NEWS & ANNOUNCEMENTS

28/02/2000 - Increase of 27% in annual net profits compared to 1998


Strintzis Lines announces 27% increase in net profits compared to 1998.

The Company=s net profits rose from GRD 2.37 billion in 1998 to GRD 3.01 billion in 1999, representing a year on year increase of 27%.

Sales in 1999 reached GRD 26.8 billion compared to GRD 24.2 billion in 1998 showing an increase of 10.5%.

The Company is now ranked third in the volumes of passengers, trucks and private vehicles carried in the Greece - Italy routes.

During 1999 STRINTZIS LINES carried on the Greece - Italy route (including the traffic between Corfu and Italy) 409,170 passengers which represents an increase of 29.5% compared to 1998 figures. Furthermore, STRINTZIS LINES carried 77,556 private vehicles - an increase of 37.74% - and 67,442 trucks - 54.33% more compared to last year=s figures.

Furthermore, in the Domestic Routes the company carried 1,456,499 passengers, 178,614 private vehicles and 64,295 trucks an increase of 17.07%, 7.32% and 25.41% respectively compared to last year's figures.

On March 31st 2000 STRINTZIS LINES is taking delivery of BLUE STAR ITHAKI from DAEWOO Heavy Industries Ltd.

BLUE STAR ITHAKI is an ultra-modern Ro-Pax Ferry and can achieve maximum speed of 25 knots. It is the first newbuilding Ro-Pax Ferry that will serve the Greek domestic routes.

In May and July 2000, the two modern, high speed (28 knots) Ro-Pax Ferries, BLUE STAR 1 and BLUE STAR 2 currently at the final stage of construction at the Dutch Shipyard VAN DER GIESSEN DE NOORD will be ready for operation.

These vessels will serve daily the Patras-Brindisi route at a record time of 9 hours and the Patras - Ancona route via Brindisi daily at 21 hours.

In the meantime, the construction works of the vessels BLUE STAR CHIOS and BLUE STAR MYCONOS are progressing at the HELLENIC SHIPYARDS Co. Expected delivery dates for them are February and May 2001 respectively.