Attica Enterprises News

On December 7, 2001, two ferries were christened and one was launched by German Shipyard Flenderwerft. Mrs. Katerina Panagopulos, National Ambassador of Greece to the Council of Europe for Sports, Tolerance and Fairplay, wife of Mr. Pericles Panagopulos, Chairman of Attica Enterprises S.A. christened the RoRo Pax Ferry Superfast XI. This ship was launched on August 3. Subsequently, Mrs. Julie McLeish, wife of the former First Minister of Scotland Rt. Hon Henry McLeish MSP, named the sister vessel "Superfast XII" prior to its launching. Having the newbuilding number 682 and 683, the ships are being built for the Greek-based company Attica Enterprises S.A.

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.

Alstom Diesel engines and its three well-regarded brands — Mirrlees Blackstone, Paxman and Ruston — were recently bought by MAN B&W. Several recent deals have confirmed the continuing trend towards a consolidation of resources in the realm of marine propulsion equipment. The trend, to regular followers of the industry, is hardly a new development. However, a spate of recent new deals and consummations has brought the topic to the forefront again. As reported in the June 2000 edition of Maritime Reporter & Engineering News, the emergence of Rolls Royce as a major force in the field of marine propusion is solidified with a collection of brand name equipment suppliers. The U.K.

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

Kvaerner Masa-Yards Piikkiö Works and German shipyard Flender Werft have signed a contract on the delivery of approximately 550 prefabricated modular cabins for two fast passenger/car ferries Superfast XI and Superfast XII -- owned by Attica Enterprises. The cabins, which will be supplied during the years 2001 and 2002, will be manufactured at Piikkio Works' new assembly factory in Paimio. The order comprises 211 high class passenger cabins and 62 well equipped crew cabins per ship.

Greek ferry operator Attica Enterprises took delivery of its new Superfast VII ferry, the first of four sister ships, from Howaldtswerke Werft (HDW) shipyards in Kiel, Germany. Attica's new ferries will be deployed in the Baltic Sea, serving routes between Germany and Finland and Germany and Sweden. Superfast VII will start commercial operations linking the German port of Rostock with Hanko in Finland on May 17, with Superfast VIII joining it in about six months. Attica Enterprises said its new Baltic cruise-class ferries have a capacity for 626 passengers, 85 cars and 110 trucks each. - (Reuters)

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.

Greek ferry operator Attica Enterprises received shareholder approval last Thursday for a one-for-10 bonus share issue and a one-for-10 rights issue at 3,200 drachmas a share. The company will raise a total of $219 million from the rights issue and a private placement of 13.35 million shares with new investors and staff. Proceeds will be used to finance the investment program of the company and its subsidiaries.

Passenger shipping firm Attica Enterprises applied last week to Greece's Merchant Marine Ministry for operating licenses on two domestic routes, promising hefty discounts on fares. The company plans to use its 28-knot Superfast Ferries for the Piraeus-Kos-Rhodes and Piraeus-Chania routes, offering discounts ranging between 10 and 23.5 percent to government-set fares. The Dodecanese routes have faced a deterioration of their service after the bankruptcy of local DANE Sea Lines and the failure of ANEK in providing the required guarantees to collaborate with DANE and take over its routes. It also filed with the Merchant Marine Ministry for the registration of its Superfast V and VI ferries…

Despite a marked drop in shipbuilding volume during the past decade to lower cost competitors in the East, Germany's marine market has maintained it adherence to the highest technical standard while carving its niche in the world of constructing complex, high-value vessels. In many ways, the saying "the more things change, the more they stay the same" could be aptly applied to the current status of the German marine market. While the world, and certainly the business of constructing commercial ships for the world fleet, has changed dramatically in the past decade, Germany's role in this market has stayed remarkably on course. Facing steady market erosion to competitors in Japan…

Greek ferry operator Attica Enterprises said on Friday it picked the port of Zeebrugge in Belgium for its service linking Scotland with mainland Europe, due to start in May 2002. "The port of Zeebrugge in Belgium was selected as the best qualified and the most conveniently located port to serve tourism and freight," the company said. Attica's Superfast ferries will offer daily overnight crossings between Zeebrugge with the port of Rosyth near Edinburgh, a journey time of 16 hours with a pair of modern car and passenger ferries.

Two of Attica Enterprises’ six Superfast ferries under construction will reportedly join its existing four Superfast vessels by mid-2000.

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.

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.

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.

Passenger shipping firm Attica Enterprises applied last week to Greece's Merchant Marine Ministry for operating licences on two domestic routes, promising hefty discounts on fares. The company plans to use its 28-knot Superfast Ferries for the Piraeus-Kos-Rhodes and Piraeus-Chania routes, offering discounts ranging between 10 and 23.5 percent to government-set fares. The Dodecanese routes have faced a deterioration of their service after the bankruptcy of local DANE Sea Lines and the failure of ANEK in providing the required guarantees to collaborate with DANE and take over its routes. It also filed with the Merchant Marine Ministry for the registration of its Superfast V and VI ferries which will be delivered in coming months and will be routed in the Adriatic Sea, adding around 200 jobs.

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.

Greek ferry operator Attica Enterprises will deploy four new car-passenger ferries in the Baltic Sea in 2001, according to company officials. The 29,800-grt Superfast ferries will offer overnight crossings between Germany and Finland and Germany and Sweden from January through September. Superfast VII, VIII, IX and X, currently under construction at Howaldtswerke Deutsche Werft AG in Kiel, Germany will have the capacity to carry 604 passengers in 172 cabins, and 125 trucks and 110 cars. The ferries will be able to develop speeds of up to 29.2 knots. They will connect the Stockholm and Helsinki greater metropolitan areas to northern Germany in about 17 and 21 hours respectively.

Flender Werft Aktiengesellschaft has signed a contract with the Greek shipowner Superfast Ferries Maritime S.A., which is a subsidiary of Attica Enterprises S.A. This $192.4 million contract calls for the construction of two technologically driven Superfast car/passenger ferries. The agreement also allows Superfast to exercise the option for the building of two more ships to be delivered at a later date. Known as the yard's hull numbers 682 and 683, the two ferries will be named Superfast XI and Superfast XII, are scheduled for delivery in January 2002 and May 2002, respectively. Measuring 656 ft. (200 m) with a breadth of 82 ft. (25 m) and a draught of 21 ft. (6.4 m), the vessels' four main engines will attain a service speed of more than 28.5 knots.