Minoan Lines Sees First Half 2016 Profits Surge

Greek ferry operator Minoan Lines recorded improved net profits to the tune of 12.2 million euros in the first half of 2016 up by 6.4 million euros compared to the same period last year, the company said on Monday.

The listed company’s turnover came to 72.4 million euros with earnings before interest, tax and depreciation (EBITDA) amounting to 20.8 million euros up by 5.6 million euros against the same period in 2015.

Minoan Lines said this marks the company’s best first half economic performance in the 44 years since its establishment and cited the implementation of cost-effective measures in order to adapt to the new economic conditions in Greece and the wider south European region.

Indicatively, the company handled a total of 126,000 passengers, 32,000 cars and 37,000 trucks on its northern Adriatic (Patras – Igoumenitsa – Ancona – Trieste) line. On its Crete service (Heraklion-Piraeus), Minoan Lines maintained its market lead in the first half of 2016, handling 271,000 passengers, 31,000 cars and 31,000 trucks.

Meanwhile, the shipping giant is currently in the process of completing its takeover of Hellenic Seaways (currently with a 48 percent market share), which operates passenger and freight ferry services in the Aegean and Adriatic Seas.