30/08/2000 - 8.6% increase in turnover in 1st half of year 2000

The Board of Directors of Strintzis Lines Shipping S.A. announces that total turnover of 1st half of year 2000 increased by 8,6% compared to the same period of 1999. Turnover reached GRD 11,3 billion compared to GRD 10,4 billion in the first half of 1999.

Net profit is GRD 71,5 million compared to profit of 768 million at the same period last year. The decrease of the net results of the company is due to the sharp increase in the fuel prices that increased the running expenses by approx. GRD 1,8 billion.

At the same time, it must be noted that last year’s results included extraordinary profits of GRD 436 million from the sale of the subsidiary company Swansea-Cork Ferries.

The company during the first half of year 2000 carried 802,206 passengers, 102,658 private vehicles and 69,310 trucks. In comparison with the same period of 1999 there was an increase of 29,4% in passengers carried, 28,15% in private vehicles and 18,2% in trucks.

Strintzis Lines has already taken delivery of three newbuilding vessels, Blue Star 1, Blue Star 2 and Blue Star Ithaki. Blue Star 1 and Blue Star 2 are employed since June and July 2000 respectively in the route Patras-Brindisi-Ancona with departures from every port on daily basis. Blue Star Ithaki is connecting daily the Port of Rafina with the Cycladic Islands of Syros-Paros-Naxos-Santorini with great success.

Furthermore, Athens Stock Exchange has approved the share capital increase that has been decided by the General Assembly of Shareholders on May 22, 2000. The company will raise GRD 27,6 billion in order to finance its new investment program. The subscription period has been set from September 11 until October 11, 2000.

In addition, it should be noted that our company builds two more fast, ultra-modern ro-pax ferries at Hellenic Shipyards of Skaramanga. The company will take delivery of these vessels in 2001 and it plans to use them in the domestic lines. Furthermore, the company has declared the option for building a third ship at the same shipyard.