Ferry companies lost more than half of the fleet they had in 2001

After eight years of rough economic seas, Greece's major coastal shipping companies are sailing at half their size and under major financial pressure, but still managing to carve out some profits. Even after their extensive restructuring due to the domestic recession and competition from air transport, however, they are still at risk.

Besides major fluctuations in fuel prices, the challenges remain significant as the sector requires sizable investments for the fleet to comply with the new regulatory requirements the international environment imposes.

In the last few years the four majors - Minoan Lines, ANEK, Hellenic Seaways and Attica Group  have only been using 45 vessels, compared to 2001 when they had 125 ships. Even in comparison to 2009 the fleet has been cut in half. Crucially, this shrinking of the fleet has come with the upgrading of the existing vessels.

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