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Minoan Lines

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Minoan Lines
(Athex: MINOA)
IndustryShipping
Transport
FoundedMay 25, 1972; 52 years ago (1972-05-25)[1]
Headquarters
Heraklion
,
Greece[1]
Area served
Aegean Sea
Key people
Emanuele Grimaldi (Chairman)
Loukas Sigalas (CEO)
ServicesPassenger transportation
Freight transportation
Revenue€57.45 million (2020)[2]
€(14.60) million (2020)[2]
€(15.39) million (2020)[2]
Total assets€280.62 million (2020)[2]
Total equity€255.17 million (2020)[2]
OwnerGrimaldi Group (100%)[3][failed verification] [citation needed]
Number of employees
415 (2020)[2]
Websitewww.minoan.gr

Minoan Lines is one of the largest passenger ferry companies in Europe, and one of the dominant passenger ferry companies in Greece, sailing between Piraeus and Crete and, in the Adriatic Sea, between Patras and various Italian ports. The company was founded in May 1972.[1] Since 2008 Grimaldi's Compagnia di Navigazione SpA owns and controls 95.9 of the stock of Minoan Lines.[citation needed]

The company's logo is derived from The Lily Prince fresco at Knossos.

History

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2003

  • The cooperation between Minoan and Grimaldi ended, with only the MS Oceanus deployed on the Italy-Tunisia route.
  • The MS Oceanus was renamed Ariadne Palace I and sold to Corsica Ferries.
  • MS Prometheus was sold to Caronte shipping, an Italian shipping company.

2004

  • Minoan decided to focus solely on the shipping sector and sold its stake in Aegean Airlines.

2005

  • Attica Group acquired 10.23% of the share capital of Minoan, reaching an 11.61% stake in the company.
  • Minoan sold its 18% stake in Forthnet to Intracom.

2006

2007

  • In February, Attica Group increased its stake in Minoan Lines.
  • In June, Attica Group sold its entire stake in Minoan (22.2%) to Access Maritime SA, which is controlled by Mr. Laskarides.
  • In December, Sea Star Capital, owner of ANEK Lines, acquired a 26.05% stake in Minoan Lines from Access Maritime in a privately negotiated transaction.

2008

  • In January, Sea Star Capital signed an agreement with Grimaldi's Compagnia di Navigazione SpA to sell its 26.7 percent stake in Minoan.
  • In October, Compagnia di Navigazione SpA, parent company of the Grimaldi Group, raised its stake above the limit of one third of shared capital and voting rights, which triggered a mandatory bid for the rest of the shares. The offer was launched at the end of October and lasted until the end of November. During this period, Grimaldi acquired an additional 47.9% stake in Minoan Lines, raising its total stake to about 85%.[citation needed]

2009-10

2011

  • In January 2011 Minoan Lines cancelled the sale of its 33.35% stake in Hellenic Seaways to ANEK and tried to find a new buyer for it.[5]

2012

  • The year began with a significant loss for the company - the closure of the Venice route. The fate of the ships that operated on this line remained uncertain until the end of July 2012, when Europa Palace joined Cruise Europa and Cruise Olympia on the Ancona route. Meanwhile, Olympia Palace was laid up in Perama. Despite the rumored reopening of the Piraeus - Chania route, both ships were then chartered to CIN, owner of the recently privatized Tirrenia di Navigazione, and used on the Cagliari - Arbatax - Civitavecchia route. Europe Palace was renamed Amsicora, and "Olympia Palace" became Bonaria. Both ships underwent a partial refit at Messina, and changed their ports of registry from Heraklion to Cagliari, and their flags from Greek to Italian.
  • At the end of 2012 the daily Ancona - Igoumenitsa - Patras route was extended to call at Trieste thrice weekly. The route was operated by Cruise Europa and Cruise Olympia. A third ship, Europalink, was also added to the route in order to increase load capacity. The ship was previously operated by another Grimaldi Group company, Finnlines, but was changed flags from Swedish to Italian and operated in cooperation with Grimaldi.

2013

  • On January 5, Europalink experience a failure and was forced to make an emergency stop in the port of Brindisi.[6] Passengers and vehicles were disembarked safely and continued the journey with Grimaldi Group's Florencia. The ship was then brought from Brindisi to Messina yards for repair.

