Diamond (ex-Birka Princess). After its planned upgrading, the Sea Diamond this month begins 3- and 4-day cruises from Piraeus on behalf of Louis Hellenic Cruises. The acquisition of “Sea Diamond” is part of Louis Cruise Lines’ strategy for the renewal of its fleet and the constant upgrading of the products and services it provides.

Piraeus soon welcomes yet another cruise ship to its port. Louis Cruise Lines last month signed a $35-million deal for the purchase of the Birka Princess from the Finnish cruise line Birka. The new addition will bring the group’s fleet up to 12, of which four fly the Greek flag. As of April, the vessel will execute three- and four-day cruises from Piraeus.

Attica Holdings (Superfast and Blue Star Ferries) last month announced the sale of 9.6m shares, or 12.3% of the share capital, of Hellenic Seaways, to Amadeus Navigation in return for 21m euros, which amounts to 2.20 euros per share. These shares represent the total investment of Attica in Hellenic Seaways held since January 2005.

As we go to press, shareholders of Nel-Lesvos Maritime are being asked to back a 23-million capital increase that will be used in part to acquire five used vessels. Two of the vessels are passenger ferries with Cypriot flags and three are ro-ro vessels under the Greek flag.

Attica Holdings, the holding company for Superfast Ferries, announced last month that its financial results for the nine months to 30th September, 2005, show turnover of 306.5 million euros and earnings before interest and depreciation 89.7 million euros, both up slightly compared with the same period last year.