ECONOMY

Coastal shippers to put eight vessels up for sale

Coastal shipping companies have entered a financial storm, and have already seen a 14 percent decline in passenger and vehicle figures this year from 2010.

At the same time, the cost of fuel has risen by 35 to 39 percent, depending in the type of vessel. As a result, companies have resorted to two solutions to find some cash and plug some holes: Some have opted for a share capital increase, while others are considering the sale of some of their ships.

The ferries reported to head for sale are Nissos Chios, Ariadni, Highspeed 1, Fedra, Achaio, Aristovoulos and Flying Dolphin Ermis, as well as some smaller ones.

Still, the Libya crisis has thrown a lifeline to some companies as the transfer of thousands of foreign nationals to Greece meant a cash inflow of 20 million euros.