In its heyday it was called Ceres Flying Dolphins, when purchased by Minoan it was Minoan Flying Dolphins, now that the tables have turned downward, the name of Greece’s biggest hydrofoil fleet has been changed to Hellas Flying Dolphins.
Shareholders charged that the parent company, Minoan Lines, was abandoning ship. Kostas Klyronomos, president of both companies, dismissed the charges and insisted that Minoan Lines would remain the major shareholder. Minoan Lines now has a 35-percent interest in HFD. Dissenting shareholders -former independent operators- had argued that the future of the company should take priority in discussions over the name.
“Before we contributed our ships in return for shares, Minoan Lines held more than 50 percent in the company and banks lent more easily because of the name. If they now wish to leave, they should let us see what we can do,” said Kostas Agapitos. Others proposed the breaking up of the company.