2014

  • On September 21, Europalink struck rocks off Peristeres island, north east of Corfu, Greece. All 70 crew and 692 passengers were evacuated. It was later refloated and taken in to Kerkyra, Greece for repairs. Europalink was on a voyage from Patras, Greece to Ancona.[7][8]

2017

  • Starting with January the Adriatic line again called at the ferry port of Venice twice weekly, arriving and departing during the night hours.

2018

  • Europa Palace, which was chartered to Tirrenia di Navigazione as Amsicora, returns to Minoan Lines as Mykonos Palace on the Piraeus-Chania line.
  • Minoan Lines also acquires Santorini Palace, previously operated as Highspeed 7 by Hellenic Seaways, and starts serving the Heraklion-Santorini-Ios-Paros-Mykonos route.

2020

  • Minoan Lines puts to her ships scrubbers Knossos Palace, Festos Palace, Mykonos Palace, Cruise Olympia, Cruise Europa and with that Minoan lines became the first company in Greece with scrubbers
  • Mykonos Palace replace the ships Cruise Olympia, Cruise Europa in Patras-Igoymenitsa-Ancona route because the two Cruises put scrubbers in Malta [Piombino Shipyards]
  • Festos Palace on February renamed Kydon Palace and sails Piraeus-Chania route
  • Kydon Palace on 13 February replaced Mykonos Palace
  • Mykonos Palace on 15 February renamed Festos Palace

2021

  • Cruise Europa & Cruise Olympia were returned to Grimaldi Group.
  • Cruise Bonaria replaced temporarily Cruise Olympia in the Line Patra-Ancona after the former's departure from the fleet.
  • Cruise Olbia was transferred in late February from Grimaldi Group to Grimaldi Minoan Lines and renamed Europa Palace, replacing Cruise Europa in the line Patra-Ancona.
  • Zeus Palace was transferred in April from Grimaldi Group to Grimaldi Minoan Lines and replaced Cruise Bonaria in the line Patra-Ancona.

Ships

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Current Fleet

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As at 19 January 2024[9]

Ship name Flag Built IMO Callsign Tonnage Length Width Passengers Cars Knots Photo
Kydon Palace Greece 2001 9204568 SYNR 37,550 214 m 26.4 m 1,718 665 31.5
Knossos Palace Greece 2001 9220330 SVDJ4 36,900 214 m 26.4 m 2,184 735 31.5
Festos Palace Greece 2002 9220342 SVDA8 36,900 214 m 26.4 m 2,184 735 31.5

Former fleet

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Ariadne
Fedra
Santorini Palace

Routes

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Affiliates

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Companies that are affiliates of Minoan Lines (larger than 10%) are outlined below.

Former affiliates

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References

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  1. ^ a b c "MINOIKES GRAMMES Anonymi Naftiliaki Etaireia". Retrieved 3 December 2023.
  2. ^ a b c d e f ΜΙΝΩΙΚΕΣ ΓΡΑΜΜΕΣ Α.Ν.Ε. Ετήσια Χρηματοοικονομική Έκθεση για την οικονομική χρήση 2020 (1/1 – 31/12/2020) [MINOAN LINES N.E. Annual Financial Report for the financial year 2020 (1/1 – 31/12/2020)] (PDF) (Report) (in Greek). 30 March 2021.
  3. ^ http://www.4-traders.com/MINOAN-LINES-S-A-1408780/company/
  4. ^ "Lloyd's List Home Page". Lloyd's List. Retrieved 22 August 2017.
  5. ^ "Minoan Lines (Economy Column)". ekathimerini newspaper. 4 January 2011.
  6. ^ "Falla sul traghetto. Europa Link Grimaldi sbarca 280 passeggeri a Brindisi - Blitz quotidiano". www.blitzquotidiano.it. 5 January 2013. Retrieved 22 August 2017.
  7. ^ "Captain and Chief Officer of Grounded Ferry Arrested". World Maritime News. 23 September 2014. Retrieved 23 September 2014.
  8. ^ "Our fleet". Heraklion: Minoan Lines. Archived from the original on 19 January 2024. Retrieved 19 January 2024.
  9. ^ "Seajets charter Minoan Lines' HSC Santorini Palace". Ferry Shipping News. IJmuiden: Ferry Shipping Summit BV. 19 January 2024. Retrieved 20 January 2024.
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