Attica Group: New investments of 120 mln euros for green ships

Attica Group is launching new investments in the context of its greener transition. Following the 21 million euros investment in the construction of three modern Aero Catamaran speedboats, which were launched in the Saronic Gulf and were officialy presented last Thursday, Attica Group is promoting an initial investment of 120 million euros for energy improvements on all its existing vessels.

The Group’s management submitted the investment plans to the Recovery Fund in time, expecting to support a project that starts with energy upgrade projects for its ships but in its overall development reaches, as Attica Group’s CEO Spiros Paschalis said, the gradual replacement over a decade of the older ships in its fleet.

The management of Attica Group is realizing the new investment plans while they are also waiting for the completion of the ANEK absorption agreement which seems to have been agreed between the banks. However, the completion of the deal is also linked by executives to the repayment of 46 million euros in non profit line rental fees owed to the company by the Ministry of Shipping.

Attica’s next investment plans include further expansion in the hotel sector as it is currently looking at a couple more hotel cases for acquisition, following the first two units it acquired.

Regarding its transport project, it should be noted that in 2022 passenger throughout moved at a satisfactory level however it was at least 8-9% down compared to 2019, while a big thorn is, as for the entire ferry industry, the increased fuel costs.

Attica Group is the largest ferry group in the Greece and ranks third in the Mediterranean and tenth in Europe in terms of traffic with 7 million passengers and one million vehicles.