Ετήσια Μελέτη Για Την Ελληνική Ακτοπλοΐα 2014

2014
...
2014
- 2014

( )
5 .
, 2014 (
).
, .
,
, .
XRTC .

.
XRTC , ,
( )
, , ,
. XRTC
.
.

.
.

,
,
XRTC .
.
- 2014
_________________________________________________________________________________ 4
__________________________________________________________________________ 5
_______________________________________________________________________ 6
1.
____________________________________________________________________________________________ 7
2.
_______________________________ 9
2.1.
____________________________________________________________________________ 9
2.2.
HELLENIC SEAWAYS _________________________________ 10
2.3.
HELLENIC SEAWAYS ______________________________ 15
2.4.
__________________________________________________ 17
3.
_____________________________________________ 18
3.1.
____________________________________________________________________________ 18
3.2.
_____________________________________________________________________________ 21
3.3.
EBITDA _____________________________________________________________________________ 22
3.4.
______________________________________________________________________ 24
3.5.
_______________________________________________________________________ 25
3.6.
________________________________________________________________ 27
4.
____________________________________________________ 32
4.1.
____________________________________________________________________________________ 32
4.1.1. ANEK LINES _________________________________________________________________________________ 32
4.1.2. ATTICA GROUP _____________________________________________________________________________ 36
4.1.3. MINOAN LINES _____________________________________________________________________________ 39
4.1.4. NEL LINES ___________________________________________________________________________________ 42
4.2.
_____________________________________________________________________ 47
4.2.1. HELLENIC SEAWAYS _______________________________________________________________________ 47
___________________________________________________________________________ 52
______________________________________________________________ 57
- 2014

1: ..................................................................................................................... 18
2: ANEK LINES 2014 () ..................................................................................... 33
3: ANEK LINES (2010 - 2013) ..................................................................... 35
4: ANEK LINES (2010 - 2013) ......................................................................................... 35
5: ATTICA GROUP 2014 () ............................................................................... 37
6: ATTICA GROUP (2010 - 2013) ............................................................... 38
7: ATTICA GROUP (2010 - 2013) ................................................................................... 39
8: LINES 2014 () ............................................................................... 40
9: MINOAN LINES (2010 - 2013) ................................................................ 41
10: MINOAN LINES (2010 - 2013) ................................................................................. 42
11: NEL LINES 2014 () ...................................................................................... 44
12: NEL LINES (2010 - 2013)....................................................................... 45
13: NEL LINES (2010 - 2013) .......................................................................................... 46
14: HELLENIC SEAWAYS 2014 () .................................................................. 47
15: HELLENIC SEAWAYS (2010 - 2013) ................................................... 49
16: HELLENIC SEAWAYS (2010 - 2013) ...................................................................... 50
17: 380cst Rotterdam
........................................................................................................................................................................ 53
18: 380cst Rotterdam /$ ............................................................. 55
19: ........................................................................................................................ 59
- 2014

1: (2006-2013) ................................................................................................. 9
2: HELLENIC SEAWAYS (2006-2013) .......................... 10
3: ............................................................................. 11
HELLENIC SEAWAYS (2006-2013) .................................................................................................................. 11
4: HELLENIC SEAWAYS (2006-2013).............. 12
5: (2011-2013) ........................................................ 13
5: (2011-2013)................................................... 13
5: (2011-2013)........................................................ 14
7: Hellenic Seaways 2000-2014 ............................................................. 15
8: 2000 2014 ..................................................................................... 16
9: 2014 ...................................................................................................... 17
10: HELLENIC SEAWAYS (2006 - 2013) ....................... 19
11: HELLENIC SEAWAYS (2006
- 2013) ......................................................................................................................................................................... 20
12: HELLENIC SEAWAYS (2006 - 2013) .. 21
13: HELLENIC SEAWAYS (2006 - 2013)
.................................................................................................................................................................................... 22
14: EBITDA HELLENIC SEAWAYS (2006 - 2013) ...................................................... 22
15: EBITDA (2006 - 2013) ..................................................................................................... 23
16: HELLENIC SEAWAYS (2006 - 2013) ............ 24
17: - HELLENIC SEAWAYS (2011 - 2013) ...................... 25
18: HELLENIC SEAWAYS (2006 - 2013) ................................ 26
19: (2006 - 2013) ................................................. 27
20: ....................................................................................................................... 28
20: ..................................................................................................................... 28
20: / .................................................................................................................. 28
20: ..................................................................................................... 28
20: EBITDA/.................................................................................................................................... 28
20: ............................................................................................................ 28
21: / ............................................................................................. 29
21: &/EBITDA .......................................................................................... 29
20:EBITDA/ ................................................................................................................ 29
20: / ...................................................................................... 29
21: / .................................................................................................... 30
22: (2006 - 2013) .................................................. 31
23: ANEK LINES (2006 - 2014)....................................................................................... 32
24: ATTICA GROUP (2006 - 2014) ................................................................................. 36
25: MINOAN LINES (2000 - 2014) ................................................................................. 40
26: NEL LINES (2006 - 2014) .......................................................................................... 43
27: HELLENIC SEAWAYS (2006 - 2014) ...................................................................... 47
28: 380cst Rotterdam 2013 ......................................................... 52
28: 380cst Rotterdam 2006 .......................................................... 53
29: /$ 2013 .................................................................................................. 54
29: /$ 2006 .................................................................................................. 54
30: 380cst Rotterdam & /$ ............ 55
31: .............................................................................................................................. 56
- 2014
"
-
30 2014

"
XRTC 2014

1.
2.
2008

.
3.
4.

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,
, , .
5.
6.
7.
8.
- 2014
1.
2014
.
( )
.

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2014
2015-2017
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stress tests .
repos , ESM stress tests,
Eurogroup (26/11/12), .

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.

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:

RO-RO RO-PAX.

. 2014
,
.

,

.
- 2014
, ,
( 2), - ( 3),
( 4), ( 5)

( 6).
- 2014
2.
2.1.

2006-2013 2006
. ,
2013. 4%-6%. 2013
,

.
,
, . ,
-4% 2012, 2011- 2012
-12%. ,
-7% 2012, 2011- 2012 -17%. ,
-5% 2012, 20112012 -9%.

.
1: (2006-2013)
(2006-2013)
(2006-2013)
- ( & HSW)
- ( & HSW)
1.579
14.000
1.600
1.495
1.446
11.959
12.102
11.706
12.000
1.508
1.454
12.036
1.400
11.576
1.241
10.315
1.200
9.049
1.036
8.696
000,S
000,S
10.000
8.000
967
1.000
800
6.000
600
4.000
400
2.000
200
0
2006
2007
2008
2009
2010
2011
2012
2013
2006
2007
2008
2009
2010
2011
2012
2013
(2006-2013)
- ( & HSW)
489
500
468
458
450
421
409
392
400
374
354
000,S
350
300
250
200
150
100
50
0
2006
2007
2008
2009
2010
2011
2012
2013
: XRTC
- 2014
2.2. Hellenic Seaways

HELLENIC SEAWAYS.
.
2:
HELLENIC SEAWAYS (2006-2013)
(2006-2013)
ANEK LINES
ATTICA GROUP
HELLENIC SEAWAYS
MINOAN LINES
NEL LINES
14.000
12.000
604
968
934
982
546
1.010
605
1.046
711
889
885
10.000
000,S
914
8.000
4.726
5.938
5.714
3.912
656
766
5.191
592
765
3.688
2.914
6.000
3.658
4.000
3.864
2.989
3.291
3.099
3.171
1.350
1.300
2.866
3.072
3.234
2

