Minoan Lines announce that the sale of the vessel PROMETHEUS to a company of italian interests was concluded today, January 15 2004.

The sale of the abovementioned vessel marks a further step in the Company's strategy to reduce debt and strengthen liquidity. More specifically, the Company's debt will be reduced by 50 million euros and together with the restructuring of the existing debt facilities leads to a significant reduced financial expenses and thus improves profitability enhancing the Company's future positive outlook.

Additionally, the Company's efforts for improving the operating profit trough cost containment and higher traffic loads, has delivered positive results that will be illustrated in the 2003 financial statements.