ANEK Lines

The increase in itineraries and ship occupancy, combined with the reduction in fuel costs, have boosted the operating profitability of Attica Group, which showed a net profit of 61.22 million euros in 2023.

The shipping group saw its turnover increase by 11% from 2022, with operating profits more than doubling and net profits more than tripling.

ANEK ferry company and Elefsis Shipyards are in discussions for the execution of a 1-billion-euro shipbuilding budget program for the modernization of the Attica Group fleet.

Shareholders of troubled passenger shipping company ANEK have benefited greatly over the past year from the plans by Attica, Greece's largest passenger shipper, to take over the company. 

The Competition Commission has unanimously approved the takeover of troubled ferry company ANEK Lines by Attica Group.

Attica Group will take on some €80 million in ANEK debt and will give the Cretan company's shareholders shares equal to an 11.5% stake in the group. After deliberating for 10 months, the commission decided that ANEK is a failing company.

The Competition Commission is to convene on Wednesday, July 12, to discuss the absorption of ANEK Lines by Attica Group. Its recommendation, which is not binding, is to give an initial green light for the merger.

The competent agencies of the Competition Commission have recommended the approval of the merger, through absorption, of ANEK ferries by Attica Group, recognizing that ANEK is a troubled company and the conditions for its protection for reasons of public interest must be met.

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.

Despite the recovery of tourism, which in 2022 helped companies such as Aegean, Autohellas and Attica Group to break historic records in their results, ferry company ANEK has recorded a further deterioration in its financial position.

The Piraeus Court of First Instance found five people guilty on Wednesday in the criminal trial of 11 Greek nationals over the deadly fire that broke out on one of the garage decks of the Italian-flagged Norman Atlantic passenger ferry on December 28, 2014.

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.