Minoan Lines Subsidiary Orders Ferries
Minoan Lines subsidiary Minoan Flying Dolphins reportedly ordered three new high speed ferries from Australia's Austal Ships.
Minoan Flying Dolphins Acquires Five Used Ferries
Minoan Flying Dolphins, a subsidiary of Minoan Lines, has five used ferries to 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 five ferries transport about 800,000 passengers and 100,000 cars. The cost of the transaction was not disclosed. Minoan Lines plans to list Minoan Flying Dolphins on the Athens bourse in 2000.
Minoan Lines Expects 58% Profit Increase In 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.
Fincantieri To Build Ferries For Minoan Lines
Fincantieri has signed contracts with Minoan Lines to supply two high-speed ferries for delivery in autumn 2001 and spring 2002. The price for each vessel is about $106 million, Fincantieri said. With a gross tonnage of about 36,000 tons, each ship can carry 2,000 passengers, 110 cars and 120 trailers. These are the third and fourth ships that Minoan Lines will have on order at Fincantieri. The earlier vessels, to be named Knossos Palace and Festos Palace, will be delivered in 2000 and 2001.
Minoan Denies Reports Of Share Swap With P&O Princess
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.
Minoan Flying Dolphins Acquires Five Ferries
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.
Minoan Lines Orders Ferry From Samsung
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 Lines To Sign Loan
Ferry operator Minoan Lines will sign a $253.5 million syndicated loan jointly arranged by Citibank and National Bank of Greece to finance four highspeed ferries under construction, according to officials. Participating in the syndicated loan are Bayerische Hypo und Vereinsbank, Commercial Bank of Greece, Deutsche Schiffsbank, Landesbank Schleswig-Holstein Girozentrale, Alpha Credit Bank, BNP, Commerzbank, Meespierson, Schiffhypothekenbank zu Luebeck, Nedship Bank, ABN AMRO Bank and Efibanca.
Minoan Lines To Propose Three-For-One Issue
Greek passenger shipping firm Minoan Lines' board will propose a one-for-three bonus share issue to shareholders at its upcoming annual general assembly. The bonus shares will arise from capitalization of around $52.4 million out of a total $198.1 million share premium reserve, company officials said. The board will also propose the distribution of a 100 drachma ($.29) dividend per share for fiscal 1999, a total of 5.3 billion drachmas ($15.4 million), which is around 13 percent higher than the total 1998 dividend.
Minoan Mulls Route Expansions
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…
Minoan Plans To Expand Routes
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…
Ferry Accident Blamed For Minoan's Plummeting Stock Price
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.
Minoan Stock Continues To Fall
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.
Minoan Flying Dolphins Acquires 10 More Ferries
Minoan Lines subsidiary Minoan Flying Dolphins added to a recent flurry of vessel acquisition with the purchase of 10 more ferries for an undisclosed amount, bringing its total fleet to 63 vessels. The ferries purchased are: Poseidon Express II, Pegasus, Milos Express, Papadiamantis, Poseidon Hellas, Aeas, Apostolos, Hellas, Aphaea and Aegina. Minoan Flying Dolphins' fleet includes 34 new technology ships, 25 of conventional technology, and four RoRo ships.
Minoan Flying Dolphins To Order Three Ferries
Minoan Lines subsidiary Minoan Flying Dolphins will reportedly order three more high speed ferries at a cost of $150 million, bringing its total newbuildings to eight. The three new ferries will have a cruising speed of 30 knots and are expected to be delivered in Summer 2001, doubling the company's fleet of high speed ferries. Each of the ferries will be 459 ft. (140 m) long and have a capacity of 1,800 passengers and 250 cars, or 40 trucks and 100 cars.
Minoan Studies Adriatic Market Expansion
Minoan Flying Dolphins (MDF), a subsidiary of ferry operator Minoan Lines, is looking into deploying high-speed ships in the Adriatic market. MDF took out an option for two additional newbuildings with Austal shipyards in Australia, deliverable in 2001. The company already has three high speed vessels on order with Austal.
Minoan Profits Fall 82 Percent
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)
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.
Minoan Shares Bounce Back
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.
Fire On Greek Ferry
A fire in the engine room of a Greek ferry carrying 531 passengers and 111 crew from Venice to the Greek port of Patras left the vessel out of control near the Italian coast, the Merchant Marine Ministry said. It said no one on the ferry Aretoussa, owned by Greece's Minoan Lines, was injured in the fire, which was quickly extinguished by the crew. - (Reuters)
Minoan Seeks Capital Increase for Fleet Renewal Program
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.
Minoan Ferries Halted By Labor Dispute
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.
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