STATEMEMENT OF Mr ANTONIS MANIADAKIS MANAGING DIRECTOR OF MINOAN LINES

MINOAN LINES, during the last months, having assessed the changes in the operational conditions, decided to focus on the further development and upgrading of the Greek “Seaways”.

 

In particular, the significant decrease in passenger traffic on the Adriatic routes, mainly due to the low cost airlines, the "opening" of the Balkan highways and the recent increase in fuel prices together with the reduction of the Euro/USD exchange rate, will affect, to a great extent, our level of profitability.

 

Under these circumstances, the objective of MINOAN LINES remains the acquisition of the majority stake in Hellenic Seaways, in which our company holds the percentage of 48.4%, setting out, in addition, to expand into new routes of short and medium distances with the deployment of new vessels aiming at providing high quality services similar to those offered in the Heraklion-Piraeus line.

 

Furthermore, MINOAN LINES, with its existing corporate infrastructure and staffing with skilled personnel, will serve, at the same time, as a General Sales Agent, all the vessels of the leading Grimaldi Group and main shareholder of ours, which approach Greece from all over the world.

 

With respect to the Greek Ferry sector, MINOAN LINES believe that its restructuring is essential for the upgrading of services, the increase in the credibility level with better terms of bank lending, achieving in this way its healthy financial operation.