HELLENIC
SEAWAYS
2012-2013

-4%
,
2013

11%

.
2.000
1.668
2.000
2.200
1.840
1.640
1.238
0
2006
2007
2008
2009
2010
2011
2012
2013
(2006-2013)
ANEK LINES
ATTICA GROUP
MINOAN LINES
2.000
1.800
1.600
581
542
564
553
625
1.400
000,S
640
1.200
377
1.000
777
728
717
800
703
327
594
574
600
453
528
400
520
511
454
481
528
372
200
267
262

HELLENIC SEAWAYS (-2%),
ANEK LINES (-24%), NEL
LINES (-10%) ,
,
,
ATTICA GROUP
(5%).
,

,

. ANEK
LINES
-2%,
ATTICA GROUP,
MINOAN LINES
16%
15% .
0
2006
2007
2008
2009
2010
2011
2012
2013
: XRTC
10
- 2014
3:
(2006-2013)
ANEK LINES
ATTICA GROUP
HELLENIC SEAWAYS
MINOAN LINES
NEL LINES
1.600
114
1.400
78
126
126
83
130
134
131
153
112
1.200
195
000,S
524
1.000
643
625
419
121
567
122
103
90
94
287
800
218
203
600
477
533
421
400
391
404
208
210
200
249
369
310
313
268
385
221
394
172
0
2006
2007
2008
2009
2010
2011
2012
2013
(2006-2013)
ANEK LINES
ATTICA GROUP
MINOAN LINES
450
400
154
145
145
350
149
149
000,S
300
152
250
141
95
141
148
200
135
78
137
121
150
90
100
70
69
2012
2013
,

20122013.
-7%,

+11%

. ( 3).
,

ANEK
LINES
(-22%),
HELLENIC
SEAWAYS (-7%) NEL LINES
(-15%), ATTICA GROUP

+2%
MINOAN LINES (+5%)
,
ANEK LINES

-1%.
ATTICA GROUP
+12% MINOAN
LINES Grimaldi

+21%.
100
150
143
113
123
134
92
50
0
2006
2007
2008
2009
2010
2011
: XRTC
11
- 2014
4:
(2006-2013)
ANEK LINES
ATTICA GROUP
500
28
63
37
68
80
300
33
52
66
97
000,S
NEL LINES
56
69
23
69
350
MINOAN LINES
19
25
450
400
HELLENIC SEAWAYS
28
51
53
41
38
54
75
73
145
250
151
34
112
200
96
109
130
139
145
150
100
135
155
140
182
172
119
50
110
92
0
2006
2007
2008
2009
2010
2011
2012
2013
(2006-2013)
ANEK LINES
ATTICA GROUP
HELLENIC SEAWAYS
MINOAN LINES
350
300
81
87
91
77
25
250
87
25
89
24
74
000'S
12
20
200
20
141
150
70
21
13
115
113
63
54
57
2011
2012
2013
149
136
136
117
113
100
50
82
91
87
78

2012-2013,

,

2013.

-5%
-4%.

, 16%, -11% -15%
ANEK LINES, HSW
NEL LINES,

, ATTICA
GROUP +4% MINOAN
LINES +2% .

( 4).
,
HSW, ATTICA GROUP
MINOAN LINES -38%, -1%
-5% .
, ANEK LINES,

+4% .
83
0
2006
2007
2008
2009
2010
: XRTC
5- 5
3 2011-2013.

. ,
3 - , - - .
. 4 , ,
.
12
- 2014
5: (2011-2013)
(2011-2013)
2013
2012
2011
560.000
515.330
490.000
457.787
420.000
369.117
350.000
302.254
280.000
228.955
224.605
212.502
210.000
181.924
381.795
138.770
133.689
140.000
298.812
111.694
103.003
70.301
82.237
72.889
233.461
175.957
58.910
70.000
95.048
70.354
27.627
67.658
0
9.446
7.996 0
35.003
47.231
42.989
0
44.840
32.595
0
- - - -
-
- -
: XRTC
5: (2011-2013)
AYTOKINHT (2011-2013)
2013
2012
2011
160.000
146.956
150.000
140.000
130.000
120.000
110.000
102.536
100.000
88.158
90.000
AYTOKINH
80.000
70.000
59.319
60.000
50.000
51.736
104.632
45.773
47.420
40.000
50.598
36.547
33.139
60.595
30.000
56.267
23.148
20.000
30.513
18.721
11.979
10.000
17.007
0 1.149
11.677
11.803
9.348
21.496
936 0
9.391
4.179
5.700 0
6.339
7.217
7.578
6.270
0
- - - -
-
- -
: XRTC
13
- 2014
5: (2011-2013)
(2011-2013)
2013
2012
2011
110.000
100.000
96.671
90.000
87.499
80.000
70.000
60.437
60.000
58.140
50.000
45.162
40.000
30.000
75.936
36.113
42.391
31.222
29.418
43.446
40.962
20.000
31.145
10.000
41.604
41.087
39.401
42.958
17.080
13.335
34.173
12.705
8.778
26.853
7.991
0 21 258
16 0
221 0
1.852
0 165393
0
- - - -
-
- -
: XRTC
14
- 2014
2.3. Hellenic Seaways

7 XRTC
.

2013.
7: Hellenic Seaways 2000-2014

140
25
120
19,5
20
17,4
100
16,6
16,8
16,8
16,5
15,9
16,1
16,7
15,1
14,5
14,2
80
14,4
15
13,9
13,5
60
119
125
123
122
10
112
85
40
84
83
89
81
81
75
69
71
66
5
20
0
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
: XRTC
8,
RO-PAX .

4,500 150 .

, , .
2012 :
,

,
,
, 2006.
15
- 2014
8: 2000 2014
(2000 - 2014)
80
76
75
73
72
70
64
60
55
53
52
51
51
51
53
51
49
50
46
HSC
HYDROFOIL
40
RO-PAX
RO-RO
30
29
28
29
29
27
18
20
15
14
13
10
14
14
9
6
16
15
14
8
9 9
14
8 8
14
13
13
8 8
12
12
8 8
6
4
5
3 3
3 3
0
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
: XRTC
16
- 2014
2.4.
2013 2014
( 9). Sea Star Capital
HELLENIC SEAWAYS
.
ANEK LINES .. .
NEL LINES ..
.-
97% .
9: 2014
Mr. . Vardinogainnis
37.25%
Restis Group
12.21%
Easy Group Holding
5.50%
KOINO
9.88%
SEA STAR
CAPITAL
BARMIN S.A.

