ECONOMY

Hellenic Seaways sets out to find a strategic investor

Conditions are now in place for a strategic investor to participate in the business plan of Hellenic Seaways in the coming decade, thanks to the completion of the coastal shipping company’s loan restructuring agreement with creditor banks and its return to operating profits, company sources have told Kathimerini.

After the crisis of the last five years, HSW has left the rough seas of losses behind it and returned to operating profits in 2014 as well as in the first four months of this year.

Antonis Agapitos, the chief executive officer of HSW, said that earnings before interest, tax, depreciation and amortization (EBITDA) amounted to 6.5 million euros last year, posting an improvement of 12.8 million from the losses recorded in 2013. Turnover grew 1.3 percent to 104.3 million euros.

The results have been even more positive in coastal shipping’s tough first few months of 2015, as turnover more than doubled to 24.2 million euros from 10.6 million last year and EBITDA improved by 7.2 million. This was achieved via an 11 percent reduction in operating costs and the restructuring of the company’s fleet and routes, as well as the undertaking of three subsidized routes.