Minoan Lines

The controlling stake of 67% in Iraklio Port Authority will be transferred in the next few weeks to Italy's Grimaldi Group, which prevailed in the relevant tender. It will be preceded by the ratification of the concession contract by the Parliament and the financial settlement of the transaction.

Grimaldi Group's Minoan Lines has now applied ticket price hikes of 2.4% for passengers and vehicles for the Piraeus-Crete route, with passengers paying an extra euro per trip and vehicles charged an extra euro per meter of length.

Similar increases, of the order of 2.7%, are also being applied by the other major ferry company that connects Piraeus with Crete, the Attica Group.

Italian group Grimaldi, which controls 100% of Minoan Lines, bid 80 million euros for 67% of the Iraklio Port Authority and is acquiring a second Greek port of international interest.

The financial offer of the Italian group values the entire share capital of the largest port of Crete at €120 million.

Concern is growing among ferry operator ANEK Lines' employees, creditors and suppliers about the completion of its rescue by Attica Group, following indications that the Competition Commission will request commitments from Attica that may change the economic logic of the deal, thereby alienating the largest Greek ferry company from discussions on an agreement.

State asset utilization fund TAIPED on Tuesday announced the signing of the share purchase agreement for the concession of a majority stake of 67% in the Igoumenitsa Port Authority's share capital for a total price of 84.17 million euros to the joint venture consisting of the companies Grimaldi Euromed SpA-Minoan Lines SA-Investment Construction Commercial and Industrial SA.

Coastal shipping sources consider the decision of Italy's Grimaldi group to add two more ships to the Greece-Italy line as a "declaration of war."

On Friday the Italian group announced it was doubling the number of ferries on the Adriatic route, with two of them sailing from Ancona to Patra and the other two from Ancona to Igoumenitsa.

Dr Emanuele Grimaldi on Friday revealed his coastal shipping group's interest in new acquisitions not only in the Greek ferry market but also in the Greek ports system.

Large passenger shipping companies no longer dominate the Greek market. According to a study by XRTC Business Consultants, the big players, Attica Group (which operates Blue Star, Super Fast and Hellenic Seaways), ANEK and Minoan Lines, accounted for 38 percent of sea passenger traffic in 2018, down from 57 percent in 2014.

If Greek coastal shipping giant Attica Group, which operates Blue Star, Superfast Ferries and Hellenic Seaways, were to be put up for sale in future, Italy's Grimaldi Group would be interested in buying the Athens-listed group.

Minoan Lines said on Wednesday it is the first ferry company in Greece to stop using plastic straws on its vessels, replacing them with straws made from biodegradable environmentally friendly material.