- Attica Group Chairman Kyriakos Mageiras warns that ferry operators can no longer absorb skyrocketing fuel costs triggered by the ongoing war in the Persian Gulf.
- Ticket price hikes across major networks, including ANEK, Blue Star Ferries, Hellenic Seaways, and Superfast Ferries, are currently under active review.
- Despite immediate economic strain, Attica plans to deploy three newer, larger vessels to Cretan routes next year to capitalize on the upcoming Kastelli International Airport hub.
- Competitor Grimaldi Group (Minoan Lines) is also slated to introduce two massive new vessels by 2029 to match growing regional transit demands.
The brutal reality of global conflict is hitting the pockets of island residents and travelers. Speaking on the sidelines of the Economist Conference in Chania, Kyriakos Mageiras, Executive Chairman of Attica Group—the massive conglomerate owning ANEK, Blue Star Ferries, Hellenic Seaways, and Superfast Ferries—delivered a stark financial warning.
Maritime shipping lines have spent months absorbing the severe, compounding costs of surging crude oil prices caused by the war in the Persian Gulf. According to Mageiras, holding the line on current ticket pricing has become a massive financial strain.
“All of us ferry companies are struggling immensely to keep ticket prices frozen. It’s our choice. There’s no way we can pass on the costs. The cost is enormous. For a short while, we’re absorbing the cost ourselves, and we all hope this ordeal will come to an end.”
The industry’s hope that oil prices would stabilize has dissolved. Citing recent economic forecasts, Mageiras pointed out that crude oil is highly unlikely to drop back to its pre-war baseline of $70 per barrel. Consequently, maritime executives are actively coordinating to determine exactly how much ticket prices must rise, when the hikes will take effect, and which specific routes will bear the brunt of the adjustment.
Turning Crete into the Southern Aegean’s Principal Hub
Despite the looming price crunch, shipping giants are aggressively positioning themselves for a massive infrastructural shift on Crete. The industry consensus is clear: when the new Kastelli International Airport opens in Pediada, Crete will directly compete with Athens International Airport (Eleftherios Venizelos) as the primary tourism and transport hub of Greece.
Because Crete sits roughly the same distance from the Cyclades and the Dodecanese islands as the port of Piraeus does, maritime companies see an enormous opportunity to route international arrivals straight from the new Cretan airport onto regional island ferries.
Fleet Overhaul: Bigger Ships on the Horizon
To prepare for this major influx of transit traffic, a significant shipping war is brewing in the Aegean, with operators upgrading their capacity:
- Attica Group Expansion: Mageiras announced that Attica will deploy three significantly larger, much newer vessels to Cretan lines by next year to handle both passenger and heavy freight traffic.
- Grimaldi Group Countermove: Italian shipping tycoon Emanuele Grimaldi plans to counter by routing two even larger, state-of-the-art vessels into the Cretan sector by 2029.
- Seajet Networks: Seajet will continue to expand its high-speed summer connections, bridging Cretan ports with the central Cyclades to capture quick-turnaround tourist flows.
While the long-term infrastructure upgrades promise more space and modern amenities, travelers in the immediate future will have to brace for a more expensive journey across the Aegean.
