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Agapitos Lines buys new fast-ferry vessel
Monday, August 30, 1999
SeaSpeed is the name of the newest fast ferry vessel for Greece`s fast-growing coastal shipping sector. The 460-passenger vessel was purchased by ferry owener Agapitos<.> Lines recently for $15 million and will be used on routes from Piraeus to the Cycladic Islands. Delivery is expected this week.
The purchase is an effort by the company to confront strong competition. Since last year, new ferries have been placed on the routes by Minoan Flying Dolphins and Nel Lines. Agapitos says the new vessel is but the first of many in its development strategy to place all new super-modern vessels on the route.
Investment in new Greek passengership<.>s just by the country`s four largest lines is estimated at $2 billion, according to a recent study by ABN-AMRO. The four lines - Superfast, Minoan, Strintzis, Anek - now have a total of 16 new vessels on order. Only the six vessels on order by Superfast will add to capacity as the other 10 vessels are slated for replacement of older units.
The purchase is an effort by the company to confront strong competition. Since last year, new ferries have been placed on the routes by Minoan Flying Dolphins and Nel Lines. Agapitos says the new vessel is but the first of many in its development strategy to place all new super-modern vessels on the route.
Investment in new Greek passenger
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