STRINTZIS LINES SHIPPING S.A.

2003 RESULTS

TURNOVER AND NET PROFIT INCREASED BY 10.6% AND 22% RESPECTIVELY OVER 2002

Voula, 18th February, 2004,

The Board of Directors of Strintzis Lines Shipping S.A. announces that for fiscal year 2003 the consolidated profit before tax rose by 22% compared to the previous year. Consolidated turnover in 2003 increased by 10,6% compared to 2002.

Specifically, the Group‘s results for full year 2003 compared to 2002 stand at:

(in thousand Euro)
2003
2002
change%
Turnover 131,752 119,14810.6%
Earnings before Interest, Tax and Depreciation           30,986 23,574 31.4%
Net Profit 4,941 4,049 22.0%


Improved Group revenues are to be attributed mainly to the increase of passenger and private vehicle volumes carried in the Greek Islands’ market. The Group has deployed the ultra-modern, newly-built, fast vessels Blue Star Paros, Blue Star Naxos and Blue Star Ithaki on the Piraeus – Cycladic Islands routes, Blue Star 1 on the Piraeus – Dodecanese Islands routes and since March, 2003, Blue Star 2 on the Piraeus – Chania route. In addition, Superferry II, SeaJet 2, and Kefalonia contributed to the improvement in Group consolidated revenues. ?he combination of high quality services and speed offered by the Blue Star vessels has maximized their popularity among travelers and hauliers and the ships enjoy strong market shares against fierce competition.

The improvement of the profitability of the Group is mainly attributed to, increased revenue, improved capacity utilization per route and the slight decrease in the average price of fuel oil (due to the exchange rate parity of USD/Euro). Profitability also increased despite the slight decrease of total passenger and private vehicle traffic in the Greece – Italy market, the increase in vessel’s insurance premiums and the continuance of the regulation of the ticket prices for the domestic ferry market.

Furthermore, it should be noted that the improved results include provision for Euro 750,000 representing 50% of the fine imposed to parent company Strintzis Lines Shipping S.A., by the E.U. Competition Commission in December 1998. The Group has decided to appeal the decision taken by the European Court of First Instance on 11th December 2003.

The Group’s fleet has carried in 2003, on all routes:

2003
2002
change%
Passengers 3,933,516 2,944,633 33.0%
Private vehicles           556,016 444,486 25.1%
Freight units 125,031 127,866 -2.2%


The Group’s considerably better results reflect the improved efficiencies and better utilization of the vessels employed in the Greek Islands’ routes where the Group is focusing its activities. The Group’s management expects this upward trend to continue throughout 2004.

Voula, 18th February, 2004,

The Board of Directors


For more information please contact:
Mr. Dionissis Theodoratos
Strintzis Lines Shipping S.A.
Tel: +30 210 891 9820
Fax: +30 210 891 9829
e-mail: theodoratos@bluestarferries.com