Coastal ferries coming out of five-year slump

TAGS: Business, Transport

After five years of losses totaling 935 million euros, Greece’s four biggest coastal ferry operators have announced total operating profits of 170 million euros and net profits of 56.4 million euros for 2015.

The main factor behind this improvement, they say, is the decline in fuel prices, which accounted for 53 percent of operating costs at their peak in 2015 and dropped to around 38 percent in 2015.

They also say that a series of discounts and fare cuts have also helped boost demand, particularly for vehicles, adding that there has been a significant rise in the number of passengers aged 18 to 21.