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Strintzis News

17 Apr 2000

Norwegian Manufacturers Maintain Edge

The cliche “the more things change, the more they stay the same,” certainly applies to the past, current and future role of the Norwegian maritime cluster in the grand scheme of the international ship and boat building communities. Few countries, if any, can boast the maritime history of Norway, a history that entails many colorful tales surpassed only by the number and magnitude of marine innovations, which have emerged from a country with a population (approx. five million), which is smaller than many large cities. And while corporate consolidations around the globe continue to morph the marine market — including many notable Norwegian companies such as Ulstein…

12 Jun 2000

Greek Ferries: The New Business Model

The ultra competitive Greek ferry market has not only proven to be a fertile breeding ground for advanced marine technology, it has served as a role model for the direction of shipping services in both the region and the world. The Greek market has provided the collective builders and suppliers of advanced fast and conventional ferries a rich environment for business over the past few months, a trend that seems likely to continue. Specifically, Greek owners and operators have been at the forefront of an international buying binge for large, fast passenger, vehicle and cargo carrying craft. Driven by the need for speed, many owners are turning to advances in marine electronic and propulsion systems to ensure that the multi-million dollar investments are kept running safe and efficient.

11 Dec 2000

Greek Authorities Issue 32 New Operating Licenses

Greek Merchant Marine Minister Christos Papoutsis has signed 32 new operating licenses to passenger shipping firms in a bid to improve competition in the industry. "Until deregulation of sea travel in 2002, new applications submitted for licences will be examined immediately," the ministry said. "The criteria the applications will be examined upon will the public's interest, unimpeeded access to the islands and healthy competition." Greece has said it will liberalize island shipping by 2002, two years ahead of schedule, as a result of a recent ferry sinking that killed about 80 people. Company No. Licenses Strintzis Lines 4 Anek Lines 3 Lesvos Maritime 3 Attica Enterprises 2 Minoan Lines 2 Minoan Flying Dolphins 1 Other companies 17

10 Dec 1999

Attica Completes Purchase Of Strintzis

Ferry operator Attica Enterprises has completed its purchase of shares in Strintzis Lines, after a block of 14,431,090 shares were transferred on the Athens bourse at a price of 2,900 drachmas ($9) per share. The total value of the transaction reached 41.8 billion drachmas ($130 million). Following the transaction, ferry operator Attica Enterprises has a 40.22 percent controlling interest in Strintzis Lines. The two companies have a fleet of 16 ships, of which four are Superfast ferries. By the end of 2001, their combined fleet will total 28 ships, with 12 large car and passenger ferries currently under construction.

31 Aug 1999

Attica To Acquire Stake In Strintzis

Passenger shipping firm Attica Enterprises has reportedly signed an agreement for the acquisition of an approximate 38 percent stake in Strintzis. Under the agreement, Strintzis' shareholders will receive Attica Enterprises shares participating in a forthcoming capital increase of Attica Enterprises.

03 Sep 1999

Attica Acquires Stake In Strintzis

Passenger shipping firm Attica Enterprises signed an agreement with shareholders of Strintzis for the acquisition of an approximate 38 percent stake in Strintzis. Under the agreement, Strintzis' shareholders will receive Attica Enterprises shares participating in a forthcoming capital increase of Attica Enterprises. Attica Enterprises will participate with five members in the nine-member board of Strintzis, while Strintzis' managing director and chairman will join Attica Enterprises' board, to be expanded for that reason by two seats to seven. The two companies aim to expand their operations into new domestic and international routes and take advantage of economies of scale and operating synergies, officials said.

06 Oct 1999

Minoan Shares Performance Rated

Schroders Securities said in a research report that it rates shares of Greek shipping company Minoan Lines perform in line with the market, although anticipated industry activity may drive the shares to new highs. Analysts said shares were fairly valued on current fundamentals. On the issue of market consolidation, Schroders expects Minoan to continue its prudent acquisitions and not rush into consolidation The merger of Attica Enterprises and Strintzis Shipping Lines could have a direct short-term operating impact on Minoan's north Adriatic routes but should lead to a better long-term pricing environment. Future share price drivers are likely to come from corporate activity within the sector and the forthcoming float of Forthnet and Minoan Flying Dolphins, Schroders said.

06 Dec 1999

Attica Maintains Leading Share In Adriatic

Ferry operator Attica Enterprises is maintaining its leading market share in the passenger and truck traffic in the sea routes from all ports of Greece to Italy. Attica, with its fleet of Superfast ferries, had respective market shares of 23.4 and 27.1 percent in passengers and trucks carried to Italian ports from Greece in the first nine months of the year. In the same period in 1998, the ferry operator's market shares in the Adriatic Sea were 21.4 percent for passengers and 24.1 percent for trucks, it said. Attica Enterprises carried a total of 437,000 passengers and 77,900 trucks and 87,000 cars between January and September with respective growth rates of 12.4, 28.5 and 14.8 percent.