MINOAN LINES is pleased to announce the completion of the agreement for the sale of the vessel HSF PROMETHEUS to the Italian company CARONTE & TOURIST SPA, at a satisfactory price.

The vessel is currently chartered to the buyer for the period from September 10, 2003 to January 10, 2004 and is deployed on the Livorno - Catania sea route.

The buyer has already deposited an amount equal to the 10% of the total sale price, as a down payment, while the vessel will be delivered to the new owners in January 2004, and will continue to be deployed on its current route. This positive development marks a further step in the company's strategy towards reducing debt and strengthening liquidity.