- The Significant Increase in Fuel Cost
- Stable Revenue Despite the Economic Recession
- Market Shares Increase on the North Adriatic Routes in all Traffic Categories
- High Market Shares Maintenance on the Heraklion-Piraeus route (55% for Passengers, 46% for Cars και 40% for Truck Units)
Financial Results
The continuing fiscal imbalances over the past years have raised the public debt to extremely high levels leading the Greek Economy in economic crisis and recession, which was accelerated in 2010 since the economic factors that have supported the growth of Greek economy over the last decade have proven to be unsustainable and irrational. Moreover, these developments have forced the government to impose urgently austerity measures in order to address the unprecedented economic crisis. These austerity measures, as broadly expected, have aggravated the households leading to the reduction of their disposable income.
The aforementioned developments, in combination with the dramatic increase in fuel prices and the unsustainable competition in the sector have been affecting, as expected, the company's economic performance.
The company's revenue despite the unfavorable economic conditions remained at the same level with the respective one of 2009 and stood at 169.2 million € noting a marginal decrease of -1.10%. The operating results (EBITDA) were shaped at - 14.5 million € while the net results stood at -36.1 million €.
Moreover, in 2010 despite the reduction in most of the cost elements, the increase in fuel cost by 28.2% affected negatively the company's operating profitability.
Group's Results On the Group's level, the operating profits (ΕBITDA) and net results stood at the same level with that of the parent company while the net results for the fiscal year 2010 were shaped at -36.4 million €.
Traffic Volumes - Market Shares

Domestic Market On the route Heraklion-Piraeus, Minoan Lines maintained its leading position. More precisely, the company carried 889 thous. passengers, 112 thous. private cars and 56 thous. freight/truck units. Moreover, the respective market shares remained high in all traffic categories and were shaped at 54.9%, 46.0% and 39.9% for passengers, private cars and trucks respectively while the respective for the company share of trips in the market reached 38.6%.
North Adriatic Routes
The company, on the north Adriatic routes (Ancona and Venice), despite the intensive competition presented an increase in all traffic categories. More precisely, in 2010 the passengers category noted an increase of 7.1%, the private cars category presented an increase of 0.7% and the freight units recorded a substantial increase of +8.7% compared to 2009. In addition, the company managed to achieve the first position in market shares in all traffic categories. The company's vessels carried 592 thous. passengers, 146 thous. private cars and 84 thous. freight units.
The respective market shares were 40.0% for passengers, 38.3% for private cars and 39.3% for freight units while the respective share of trips was 36.0%.
Deployment of new vessels
In October 2009 the new building vessel Cruise Europa was deployed on the route Patra - Igoumenitsa - Ancona while in July 2010 the sister vessel Cruise Olympia was deployed on the same route. With carrying capacity of 3,000 passengers and a 3,000 linear meters garage (each vessel can carry 180 international transport trucks and 250 cars or alternatively 1,000 private cars approximately) both Cruise Europa and Cruise Olympia are signalling a new era in the sea connection between Greece and Italy.
It should be noted that the said vessels have already created a significant commercial dynamic increasing substantially Minoan Lines- market shares on the route while it is expected a further market shares' increase in the current year.