26.62%

23.16%
50.22% KOINO
17.1%
50.11%
90.12%
Grimaldi
Group
100%
AEGEAN
PELAGOS
18,00%
23.4%
Altana Navigation
Ltd (96.673%)
To

Altana Navigation
Limited, Ercolana
Holdings Ltd, ISFI
Square Fund Ltd
Antelope Shipping
Inc,
26,1%
KOINO
MIG
89.38%
3.33%
KOINO
100,00%
100,00%
10.62%
KOINO
: XRTC
1 2014
. ,
,
, ,

.
17
- 2014
1:
12
ANEK LINES
13
ATTICA GROUP
7
MINOAN LINES
13
NEL LINES
20
HELLENIC SEAWAYS
: XRTC
3.
1606/2002 . 3229/2004 ( .
3301/2004) (
) ,
1/1/2005
..... 2012
....
.
:
,
,
EBITDA,
,

, (ANEK LINES, ATTICA GROUP,
MINOAN LINES, NEL LINES) HELLENIC SEAWAYS
.
3.1.
,
. 2013 380CST
2012 -10% 2006 92%.
3%
. 10 5
2006-2013 () 380CST Rotterdam
/Tonne.
. 2012-2013 2
-17% , -13%.
18
- 2014

& & HELLENIC SEAWAYS (2006-2013)
&
& HELLENIC SEAWAYS
380cst bunker prices, Rotterdam (/Tonne)

500
600,00
450
60
58
83
500,00
448
444
55
350
400,00
56
300
50
57
48
340
322
250
380 cst
400
498
300,00
254
252
233
200
394
358
336
150
277
301
350
290
200,00
290
100
100,00
50
0,00
2006
2007
2008
2009
2010
2011
2012
2013
: XRTC
11
. 40% 2006 2013 51% ,
-2% 2012. ,
:

HELLENIC SEAWAYS, 2012-2013.
-3% ( 47% 44%) -2% ( 52%
54%). HELLENIC SEAWAYS
12,
(flying dolphins),
.
19
- 2014
11: HELLENIC
SEAWAYS (2006 - 2013)
& (2006-2013)
380cst bunker prices, Rotterdam (/Tonne)
HELLENIC SEAWAYS
54%
55%
52%
525
53%
53%
475
51%
51%
50%
500
52%
49%
48%
425
400
48%
48%
47%
47%
375
46%
45%
45%
350
44%
43%
43%
43%
43%
42%
41%
275
40%
448
444
38%
250
498
39%
39%
325
300
42%
40%
450
225
200
35%
322
33%
233
35%
175
340
150
254
252
125
100
30%
75
50
28%
25
25%
0
2006
2007
2008
2009
2010
2011
2012
2013
: XRTC
20
- 2014
3.2.
5 2013 800 (
12) .

.
- ,

- .
,

.
12: HELLENIC SEAWAYS

(2006 - 2013)
& LLENIC SEAWAYS (2006-2013)
1.200
31
27
56
27
0 18
1.000
0
0
505
0
0
457
0
384
800
488
352
398
600
0
332
311
400
558
586
596
576
554
475
200
419
410
0
2006
2007
2008
2009
2010
2011
2012
2013
: XRTC
12
. 13 ()

34% 45% .
13 ()
() -3% 2006
+1% .
, 2006, ,
-20% .

+14%.
21
- 2014
13: HELLENIC SEAWAYS

(2006 - 2013)
(2006-2013)

& (2006-2013)

700
60%
60%
600
56%
50%
120
103
108
107
52%
50%
500
46%
45%
45%
44%
43%
42%
40%
40%
115
96
36%
101
100
103
100
39%
114
99
101
100
50%
140
61%
97
82
87
400
80
34%
73
30%
586
300
563
558
571
596
576
60
554
477
20%
200
2006
70%
475
418
384
352
419
345
410
40
311
10%
100
0%
2006
2007
2008
2009
2010
2011
2012
20
2013
2006
2007
2008
()
2009
2010
2011
2012
2013
()
: XRTC
3.3. EBITDA
, (EBITDA)
2012-2013 +96% ,
5 . 14 EBITDA
4
NEL LINES HELLENIC SEAWAYS
2 -52 EBITDA, 3 EBITDA 6
.
14: EBITDA HELLENIC SEAWAYS (2006 - 2013)

EBITDA &HELLENIC SEAWAYS (2006-2013)

HELLENIC SEAWAYS
EBITDA/M
400
120
375
350
100
100
325
300
26
81
80
250
225
33
200
60
175
46
150
125
270
40
32
206
100
75
32
30
50
20
100
56
25
2010
6
2011
-77
-59
-1
-24
0
-25
2006
-50
-75
-100
2007
2008
2009
EBITDA/MME
( 2006)
275
-56
2012
4
-6
2013
-1
-8
-28
-20
-30
-125
-150
-40
: XRTC
22
- 2014
ANEK LINES, MINOAN LINES ATTICA GROUP

EBITDA 2013 +49.7 +7.1 2012.
EBITDA 2012 +323%. EBITDA

,

. ,
,
.
15: EBITDA (2006 - 2013)

EBITDA (2006-2013)
2006
2007
2008
2009
2010
2011
2012
2013
80
71,53
69,60
61,39
60
52,43
47,70
46,29
44,31
43,50
43,77
41,50
40,84
40
29,10
27,30
33,00 31,50
27,15
25,68
31,50
24,20
20
16,08
12,30
10,16
4,24 6,48
7,33
5,57
2,12
0
ANEK LINES
-11,40
-20
ATTICA GROUP
-2,50
-8,85
BLUE STAR FERRIES
HELLENIC SEAWAYS
-1,20
-7,88
-6,33
MINOAN LINES
NEL LINES
-4,66
-7,21
-13,89
-16,27
-27,30
-40
-35,90
-48,44
-45,86
-60
-62,40
-80
: XRTC
23
- 2014
3.4.
, 2013 +22%
2012 , (EBITDA)
16. 2006-2013 220%. 2009 2013 5
-880. ANEK LINES, ATTICA
GROUP, NEL LINES, MINOAN LINES HELLENIC SEAWAYS -36.2, -10.1, -59, 14.5 -52.7 .
16: HELLENIC SEAWAYS (2006 2013)

- & HELLENIC SEAWAYS (2006-2013)
200
150
120
100
100
143,2
100
120,2
79
80
50
-3,7
2006
-50
2007
2008
2009
47
60
2010
2011
2012
2013
40
34
-100
EBIDTA
( :2006)
0,9
0
20
-172,6
-150
-1
0
-200
-220,8
-240,0
-250
-33
-300
-20
-244,4
-25
-30
-40
: XRTC
-
, ,
. 17
- 42% - 2012 40%
2013.
5 .
24
- 2014
17: - HELLENIC SEAWAYS (2011 - 2013)

- &HELLENIC SEAWAYS (2011-2013)
- ( & HSW)
- ( & HSW)
400
350
300
250
55,5
200
93,2
68,7
150
- ( & HSW)
100
50
- ( & HSW)
0
-50
2011
-100
-240,0
2012
2013
-150
-220,8
-172,6
: XRTC
3.5.
5 .
18, -13.5% 2012.

