Minoan Lines Expects 58% Profit Increase In 1999

Monday, December 06, 1999
Minoan Lines expects its group 1999 profit to grow 58 percent to $49.4 million. Company officials said that revenues from its Greece to Italy routes in the first 10 months of the year were up 15.1 percent to $71.9 million. Total revenues in the same period from its international routes were up 9.5 percent to $90.9 billion. "Based on the 10-month results, Minoan Lines managed to achieve significant revenue growth despite the Kosovo crisis which affected the first half results," company officials said. Revenues from domestic routes in the first 10 months of the year were maintained at last year's levels and reached $34.1 million. Minoan Lines has ordered seven newbuildings at a cost of $660 million. Four are being built by Italy's Fincantieri shipyards and another three at Samsung shipyard in South Korea. The company's fleet modernization plan allows it to sell older, fully depreciated vessels, officials said. This month, the firm will sell its Phaedra and Erotokritos ships and realize extraordinary gains of about $21.5 million. Its 70-percent subsidiary Minoan Flying Dolphins recently completed a buying spree with the acquisition of 34 vessels. It will proceed with a capital increase of $414.7 million. Minoan Flying Dolphins will go public in 2000 and seek a listing on the Athens bourse. Likewise, subsidiary Forthnet, an Internet service provider, is headed for a listing in the first half of next year. Another subsidiary, Air Greece, will be merged with Aegean Airlines and as a result its financial results will not need to be consolidated with those of parent Minoan Lines.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Six New VLCCs Marks the Start of a Busy Delivery Year

2016 is off to a flying start when it comes to delivering brand new VLCCs from shipyards in South Korea and China to owners and investor across the globe, says a report BIMCO.

BAE Systems Awarded £201m to Advance Successor Sub Design

The U.K. Ministry of Defence (MoD) has awarded BAE Systems £201 million to further the design of a successor to the Royal Navy's Vanguard class submarines.   The

Top 10 Shipowning Nations by Value

VesselsValue has provided a list ranking the top shipowning nations by value, including the percentage change difference against 2015 figures. Although the

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Pipelines Pod Propulsion Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0639 sec (16 req/sec)