BUSINESS

Minoan drops Adriatic routes to focus on Greece

TAGS: Shipping, Business

Minoan Lines, part of Italy’s Grimaldi Group, on Tuesday announced it is halting its Adriatic routes after 35 years.

The Greek company will instead operate as the general sales agent in Greece for its parent group and seek new domestic routes.

The two vessels Minoan used on its international routes, Cruise Europa and Cruise Olympia, will now be operated by Grimaldi Euromed SpA.

Minoan chief executive Antonis Maniadakis stated that, “having assessed the change in the operating conditions over the last few months, [the company] has decided to concentrate on the growth and development of Hellenic Seaways,” referring to the affiliate in which Minoan holds a 48.4 percent controlling stake.

By “operating conditions,” Maniadakis meant the considerable decline in passenger traffic due to the rise of low-cost airlines, the opening of the Balkan highways, and the increase in fuel prices combined with the decline in the euro-dollar exchange rate, which led Grimaldi to its decision to have Minoan focused on Greece.

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