, 74 1,
. 2013
1 :

NEL LINES.
, 107 NEL LINES 5

5%,
18. 2006-2013
-24% , NEL LINES
-16% 8 . 5 MINOAN LINES
-8% ATTICA GROUP
-15%. , ANEK LINES HELLENIC
SEAWAYS 5.4% 4.2% .
18

ATTICA GROUP LINES .
25
- 2014

(2006-2013)
& HELLENIC SEAWAYS (2006-2013)
ANEK LINES
HELLENIC SEAWAYS
HELLENIC SEAWAYS
MINOAN LINES
NEL LINES
BLUE STAR FERRIES
100%
1.600
3,1%
90%
1.400
94
28,6%
157
154
23,4%
60%
12,6%
11,7%
7,1%
800
24,0%
22,7%
21,0%
13,1%
13,6%
13,6%
28,5%
30,4%
29,5%
24,6%
23,1%
23,9%
12,0%
16,4%
1.000
164
10,2%
25,5%
25,8%
70%
157
155
9,7%
22,4%
80%
154
1.200
12,5%
5,0%
4,2%
167
9,4%
11,5%
13,3%
11,8%
50%
29,0%
600
1.246
1.224
1.167
40%
1.087
28,1%
998
985
29,2%
29,9%
30,3%
1.023
30%
836
400
20%
200
19,3%
10%
0
2006
2007
2008
2009
2010
2011
2012
22,2%
20,4%
18,0%
29,1%
0%
2013
2006
2007
2008
2009
2010
()
2011
2012
2013
()
(2006-2013)
BLUE STAR FERRIES
NEL LINES
HELLENIC SEAWAYS
399
397
ANEK LINES
MINOAN LINES
336
340
361
255
269
341
290
291
254
346
378
277
ATTICA GROUP
396
364
ATTICA GROUP
282
290
264
259
276
243
291
224
500
450
ATTICA GROUP
400
167
350
300
94
250
55
175,68
157
154
115
116
156
124
200
150
154
155
157
164
MINOAN LINES
138
ANEK LINES
71
HELLENIC SEAWAYS
31
162,33
NEL LINES
100
50
BLUE STAR FERRIES
0
2006
2007
2008
2009
2010
2011
2012
2013
()
: XRTC
26
- 2014
, -
50% -
.
3.6.
19
() ,
, EBITDA. :
, . ,
2013, / 2006
. / 14%
2006 / 44%
. -/
EBITDA/ 4,

,
.
2012-2013 , 2014.
19: (2006 - 2013)

/ ( 2006)

EBITDA/M
140
120
100
80
60
40
20
0
2006
2007
2008
2009
2010
2011
2012
2013
-20
-40
: XRTC
27
- 2014
20:
20:
/ ( 2006)
/ ( 2006)
140
120
128
124
120
100
103
114
100
99
98
96
111
109
96
100
88
101
100
101
85
80
80
60
60
40
40
20
20
0
2006
2007
2008
2009
2010
2011
2012
2006
2013
: XRTC
2007
2008
2009
2010
2011
2012
2013
: XRTC
20: /
20:
& / ( 2006)
& &
( 2006 )
180
120
160
110
100
100
164
160
144
140
130
130
120
80
108
70
100
104
100
60
80
54
44
60
40
40
22
20
20
10
3
0
2006
2007
2008
2009
2010
2011
2012
2006
2013
: XRTC
2007
2008
2009
2010
2011
2012
2013
: XRTC
20: EBITDA/
20:
EBITDA/ ( 2006)
& HELLENIC SEAWAYS ( 2006)
120
380cst, Rotterdam (/Tonne)
230
100
213
220
100
210
200
192
190
190
81
80
180
170
160
60
146
150
138
160
164
140
46
144
130
40
120
110
30
108
90
109
130
128
124
100
100
20
130
100
100
101
108
109
2007
2008
114
111
101 104
80
70
0
2006
2007
2008
2009
2010
2011
2012
2013
-1
60
50
40
-20
-28
30
-24
-30
20
10
-40
: XRTC
2006
2009
2010
2011
2012
2013
: XRTC
28
- 2014
21: /
21: &/EBITDA
: & / EBITDA
: /
2010
2010
2011
2011
2012
2012
2013
2013
0,0
0,2
0,4
0,6
0,8
1,0
1,2
1,4
1,6
2013
0,9
2012
1,0
2011
1,1
2010
1,0
1,8
-52,5-50,0-47,5-45,0-42,5-40,0-37,5-35,0-32,5-30,0-27,5-25,0-22,5-20,0-17,5-15,0-12,5-10,0 -7,5 -5,0 -2,5 0,0 2,5 5,0 7,5 10,0 12,5 15,0 17,5 20,0 22,5 25,0 27,5
2013
2,5
2012
3,4
2011
0,1
2010
-22,1
ANEK LINES
0,9
0,9
0,8
0,9
ANEK LINES
11,9
22,6
9,1
-10,5
HSW
1,0
1,1
1,0
1,0
HSW
-7,5
-7,0
10,7
-48,4
NEL LINES
0,8
1,2
1,6
1,4
NEL LINES
-0,6
-0,7
-1,4
MINOAN LINES
0,9
1,0
1,0
1,0
MINOAN LINES
4,3
-11,6
-3,6
-2,4
ATTICA GROUP
0,8
0,9
1,0
0,9
ATTICA GROUP
4,3
13,6
-14,4
-47,8
. & HSW
: XRTC
. & HSW
: XRTC
20:EBITDA/
20: /
:EBITDA/
: /
2010
2010
2011
2011
2012
2012
2013
2013
-12,0
. & HSW
-11,0
-10,0
2013
-0,8
-1,2
-9,0
-8,0
-7,0
-6,0
2012
-2,3
-5,0
-4,0
-3,0
-2,0
-1,0
0,0
1,0
2011
-2,1
2010
-1,7
2,0
3,0
-2,0
0,0
2,0
. & HSW
2013
4,7
4,0
6,0
8,0
10,0
12,0
14,0
16,0
18,0
2012
1,1
2011
2,3
2010
1,0
ANEK LINES
0,4
0,7
-0,8
ANEK LINES
17,5
4,2
2,3
2,3
HSW
-0,7
-0,9
0,5
-0,3
HSW
1,2
0,8
0,8
0,8
NEL LINES
-7,6
-11,1
-8,7
-3,1
NEL LINES
3,3
-1,1
6,9
0,8
MINOAN LINES
2,1
-0,7
-2,3
-4,1
MINOAN LINES
0,8
0,9
0,8
0,6
ATTICA GROUP
1,9
0,8
-0,7
-0,2
ATTICA GROUP
0,8
0,7
0,6
0,6
: XRTC
0,3
: XRTC
29
20,0
- 2014
21: /
: /
2010
2011
2012
2013
0,0
. & HSW
0,2
0,4
0,6
0,8
1,0
1,2
1,4
2013
0,6
2012
0,7
2011
0,6
2010
0,6
ANEK LINES
1,0
HSW
0,9
0,7
0,7
0,6
0,5
0,5
0,4
NEL LINES
0,4
1,2
0,7
0,7
MINOAN LINES
0,5
0,5
0,5
0,6
ATTICA GROUP
0,5
0,5
0,5
0,5
: XRTC
21-21 2010-2013.
5

.
,

.
30
- 2014
22: (2006 - 2013)

- (2006-2013)
0,325
2006
0,300
0,275
0,250
0,225
2007
0,200
0,175
EBITDA
0,150
2008
0,125
0,100
0,075
2009
0,050
0,025
2013
0,000
0,00
-0,025
0,25
0,50
0,75
1,00
1,25
1,50
1,75
-0,050
2,00
2,25
2,50
2,75
2010
-0,075
2011
-0,100
2012
-0,125
-0,150
/
()

2006
2010
2011
2012
2013
3,50
3,00
2,38
2,50
2,00
1,98
1,89
1,77
1,72
1,80
1,47
1,50
Z-Score
1,07
1,00
0,58
0,50
1,17
1,49
0,77
1,28
1,01
0,84
1,07
0,58
0,92
0,33
0,54
0,57
0,37
0,00
ATTICA GROUP
HELLENIC SEAWAYS
ANEK LINES
-0,50
MINOAN LINES
NEL LINES
-0,17
-1,00
-1,50
-1,58
-2,00
-2,01
-2,50
()
; <1,81
; 1,81<>2,99
; >2,99
: XRTC
22,
2013
1 .
. NEL LINES
2012 -63 +15,
31
- 2014
4 -119%.

