Minoan Lines News

Greece received two binding bids for a majority stake in its northern port of Alexandroupolis, the country's privatizations agency HRADF said.The bidders for a 67% stake in the port were Quintana Infrastructure and Development through Liberty Port Holdings Single Member, and International Port Investments Alexandroupolis, a joint venture of Black Summit Financial Group, Euroports, EFA Group and GEK Terna, the agency said in a statement.The deadline for the bids expired earlier on Thursday.

Greece on Friday received nine non-binding bids for a 67% stake in Igoumenitsa port, its privatization agency said on Friday.Bids were submitted by Aegean Oil, Attica Holdings and a consortium of Archirodon Group and ANEK & Trident Hellas Group.The other bidders were a consortium of Grimaldi Euromed and Minoan Lines, Danthia Shipping, MRG Ltd, Portek International, Quintana Infrastructure and Thessaloniki Port Authority , the agency said.The deadline for bidding expired at 1500 GMT on Friday.Greece embarked on an ambitious privatization plan in 2010, at the start of a decade-long financial cri

The challenges and opportunities posed by alternative fuels, safety management and social media dominated Interferry’s 42nd annual conference in Split, Croatia, where a record 370 delegates shared insights on ship technologies, safety issues including cyber security and the customer experience. Attendance at last week’s conference represented 210 ferry operators and suppliers from 27 countries. Mediterranean ferry operators voiced their concerns on meeting the 0.5 percent sulphur emissions cap due in 2020. Minoan Lines managing director Antonios Maniadakis complained that using low sulphur fuel would increase costs by €2 million per year.

FLAGSHIP, the pan-European maritime transport project part funded by the EU, has improved Integrated Bridge Systems with advanced functions for further integration of nautical information. Called FLAGSHIP-Bridge Support these functions provide the officer of the watch with improved navigation information. They integrate NAVTEX messages, radar and AIS targets into a single coherent display, speeding up hazard analysis, improving tracking accuracy and reducing the load on the Duty Officer.

FLAGSHIP, the pan-European maritime transport project part funded by the EU, has developed an integrated, ship to shore system, for the control and monitoring of passenger safety functions on board ship utilising both fixed and mobile assets. Called FLAGSHIP-ISEMS (Integrated Safety and Emergency Management System), the system enhances the onboard ability to handle emergencies while also making full use of real-time communication between the ship and onshore facilities. Both parties have a full overview of the actual situation and can exchange requests, advice and instructions in real time.

A research team led by the University of Greenwich has carried out an experiment in ship evacuation and safety procedures which could set the benchmark for future maritime law. The research team was made up of 11 members of the European Union, Framework 7 funded project SAFEGUARD. The University's Fire Safety Engineering Group ran its unprecedented research project on board the Royal Caribbean international cruise ship Jewel of the Seas, in which more than 2,300 passengers took part in a live assembly drill while at sea.

Minoan Lines subsidiary Minoan Flying Dolphins reportedly ordered three new high speed ferries from Australia's Austal Ships.

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.

Shares of ferry operator Minoan Lines fell around 11 percent in late session trade on the Athens stock exchange on Wednesday, near the bourse's 12 percent limit down, after one of its ferries sank late on Tuesday, killing 48 passengers. Traded volume was 979,939 shares. The shares were trading at 2,995 drachmas ($7.78), up slightly from its day low of 2,935 drachmas, representing a fall of more than 11 percent. But brokers said the share price loss was likely to be temporary. "Today's drop in the stock price is logical after such an incident. The slide may continue tomorrow but in the medium term things will change," said an analyst.

Rescuers pulled bodies from the Aegean sea on Wednesday as the death toll from Greece's worst maritime disaster in 35 years climbed to at least 62. The ferry Express Samina ran into a rocky islet off the holiday isle of Paros and sank in gale-force conditions late on Tuesday. Hundreds of Greek and foreign passengers were hurled into the rough waters. Twenty-nine people were missing, the Greek Merchant Marine Ministry said. Survivors described a night of terror, clutching life vests and floating debris, and of fishermen "heroes" who came to their rescue. An all-night, all-day rescue operation - reinforced by passing British warships - combed the seas off Paros, a popular tourist destination in the idyllic Cycladic island chain southeast of Athens, for survivors in gale force winds.

Domestic ferry sailings by Minoan Lines from key Greek ports were virtually paralyzed for a fifth day by an industrial dispute between seamen and shipowners over overtime back pay. Talks between Merchant Marine Minister Christos Papoutsis and PNO representatives and shipowners on Monday failed to resolve the dispute. Hundreds of passengers have been stranded on Greek islands, while many others have not been able to sail to and from the busy ports of Piraeus, west of Athens, and Rafina, northeast of the Greek capital. The Panhellenic Seamen's Union (PNO) launched its strike action last Thursday, claiming some 35 million drachmas ($88,340) in overtime back payments to Minoan employees. Minoan denies that it owes any money.

Minoan Lines shares were recovering on Wednesday after a five-day slide following the sinking of one of its ferries trimmed more than 25 percent from its stock value. A week after the Express Samina, a ferry operated by Minoan subsidiary Minoan Flying Dolphins, sank with the loss of at least 79 lives; Minoan shares were up 3.32 percent at 2,490 drachmas ($6.41). They closed at 3,300 drachmas ($8.50) before the Express Samina went down. Brokers said the recent slide of most ferry operator shares now offered investors attractive valuations following the sinking, which together with a government ban on various ferries for safety reasons affected the broader sector. In five days trading after the accident more than $160 million were wiped off Minoan's market capitalization.

