Τhe Board of Directors of Strintzis Lines Shipping S.A. announces that consolidated profit before tax rose by 75.3% in the nine months to 30th September, 2002 compared to the same period of the previous year. Consolidated turnover rose by 8% over the same period of last year.

Specifically, nine-month results for the current year compared to the same period in 2001 stood at:

In thousand Euro 2002 2001 Δ%

Turnover 95,707 88,607 8.0%
Earnings before Interest
and Depreciation 21,102 14,843 42.2%
Profit before tax 3,374 1,924 75.3%
The improvement in Group results is mainly due to the increased carryings in the passenger and private vehicle traffic segments on the domestic market routes owing to the successful deployment on the Cycladic Islands' routes of newbuildings Blue Star Paros and Blue Star Naxos. It should also be noted that the increase in Group turnover in the three quarters of 2002 has been achieved despite the decrease in the number of trips performed by 29.7% compared to the previous year, following the sale of vessels

Ionian Sun, Blue Aegean and SeaJet 1.

Special reference should be made to the successful deployment of Blue Star 1 on the Piraeus - Cyclades - Dodecanese route as of July, 2002. Τhe ship has been established on the Dodecanese route by offering a high level of services and by slashing transport time. It performs four return departures per week from Piraeus to the islands of Kos and Rhodes, also servicing the islands of Patmos, Leros, Syros, Myconos and Amorgos.

Following the recent successful conclusion of the Group's investment programme with the deliveries of ultra-modern newbuildings Blue Star Paros and Blue Star Naxos, the management of Strintzis Lines Shipping S.A. is pleased to note the marked improvement in the fleet's returns and expects a considerable financial enhancement in the coming year.