EBITDA 25% 2006-2007.

22, (z)
2006, 2010, 2011 2012 Altman.
Altman, z 2,99,
z 2,99 1,81
z 1,81.
2010 2011, 1,81.

2006 5 2,99

.
. -

,
.
4.
4.1.
4.1.1.
ANEK LINES
23: ANEK LINES (2006 - 2014)

ANEK LINES 2006 - 2014
20
25,0
18
23,9
24,0
23,4
16
23,0
22,9
23,0
14
6
12
21,9
22,1
22,0
10
21,0
20,9
21,0
13
20,0
12
11
10
11
11
12
11
20,0
10
19,0
ANEK
LINES

:
,

,
,
,

18,0
2006
2007
2008
2009
2010
2011
2012
2013
2014
: XRTC
32
- 2014
2013
(, ), (, ), .
..
ANEK SUPERFAST,
- -
,
, , .
2013
SUPERFAST 2017.
2013
.
,
( 27 2012).
, ,
.

, 2014 OLYMPIC CHAMPION ,

2014.
. LANE
LINES .

... 33.35%
..., 47.5
..., ,
. .
2: ANEK LINES 2014 ()

3
(-)
RO-PAX
3
(-)
RO-PAX
2
RO-PAX
2

RO-PAX
2
RO-PAX
: XRTC
2,

,
.. ,
2
.
: 2

287.7. ,
48 ..2190/20,
.

. 2
.
.
2013 36.7 60.5 2012.
2013
33
- 2014
15.3 . , EBITDA
6.5 4.2 2012.
,
31.12.2013
.
, 31.12.2013
343, 48.8.
2012
:

,
,
.

.

.
2011 ATTICA (2)
,
. 2013
- SUPERFAST 2017.
,
, ,

.
, ,
, (..
, ..., )
.
, (
2013 )
.
2013
.
, 2013,
2014.
,
. ,

.
34
- 2014
3: ANEK LINES (2010 - 2013)

2013
2012
2011
2010
. 2010-2013
% (2013-2012)
1.500.000
1.899.551
2.212.126
2.728.000
2.084.919
-21,0%
241.000
289.624
359.513
447.000
334.284
-16,8%
149.000
164.371
182.381
255.000
187.688
-9,4%
178.039.000,00
199.677.000,00
243.595.000,00
263.125.000,00
221.109.000,00
-10,8%
EBITDA
6.477.000,00
4.235.000,00
12.300.000,00
(11.400.000,00)
2.903.000,00
52,9%
(36.190.000,00)
(60.383.000,00)
(22.888.000,00)
(11.400.000,00)
(32.715.250,00)
40,1%
154.782.000,00
177.304.000,00
206.882.000,00
240.769.000,00
194.934.250,00
-12,7%
&
77.307.000,00
95.678.000,00
111.428.000,00
119.898.000,00
101.077.750,00
-19,2%
290.750.000,00
16.575.000,00
10.170.000,00
304.902.000,00
275.851.000,00
16.291.000,00
47.053.000,00
324.410.000,00
263.596.000,00
17.668.000,00
107.074.000,00
370.947.000,00
290.044.000,00
14.173.000,00
114.167.000,00
389.859.000,00
280.060.250,00
16.176.750,00
69.616.000,00
347.529.500,00
5,4%
1,7%
-78,4%
-6,0%
: XRTC
4: ANEK LINES (2010 - 2013)
EBITDA

/

&
/ EBITDA
2013
2012
2011
3,6%
2,1%
5,0%
2010-2013
-4,3% 1,6%
2010
-20,3% -30,2% -9,4% -4,3% -16,1%

0,9
0,9
0,8
0,9
0,9
11,9
22,6
9,1
-10,5
8,3
0,2
0,4
0,4
0,3
0,9
0,7
0,7
0,8
0,3
0,7
-0,8
0,1
4,2
2,3
2,3
6,6
/
0,0

/
1,0
EBITDA/ 0,4
/
17,5

: XRTC
Sea Star Capital,
, ,
.
35
- 2014
4.1.2.
ATTICA GROUP
13 , 4 SUPERFAST 9 BLUE STAR

FERRIES ( 24). 2006
.
24: ATTICA GROUP (2006 - 2014)

ATTICA GROUP (2006-2014)
BS
SUPERFAST
SUPERFAST
BS
16
18
15,6
14
16
14,6
13,8
13,6
12,6
11,6
10
11,5
12
5
4
12,5
14
12
5
10
8,8
7,4
6
6,5
6,2
6,2
7,6
7,75
12
6,6
6
8
4
0
2006
2007
2008
2009
2010
2011
2012
2013
2014
: XRTC
2
.
2012, - ,
Ro-Pax Blue Star Patmos 70. Blue Star Delos
2011.
2013 260.16 256 2012,
1.6%. , ,
(EBITDA) 27.15 9.45 2012. , 2013
10.13 53.98 2012.
2012 20.36
() 6.40
Superfast VI.
2012,
, :
M
E
M , ,
9.9%
2012
. --
-- ,
2013 Superfast I, Superfast II, Superfast XI Superfast VI,
36
- 2014
2013 Superfast (
).
. , -,
4 , - 3 , - 1 -- 1
. Blue Star Paros, Blue Star Naxos, Blue Star Delos, Blue Star Ithaki, Blue
Star 1, Blue Star 2, , Blue Horizon, Superfast XII ( 2013) Blue Star Patmos.
( 5).
5: ATTICA GROUP 2014 ()
RO-PAX
4
RO-PAX
3
RO-PAX
1
RO-PAX
1

RO-PAX
: XRTC
ATTICA GROUP 2013
2012.
, ,
.
:
3.1.3 , ,
174
40.,
. ,
3.1.3
208,

,
.
,

.
.
629.23 706.73 2012
Superfast Blue Star. 2013 Superfast
VI.
340.05 350.37 2012.
2013.
31.12.2013 289.94 68.45
221.49 . 31.12.2013
207.53
( 75.06%,
, ).
2011, (covenants)

, , ,

.
37
- 2014
31/12/2013, (
) 174,387.

