Crete-based Minoan Lines, part of the Grimaldi Group, on Wednesday offered explanations over its decision to exit the Greece-Italy routes in the Adriatic.
The Ro/Ro-passenger operator said the move, after 36 years of servicing the routes, was due to negative changes in economic conditions, such as lower passenger volume and an increase in fuel prices. It also cited the dollar-euro exchange rate as figuring into the decision.
Minoan also noted that a continuation of the routes would have inflicted a 1.6-million-euro loss on 2017's net results.
Meanwhile, in comments to "N", Minoan Lines Managing Director Antonis Maniadakis said the company will now concentrate on the internal Greek market.
Minoan, which is seeking to obtain a controlling share of Hellenic Seaways, is well-known for its ferry routes connecting mainland Greece, via the port of Piraeus, to the large island of Crete. Rarely, however, in the past had it ventured into other domestic routes.
Italy-based Grimaldi Group became the majority shareholder in Minoan Lines in 2008, and now owns more than 88 percent of the its shares.