Shares in Greek ferry operator Minoan Lines slipped again on the Athens Stock Exchange on Thursday following the sinking of the Express Samina ferry belonging to its subsidiary Minoan Flying Dolphins. Minoan was down 3.4 percent at 2,845 drachmas ($7.38) a share. It closed down 11.56 percent on Wednesday.

A senior executive at the shipping company which owned a Greek ferry that sank in September killing 80 people, plunged to his death from the sixth floor of his office building on Wednesday, Reuters reported. Police said Pantelis Sfinias, vice president of the board of directors of Minoan Flying Dolphins, a subsidiary of Minoan Lines, was seen by passers-by and employees stepping off the building in the port of Piraeus. The Express Samina sank off the island of Paros with 500 people aboard in Greece's worst maritime tragedy in decades. Police said they believed Sfinias's death was a suicide. "When the ambulance arrived to take him to hospital he was already dead," a police official said. News of Sfinias's death shocked the company and the Athens Stock Exchange.

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

Nordic prowess in ferry technology, coupled with Irish business verve, is set to take the sector to a new highpoint as regards the concentration of wheeled freight capacity in a RoRo passenger vessel. Built in the cruise ferry mold, Irish Ferries' 50,000-gt Ulysses embodies 4,100 lane-meters of garaging for trucks on four decks. The vessel is an eloquent testament to the operator's robust traffic development, and its perception of new opportunities arising from unprecedented growth in the Irish economy, foreign trade and tourism. Although P&O North Sea Ferries' 60,600-gt Pride of Rotterdam, nearing completion at Fincantieri's Marghera yard…

Greek ferry operator Minoan Lines said profit in 2000 fell 82 percent to 3.0 billion drachmas versus 16.8 billion in 1999. "The difference in the level of net profit this year is due to the extraordinary gains from the sale of old ships in 1999 which added around 8.5 billion drachmas," Minoan said. Sales in 2000 reached 46.6 billion drachmas against 46.3 billion in 1999, it said. - (Reuters)

Greek ferry operator Minoan Lines dismissed press reports on Wednesday that cruise operator P&O Princess had expressed interest for its subsidiary Minoan Flying Dolphins (MFD). "I dismiss the content of the press reports. There is no official proposal by a foreign company for MFD. There is no proposal by P&O," a Minoan official said. It was reported on Wednesday that P&O Princess Cruises had expressed interest for a share swap. It quoted Minoan's board chairman as saying that the initial response was positive. However, Minoan officials denied that there was any validity to the statements made by the company's chairman regarding the swap.

Greek ferry operator Minoan Lines will expand into new sea routes linking the ports of West Italy with Malta and Tunisia and later expanding to French ports in the Mediterranean. The company's statement on its plans was issued after Minoan's chairman Costas Kleronomos announced the decision during the delivery ceremony of the operator's newest vessel, Festos Palace, over the weekend at Fincantieri shipyards in Genoa, Italy. Minoan's expansion plans will take place through a strategic cooperation with Italy's Grimaldi group. "This step is providing new opportunities for Minoan's strategy to expand its core ferry operations in the new European sea routes outside the Adriatic Sea market…

Greek ferry operator Minoan Lines said on Monday it plans to expand into new sea routes linking the ports of West Italy with Malta and Tunisia and later expanding to French ports in the Mediterranean. The company's statement on its plans was issued after Minoan's chairman Costas Kleronomos announced the decision during the delivery ceremony of the operator's newest vessel, the 2,200 passenger Festos Palace, over the weekend at Fincantieri shipyards in Genoa, Italy. Minoan's expansion plans will take place through a strategic cooperation with Italy's Grimaldi group. "This step is providing new opportunities for Minoan's strategy to expand its core ferry operations in the new European sea routes outside the Adriatic Sea market…

Passenger shipping firm Minoan Lines has reportedly placed an order for a third ferry with Korean shipyards Samsung, to be delivered in May 2001. The vessel will enter service on the Piraeus-Chania route. The ferry will have a full-weight cruising speed of 28.25 knots and a capacity of 1,500 passengers and 1,000 cars or 150 lorries, it said in a statement. It will cruise between Piraeus and Chania in five hours.

Minoan Flying Dolphins Acquires Five Ferries Minoan Flying Dolphins, a subsidiary of Minoan Lines, has acquired five used ferries that service routes linking the port of Piraeus with islands in the Saronic Gulf. The ferries are F/B Nefeli, F/B Georgios, F/B Saronikos, F/B Eftyhia and F/B Express Danae. "The move implements part of the company's business plan in the Saronic routes, a market of about three million passengers annually," a Minoan Flying Dolphins spokesperson said, without disclosing the cost of the acquisitions. The spokesperson said the five ferries transport about 800,000 passengers and 100,000 cars and generate revenues of about $6.3 million annually. Minoan Lines plans to list Minoan Flying Dolphins on the Athens bourse in 2000.

Greek ferry operator Minoan Lines plans a capital increase to partly finance its fleet renewal program but may opt to sell non-core holdings if stock market conditions do not improve, it said in a statement. Minoan has already taken delivery of three new ferries and expects five additional vessels. Its investment program is financed by bank loans, 70 percent, and own equity. The company said that should it decide to dispose of its 24 percent stake in Internet service provider Forthnet, this will not be liquidated in the market. Minoan will seek to sell the stake to a strategic investor accepted by Forthnet management, it said.