,
. ,

40 .
, 2013
.
2013 () 7.02
6.63 2012.
53.89 Superfast VI ,
2012 3.76.
, 2013,
52.06 1.1 2012.
2012 6.0
, Marfin Investment Group, 13
.
6: ATTICA GROUP (2010 - 2013)
2013
2012
2011
2010
. 2010-2013
% (2013-2012)
3.762.679
3.525.683
3.562.038
4.457.821
3.827.055
6,7%
494.698
475.071
490.278
668.115
532.041
4,1%
258.389
254.112
243.035
267.577
255.778
1,7%
260.160.000,00
256.002.000,00
246.790.000,00
271.521.000,00
258.618.250,00
1,6%
EBITDA
27.146.000,00
9.445.000,00
(8.470.000,00)
(2.500.000,00)
6.405.250,00
187,4%
(10.096.000,00)
(53.187.000,00)
(86.690.000,00)
(44.400.000,00)
(48.593.250,00)
81,0%
219.055.000,00
233.021.000,00
236.696.000,00
247.597.000,00
234.092.250,00
-6,0%
&
115.814.000,00
128.585.000,00
122.180.000,00
119.466.000,00
121.511.250,00
-9,9%
289.940.000,00
14.095.000,00
340.053.000,00
631.192.000,00
341.350.000,00
11.370.000,00
350.371.000,00
708.955.000,00
346.324.000,00
12.733.000,00
406.215.000,00
717.474.000,00
336.065.000,00
14.033.000,00
471.041.000,00
745.344.000,00
328.419.750,00
13.057.750,00
391.920.000,00
700.741.250,00
-15,1%
24,0%
-2,9%
-11,0%
: XRTC
38
- 2014
7: ATTICA GROUP (2010 - 2013)
EBITDA

/

&
/ EBITDA
2012
2011
10,4%
3,7%
-3,4% -0,9% 2,4%
-3,9%
-20,8% -35,1% -16,4% -19,0%
0,8
0,9
1,0
0,9
0,9
4,3
13,6
-14,4
-47,8
-11,1
1,0
1,2
1,4
1,2
0,5
0,5
0,5
0,5
0,8
-0,7
-0,2
0,5
0,7
0,6
0,6
0,7
/
1,2

/
0,5
EBITDA/ 1,9
/
0,8

2010
. 20102013)
2013
: XRTC
.

. ,
MIG .

.
.
4.1.3.
MINOAN LINES

, ,
,
-
. , :
-
2013 , 2012
--
--,
, ,

, -
,
,
50% . ,

-,
,
39
- 2014
slow steaming
Grimaldi Atlantica di
Navigazione S.p.A.
( ).
,
2013
50.6. 50

.
2013 .... .. 100% ..
.. ....
.
4.84. , 2013,
0.66 ,
, 0.59.
( 25).
25: MINOAN LINES (2000 - 2014)

MINOAN LINES 2006 - 2014
7,2
12
11,1
7
10,1
10
9,1
6,8
8,1
8,1
6,6
8
7,1
6,4
7,1
6,1
6
6,2
7,2
5,8
6
2006
2007
2008
2009
5,6
5,4
2010
2011
2012
2013
2014
: XRTC
-
( 2 ) ( 8).
30/11/2012 ..
London Maritime Arbitration Association.
18/5/2009
HELLENIC SEAWAYS.
8: LINES 2014 ()
RO-PAX
2
RO-PAX
2
RO-PAX
: XRTC
40
- 2014
:
1.2 35 ,
...,
.
, 20,
2012, ,

31 2012, 30 2013.
.
9, 2013
, -2.3%.
8.74
161.57 152.83 2012.
(-) .
(DA) 16.08 7.21
2012. EBIT, 2012
7.73 9.92.
.
14.78 51.31 .
35.30 211.65 176.35 31/12/2012.

21 2013 , .
317.67 376.47 31/12/2012.

.
9: MINOAN LINES (2010 - 2013)
2013
2012
2011
2010
. 2010-2013
% (2013-2012)
1.142.332
1.092.695
1.553.800
1.514.000
1.325.707
4,5%
189.104
168.064
273.830
261.000
223.000
12,5%
123.972
126.860
140.272
143.000
133.526
-2,3%
161.571.000,00
152.826.047,05
193.323.740,51
169.374.834,00
169.273.905,39
5,7%
EBITDA
16.076.000,00
(7.208.240,08)
(27.780.000,00)
(35.900.000,00)
(13.703.060,02)
323,0%
(14.537.000,00)
(51.404.000,00)
(39.972.665,61)
(40.816.239,00)
(36.682.476,15)
71,7%
140.354.000,00
153.840.795,02
190.625.050,77
169.696.719,00
163.629.141,20
-8,8%
&
69.584.000,00
83.841.698,60
100.305.694,26
87.104.258,00
85.208.912,72
-17,0%
223.960.000,00
7.829.000,00
211.646.000,00
466.650.000,00
242.925.746,26
10.023.189,24
176.352.952,91
484.772.598,51
259.054.269,61
11.884.387,69
227.653.667,92
496.429.544,89
282.172.190,17
8.657.297,80
267.396.252,65
510.533.547,23
252.028.051,51
9.598.468,68
220.762.218,37
489.596.422,66
-7,8%
-21,9%
20,0%
-3,7%
: XRTC
41
- 2014
10: MINOAN LINES (2010 - 2013)
EBITDA

/

&
/ EBITDA
2010-2013
-14,4% -21,2% -7,6%
2013
2012
9,9%
-4,7%
-9,0%
-33,6% -20,7% -24,1% -21,9%
0,9
1,0
1,0
1,0
1,0
4,3
-11,6
-3,6
-2,4
-3,3
0,7
0,9
0,9
0,9
0,5
0,5
0,6
0,5
-0,7
-2,3
-4,1
-1,3
0,9
0,8
0,6
0,8
/
0,9

/
0,5
EBITDA/ 2,1
/
0,8

2011
2010
: XRTC

.
. HELLENIC SEAWAYS

HELLENIC SEAWAYS.
4.1.4.
NEL LINES
NEL LINES 16 22 ,
25 ( 26).
:

;
13.9.2012 , . 3588/2007,
, MILLENNIUM BANK (
..) ANTELOPE SHIPPING INC, 62.5%
75% .
18.9.2012,
. 5 9
2012,
- N..
FBBANK ( ..)
, 75%,
99% .
17/06/2013 ..
106 . .3588/2007 5
2012 , 8/2013.
42
- 2014
18/6/2013 ,

13/9/2012 . ,
.
12/12/2013
, ,
.
:
1 : .
2 : , ....,
.
3 : Millennium FBB 20% ,
. Millennium FBB ,
,
.
4 : ( ) 20% 48
. 3 4 ,

.
5 : .
6 : 20% 36
. ALTANA
NAVIGATION LTD 1.000.000
, , ANTELOPE SHIPPING INC,
ERCOLANA HOLDINGS LTD ISFI- SQUARE FUND.
13-9-2012 MILLENNIUM BANK
, - , RAINBOW MARITIME LTD SILVER FIN LTD
, ,
, :
. SILVER FIN LTD 72%
, .
26: NEL LINES (2006 - 2014)

NEL LINES 2006 - 2014
25
30
27,8
26
25
24
20
23
24,9
25
25
24
19
20
15
16
12
15
10
10
10
8
2009
2010
2011
2012
2013
2014
2006
2007
2008
43
- 2014
: XRTC
11, 12
, .. .
11: NEL LINES 2014 ()
2
RO-PAX
4
HSC
4
RO-PAX
2
RO-PAX
: XRTC
/ .. /
/ .. /
: : 1)
6 ,
: )
.. ( ),
13.9.2012, , 106 3588/2007,
( -), 62.5%
75% .
18.9.2012,
. 5 9 2012,
-
N..
- , 75%,
99% .
,
, ....,
, , 20%

. 12.12.2013
.

