Minoan Lines: High Int’l Fuel Prices Hit Q1 Revenue

Passenger ferry company Minoan Lines on Tuesday said its EBITDA totaled four million euros in the first quarter of 2017. The company’s net after tax profits amounted to 200,000 euros during the January-March period.

Minoan Lines said the coastal shipping sector faces by strong seasonality, which results in the the first quarter of each year “traditionally” showing the lowest levels of traffic and revenue compared with the remaining quarters.

“The results of the first quarter were negatively affected by the large increase in international fuel prices that doubled compared with the same period in 2016 and are expected to negatively affect the annual results this year,” the company said.