Attica Group

Greek shipping has now become an oligopolistic market, which is essentially controlled mainly by only 2 companies. The Attica group and the Seajets group are owned by Mr Marios Iliopoulos.

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.

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.

Attica Group and ONEX Group signed on Friday a memorandum of cooperation (MoC) for the green transition of Attica Group's ferry fleet and potential contributions by ONEX's subsidiary companies at the Elefsina and Syros island shipyards, worth one billion euros.

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.

Attica Group CEO Spyros Paschalis submitted his resignation, the company announced on Thursday, a few hours after the death of a 36-year-old man who was trying to board a passenger ferry operated by 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 exchange agreement between Marfin Investment Group (MIG) and Strix Holdings was signed on Friday, whereby the former gives the latter Attica Group shares corresponding to 79.4% of the shipping company's share capital, against loans of 443.8 million euros of MIG held by Strix.

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.