3588/2007 . )
, )
, )
47 .. 2190/1920,
, .

, ' ,
. 6
.
2) ,

.
3) 31.12.2013,
24.640.300,
.
.
12, 2013 ,
.
50%
.
44
- 2014
31.12.2013 :
31.12.2013 23.3 (31.12.2012:
95.80), 14.3 (31.12.2012: 22.5).
2013
9.3 ( 2012 16.
2013 231
( 2012 18).
2013 59.04 ( 2012 75.8).
, 31.12.2013 15.83 (31.12.2012:
63.7).
12: NEL LINES (2010 - 2013)
2013
2012
2011
2010
. 2010-2013
% (2013-2012)
592.011
670.629
896.450
711.488
717.645
-11,7%
103.369
122.498
195.591
130.746
138.051
-15,6%
28.069
33.413
69.150
37.436
42.017
-16,0%
51.520.326,56
68.019.955,88
83.547.196,02
56.635.132,00
64.930.652,62
-24,3%
EBITDA
(45.856.272,80)
(62.396.797,66)
(42.589.796,14)
(27.301.142,00)
(44.536.002,15)
26,5%
(59.042.911,33)
(75.801.545,34)
(61.015.202,83)
(43.365.848,00)
(59.806.376,88)
22,1%
42.231.333,31
84.001.746,15
130.778.641,45
77.779.654,00
83.697.843,73
-49,7%
&
26.996.924,90
41.800.069,26
60.018.158,34
31.912.374,00
40.181.881,63
-35,4%
31.134.568,23
6.044.576,08
15.838.022,90
73.214.558,89
138.270.123,55
5.621.804,52
(63.721.765,00)
113.372.159,99
116.092.867,71
4.904.512,99
12.104.335,34
156.263.317,33
114.678.734,87
8.671.667,18
73.119.538,17
167.030.516,23
100.044.073,59
6.310.640,19
9.335.032,85
127.470.138,11
-77,5%
7,5%
124,9%
-35,4%
: XRTC
45
- 2014
13: NEL LINES (2010 - 2013)

.
2010-2013
-89,0% -91,7% -51,0% -48,2% -70,0%
2013
EBITDA

/

&
/ EBITDA
2012
2011
2010
-114,6% -111,4% -73,0% -76,6% -93,9%

0,8
1,2
1,6
1,4
1,2
-0,6
-0,7
-1,4
-1,2
-1,0
-0,5
0,1
0,6
0,2
1,2
0,7
0,7
0,8
-11,1
-8,7
-3,1
-7,6
-1,1
6,9
0,8
2,5
/
0,5

/
0,4
EBITDA/ -7,6
/
3,3

: XRTC

,
.
.
, ,

. ,
,
.
. ,
.

.

.
. ,
.
.
, ,
.
46
- 2014
4.2.
4.2.1.
HELLENIC SEAWAYS
HELLENIC SEAWAYS
. 20
. 7 (HSC), 4
(HYDROFOILS), 10 (RO-PAX).
2012 RO-RO Hellenic Master Hellenic Trader.

HELLENIC SEAWAYS 2006 - 2014
40
21,0
20,5
35
20,0
20,0
19,5
30
19,4
19,0
19,0
20
18,0
34
17,3
15
17,2
17,6
33
33
18,6
25
33
30
33
17,0
24
22
10
20
16,0
15,0
2006
2007
2008
2009
2010
2011
2012
2013
2014
: XRTC
11, ,
, , .
RO-PAX, .
2013, HELLENIC
WIND EXPRESS SANTORINI , .
3 Cosmote
.
14: HELLENIC SEAWAYS 2014 ()
RO-PAX
HYDROFOILS
HSC
HSC
RO-PAX
HSC
RO-PAX
RO-RO
RO-PAX
2
4
2
4
3
1
1
1
2
..
: XRTC
47
- 2014
:
2.2
2013
. ,
2013 52.8 34.9 2012
49.0 2013 29.1 2012.
31.12.2013
.
,
31.12.2013 192.7 (: 188.9).,
21.8 (: 28.2).

. 2.2 ,

. .
2013 52.8 34.9 2012
49.0 2013 29.1 2012.
2013
21 .
31.12.2013
.
,
31.12.2013 192, 21.8.
, ,
:

,
,
.

.

.

.
,
, ,
.
,
.
, ,
, (..
, ..., )
.
2013
12.0 4.0
. , 2014
, 3.0.
48
- 2014
2013 Hellenic Seaways , .. ,

, , , HELLENIC
SEAWAYS CARGO .., .

Hellenic Seaways. 102.9, 7.6%
2012, :
8% 29%
,
,
.

, 10.8 (9.1%),
, 8% ,
2.3 2012, 4.8
& 1.0 (-6,0%),
EBITDA 6.3 , 1.6 2012.
8.6 9.0 ,
Euribor.
, 52.8
34.9 2012 :
) 2.4 Hellenic Master Hellenic Trader,
0.8 2012 Hellenic Sailor,
Flyingcat 2.
) () 21.0 ( 2.5 2012),
.
86.2 38%,
.
2013 , (2)
(Hellenic Master Hellenic Trader),
. 267.0 308.7 2012.
164.1, 6.7 2012 (157.4).
, , 2013, 9.9
14.1 , .
3.6 .
1.2, 0.9 2012.
2013 3 Cosmote,
, ,
, Ro-Ro,
.
Hellenic Trader Hellenic Master
.
. , Nova
Ferries 2wayferries .
49
- 2014
2013
2012
2011
2010
. 2010-2013
% (2013-2012)
2.866.016
2.913.910
3.688.379
3.911.889
3.345.049
-1,6%
203.297
220.196
286.986
419.337
282.454
-7,7%
47.164
59.476
61.121
71.427
59.797
-20,7%
102.835.732,42
111.419.332,85
144.318.000,00
153.394.000,00
127.991.766,32
-7,7%
EBITDA
(6.334.772,94)
(7.879.690,30)
5.567.000,00
(1.195.000,00)
(2.460.615,81)
19,6%
(52.762.188,39)
(34.852.629,30)
(29.470.000,00)
(27.515.000,00)
(36.149.954,42)
-51,4%
107.744.782,98
118.509.338,12
138.828.000,00
149.149.000,00
128.557.780,28
-9,1%
&
47.737.000,00
55.194.000,00
59.500.000,00
57.889.000,00
55.080.000,00
-13,5%
164.127.845,77
8.637.449,90
86.184.768,62
267.202.138,08
157.420.131,15
8.994.308,34
138.508.905,92
308.886.376,61
154.945.000,00
10.137.000,00
173.405.000,00
337.628.000,00
154.352.000,00
4.616.000,00
202.928.000,00
367.033.000,00
157.711.244,23
8.096.189,56
150.256.668,64
320.187.378,67
4,3%
-4,0%
-37,8%
-13,5%
: XRTC
EBITDA

/

&
/ EBITDA
2013
2012
2011
-6,2%
-7,1%
3,9%
2010-2013
-0,8% -2,5%
2010
-51,3% -31,3% -20,4% -17,9% -30,2%

1,0
1,1
1,0
1,0
1,0
-7,5
-7,0
10,7
-48,4
-13,1
0,9
1,1
1,3
1,0
0,5
0,5
0,4
0,5
-0,9
0,5
-0,3
-0,3
0,8
0,8
0,8
0,9
/
0,5

/
0,6
EBITDA/ -0,7
/
1,2

: XRTC
,
,
2014,
. Grimaldi, Minoan Lines 33.35%, HSW,
, 34% ,
. /

.
.

