Based on the general consensus, MINOAN LINES, with the deployment of new vessels, achieved to operate a fully renewed and one of the most modern and fastest fleets in the European coastal shipping. Furthermore, the firm implementation of the management's strategic decisions led to a complete positive upturn on the company's financial performance, as it is highlighted by the financial results of the first half of 2002.

Revenues reached ?71.7 million, a 23% increase over last year's period. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA.) have tripled compared to the first half of 2001, reaching ? 10.2 million, while the EBITDA margin increased to 14,2% compared to 5,7% of last year.

Net result for the period, was as expected into a negative territory as the financials refer to the slow moving traffic of the low season months of the first half of the year. Additionally, on last year 1st half financial results the extraordinary profit of ? 9,7 million from the sale of F/B N. KAZANTZAKIS was recorded.

The company's market shares over the first half of 2002, were significantly increased in all categories and market segments it operates. In detail, the total carryings were increased by 16% in passengers, 7% in cars and 21% in trucks respectively over last year's period.