Minoan Lines S.A., with regard to the conclusion of the time-charter agreements of both vessels 'Cruise Europa' & 'Cruise Olympia', which are active on the Adriatic route (Patra-Igoumenitsa-Ancona-Trieste), and its operation in the Adriatic Market since 01.01.2017 with the undertaking of Grimaldi Group's General Sales Agency in Greece, announces to the investors the following:

The significant change of the economic conditions in the Adriatic Market such as the decrease in passenger traffic volumes as well as the increase in fuel prices, together with the reduction of the Euro/USD exchange rate, have led the Company to the decision not to renew the time charter agreements of above-mentioned vessels, 'Cruise Europa' and 'Cruise Olympia'.

Furthermore, based on the current economic situation, the estimated effect from the non-operation of the said vessels is considered to have a positive impact on the Company's financial results for the fiscal year 2017, given the fact that according to its estimations, in case that its operation continues, the net results for 2017 will be detrimental by € 1.6 million, the operating losses (EBITDA) will be shaped at € 1.2 million while turnover will be € 82.7 million.

In addition, the undertaking of the General Agency of the vessels 'Cruise Europa' and 'Cruise Olympia' in Greece is estimated to have a positive effect, since, compared to the above-mentioned figures, the net results of such a specific operation will be improved by € 2.9 million, operating profit (EBITDA) by € 3.0 million, whereas turnover will decrease by € 76.7 million.

Minoan Lines SA published this content on 11 January 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 13 January 2017 14:30:10 UTC.

Original documenthttp://www.minoan.gr/en/financial-anouncements/4796/ase-announcement

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