Sea Tourism

Blue Star Maritime S.A. last month announced consolidated net profit after taxes of €19.2 million for the nine months ending 30th September, 2005, against €8.7 million for the same period in 2004, a significant increase of 121%.

After decades of indecision, Greece’s Ministry of Mercantile Marine last month forwarded a bill that not only allows recreational diving but also promotes it. “The new diving bill could position Greece prominently into the world’s scuba diving industry and boost the country’s alternative tourism possibilities,” says the ministry.

Ferry operator Minoan Lines narrowed its first-half loss to 6.2 million euros from 6.7 million euros in the year-earlier period, the company said in a announcement last month. Group revenues rose 4.6 percent to 83.4 million euros, while earnings before interest, tax, depreciation and amortization fell to 18.1 million euros from 18.5 million euros a year ago.

Blue Star Maritime S.A. last month announced that first half results for 2005 show a marked improvement over the same period last year. The Greek ferry line said that earnings before interest, tax, and depreciation increased by 19% and stand at €11.1 million, while net profit after tax stands at €1.1 million euros, against losses of €1.7 million posted for the same period in 2004.

The number of foreign recreational boats arriving in Greek ports and marinas has more than doubled this summer. Data collected by the sector’s professional bodies and submitted to the Ministry of Tourism Development, show that from May up until the end of August there were 1,101 arrivals recorded from abroad. This compares with a meager 433 arrivals recorded during the same period last year.

Piraeus-based XRTC Business Consultants says it expects more mergers and cooperation agreements within the Greek coastal shipping arena.

Government last month said it would provide ferry operators with incentives to renew their aging fleets, and that it would liberalize ticket prices for ships sailing out of the Port of Piraeus, all in an effort to improve the country’s ferry services.

Alexandros Panagopoulos, president and managing director of Superfast Ferries, told guests at last month’s Association of Greek Tourism Enterprises meeting that unless coastal shipping is liberalized, now, the entire sector would fall into decay.

Government last month announced a 3-billion-euro makeover project for Greek ports. The Merchant Marine Ministry said Greece has secured a loan worth 3 billion euros from the European Investment Bank, but reminds that specialists say that the regeneration project actually demands double that amount.

Stelios Haji-Ioannou, head of easyCruise, says he plans to deploy a cruise ship on a Greek Islands itinerary in the summer of 2006 or 2007, and an Arabian Gulf itinerary on a 2006/2007 winter schedule.