.
50
- 2014

.
.
51
- 2014
.
,
.
,
euribor .
,
, .
,
.

, , ,
, , ,
.
,
,
.
,
, 2013 51% 2012 53%
. 2006,
40%. 28 28 ()
380cst bunker Rotterdam /Tonne 2013 445 497 2012 234 2006,
() 13.8, 33, 21 .
28: 380cst Rotterdam 2013

380cst bunker, Rotterdam /Tonne 2013
6
(/ )
4
=444.8
=13.8
0
430,0
450,0
470,0
490,0
: XRTC
52
- 2014
28: 380cst Rotterdam 2006

380cst bunker, Rotterdam /Tonne 2006
6
(/ )
=233.7
=21.4
3
0
210,0
230,0
250,0
270,0
: XRTC
17 ,
2013, 380cst Rotterdam 444.8/
52% . 462/
54%.

,
13.8.
17: 380CST ROTTERDAM

380cst
%
bunker

prices,
Rotterdam
/Ton
+1
+2
+3
Min
Max
: XRTC
448,4
462,2
476,0
489,8
473,5
426,6
52%
54%
55%
57%
55%
50%
, /$
($).
52% 2013 ,
/$ . 5 /$

.
53
- 2014
29 29 () /$ 2013
2006 1.3279 1.2571 () 0.0266 0.0387 .
2012, () /$ 1.2863 () 0.0333.

.
29: /$ 2013
/$ 2013
20
18
=1,3279
=0,0266
16
14
12
10
0
1,28
1,31
1,34
1,37
: XRTC
29: /$ 2006
/$ 2006
30
25
20
15
=1,2571
=0,0387
10
0
1,19
1,22
1,25
1,28
1,31
1,34
: XRTC
18
380cst bunker Rotterdam
/$. /$
380cst bunker Rotterdam 2012 0.5, ,
2006 -0.3. 1 3
.
54
- 2014
18: 380CST ROTTERDAM

/$
/$
380cst
bunker prices,
Rotterdam
/Ton
1

- 2

+++
3

-- 4

++
--
---
++
+++
: XRTC
8 2006-2013
2006 380cst
bunker Rotterdam 2011 2012,
30.
30:
380cst Rotterdam & /$
380CST & $/
( : 2006)
380cst bunker , Rotterdam $/Tonne ( : 2006)
Euro $/ ( : 2006)
240
218
220
211
203
200
180
161
154
160
140
121
118
120
100
117
109
100
111
100
106
111
102
106
80
60
40
20
0
2006
2007
2008
2009
2010
2011
2012
2013
: XRTC
.
31 ,
2012 .
,
.

,

,
.
55
- 2014
31:
& HELLENIC SEAWAYS (2006-2013)
1,60
1,51
1,40
1,34
1,22
1,20
1,00
0,94
0,80
0,62
0,60
0,41
0,40
0,19
0,26
0,20
0,00
2006
2007
2008
2009
2010
2011
2012
2013
56
- 2014

, ,
. ,
. .
, ,
. :

.
. ,
stress tests
2014,
.
-5% .
2014,
.
, 2014 27.2% 28.4% .
11 . : -
(+24.6%), (+19.2%), (+15.4%),
(+7.8%), (+5.3%).
.
+27.8% .
(+21.1%) (+6.2% +26
). ,
.
,
.
. ,
, ,
, .
, ,
,
, , ,
.

.
. ,
, ,
.
,
.
2008, ,
,
, .
.

, .
.
, ,
, .
57
- 2014

,
, ,
, , ,
.
, 4
, ,
, ,
- - .
,
.

.
. ,
.

, ,
(
-
-
).
,
-
.
,
-.
-
. EUSAIR
.

. , FUTUREMED

.

.
2013 13
4 , ,
.
2009-2013 1.

.
. 2000

,
. . 2013, (2)
, - --
. -.

.
58
- 2014
.
, ( ),
, , ,

( ).
19:
.. (16.8
)

()

.

2014

: XRTC

, ,
.
.
,

.
, , ,

,
.
.

.
-
. ,

.
59
- 2014
.

.
,

.

. 2014
.

4%-7% .
.

,
.
,

.
-
5 .
. (Grimaldi/ / )
.

.
,
.

. .
.
.
, (/ /
)
. ,
.

, .

, .

.

.
.

.
.

60
- 2014
.
-
, ,
.

( )

.
.
.
.
ANEK LINES (2013),

ATTICA GROUP (2013),
MINONAN LINES (2013),
NEL LINES (2013),
HELLENIC SEAWAYS (2013),
XRTC LTD (2013),

61
- 2014

&

george.xiradakis@xrtc.gr
dimitris.dimitriadis@xrtc.gr
katerina.fitsiou@xrtc.gr
eleni.moutsatsou@xrtc.gr
&
ioannis.lagoudis@xrtc.gr
62

Ετήσια Μελέτη Για Την Ελληνική Ακτοπλοΐα 2014

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2014

2.2. Hellenic Seaways

2.3. Hellenic Seaways

7: Hellenic Seaways 2000-2014

10: HELLENIC SEAWAYS (2006 - 2013)

& HELLENIC SEAWAYS

380cst bunker prices, Rotterdam (/Tonne)

12: HELLENIC SEAWAYS

13: HELLENIC SEAWAYS

14: EBITDA HELLENIC SEAWAYS (2006 - 2013)

ANEK LINES, MINOAN LINES ATTICA GROUP

15: EBITDA (2006 - 2013)

BLUE STAR FERRIES

16: HELLENIC SEAWAYS (2006 2013)

17: - HELLENIC SEAWAYS (2011 - 2013)

, 107 NEL LINES 5

18: HELLENIC SEAWAYS (2006 - 2013)

& HELLENIC SEAWAYS (2006-2013)

BLUE STAR FERRIES

BLUE STAR FERRIES

BLUE STAR FERRIES

19: (2006 - 2013)

& HELLENIC SEAWAYS ( 2006)

380cst, Rotterdam (/Tonne)

22: (2006 - 2013)

23: ANEK LINES (2006 - 2014)

3: ANEK LINES (2010 - 2013)

4: ANEK LINES (2010 - 2013)

-20,3% -30,2% -9,4% -4,3% -16,1%

13 , 4 SUPERFAST 9 BLUE STAR

24: ATTICA GROUP (2006 - 2014)

7: ATTICA GROUP (2010 - 2013)

-3,4% -0,9% 2,4%

-20,8% -35,1% -16,4% -19,0%

25: MINOAN LINES (2000 - 2014)

10: MINOAN LINES (2010 - 2013)

-33,6% -20,7% -24,1% -21,9%

26: NEL LINES (2006 - 2014)

13: NEL LINES (2010 - 2013)

-114,6% -111,4% -73,0% -76,6% -93,9%

27: HELLENIC SEAWAYS (2006 - 2014)

2013 Hellenic Seaways , .. ,

-51,3% -31,3% -20,4% -17,9% -30,2%

28: 380cst Rotterdam 2013

28: 380cst Rotterdam 2006

18: 380CST ROTTERDAM

ANEK LINES (2013),

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