The ongoing investment program for the construction of new green ships, as well as the modernization of the existing fleet, by the Attica Group is expected to reach 1.2 billion euros.
In particular, there is the recent agreement signed with Stena RoRo for two with an option for two more green ropax of 240 meters in length that will operate in the Adriatic. But this agreement is just the beginning. The continuation includes two more medium-sized vessels (about 150 meters in length for the Aegean), and two large high-speed vessels, such as the Highspeed 4. According to reports, the company will move to meet the increased demand in the Argosaronic Sea, which is 20% higher this year, with at least two more Aero-type speedboats, but larger than the existing ones, recently built by Attica.
The group’s investment program also includes planning the retrofit of the existing fleet, whenever possible, and which concerns its environmental updating (engines – washers – propellers – paints).
In terms of costs, the new Aeros cost around 20 million euros each, the Highspeeds 60 million euros and the mid-ranges between 100 million and 120 million euros each, to be built in China.
These investments will not be financed with state subsidies, and their implementation has a four-year horizon, sources informed by “N” noted.
In terms of new fuels, the group has been focusing on triple or dual engines with conventional fuels – biofuels, methanol and batteries. However, it is estimated that from mid-2025 the conventional fuel will change to MGO oil, as the Mediterranean becomes a SECA “sulphur emission control zone”, with the cost increasing by 150 euros per tonne. At the same time, from 2025, Greek shipping will face another European institutional measure that will further increase costs, the European Union’s Fuel EU, and from 2030 it will also join the European emissions trading system (Crete and the Adriatic will pay duties from this year). “There will be a period in which shipping will pay the difference in fuel costs, EU fuel, investments, pollution duties and fines arising from pollution duties. It is inevitable that the cost of the cruise will increase and with it the cost of cruise tickets”, market circles report to “N”.
Shipyards
As far as shipbuilding in Greece is concerned, Attica believes that the shipbuilding industry is the only Greek cluster that needs to grow. As part of strengthening the Greek maritime cluster, Attica, in collaboration with Elefsina Shipyards, is designing a small cabotage vessel (about 100 meters long), which will be used for the needs of the so-called sterile lines. The cost of this vessel is not part of the group’s existing investment program.
The implementation of such a plan depends entirely on the decisions of the Greek government. Whether the Greek state wants the lines to be served by new, modern environmental vessels or not. One of the proposals that has been put on the table is to change the specifications in the tenders for sterile lines, with the inclusion of vessels with certain green specifications and ten-year contracts. The cost of the lines that will request new green vessels is expected to triple, according to calculations.
Regarding the proposal to move forward with the subsidy through PPP, this is an extremely difficult system to implement in coastal navigation, since it is impossible for a ship, whose life cycle is, for example, 40 years, to remain on the same route throughout its life.
The information states that Attica’s cooperation with Elefsina Shipyards is excellent, with work already being carried out on 14 coastal vessels of the group, based on the terms of the memorandum of cooperation between the two parties. However, the market is open and Attica is reportedly planning a meeting with the management of Skaramangas Shipyards within a week.
The first agreement
The Attica Group shipping group has signed an agreement with Stena RoRo for the long-term charter with the right to purchase two E-Flexer vessels.
The vessels will be built by Stena RoRo at the Chinese shipyard CMI Jinling Weihai and are scheduled for delivery in April and August 2027. At up to 240 meters in length, Attica’s two new vessels are the largest ever ordered from a Greek shipping company.
The capacity to carry 1,500 passengers and 3,320 linear meters of depot (about 200 trucks) per ship for the service of cars, trucks and trailers will significantly increase the Group’s overall transport capacity on the Adriatic lines that will be active. The new ships will be certified as methanol- and battery-ready, with engines designed to run on 3 different types of fuel.
The agreement provides for the construction by Stena RoRo of two vessels, on behalf of Attica, under a simple charter basis, for a period of 10 years, with an option to purchase the vessels from the end of the 5th year of the charter. It also includes the prospect of expansion for the construction by Stena RoRo, on behalf of Attica, of two additional vessels.
These two ships will operate in the Adriatic, replacing three ships that will return to the Aegean. These are Superfast XI, Hellenic Spirit and Olympic Champion.