The Board of Directors of Strintzis Lines Shipping S.A. wishes to announce that consolidated turnover rose by 36.3% in the first quarter of 2004, compared to the first quarter of 2003. Earnings before Interest and Depreciation rose to Euro 2.28 mln versus losses of Euro 0.79 mln in the same period in 2003. Specifically, the Group’s results for the first quarter of 2004 compared to the first quarter of 2003 were:

In Euro mln	2004		2003		change%
Turnover	22.70		16.66		36.3%
Earnings before Interest, Tax and Depreciation	2.28		(0.79)
Net Profit	(3.53)		(13.58)

Higher turnover for the Group is mainly attributed to the increased volumes carried on the Cycladic Islands routes which are served by Blue Star Paros, Blue Star Naxos, Blue Star Ithaki, Superferry II and Seajet 2. ?hese vessels achieved high utilisation rates by offering consistency in scheduling and high quality services. The large market shares captured by Blue Star 1 on the Dodecanese Islands route and the continuous growth in volumes carried by Blue Star 2 in its first year on the Piraeus – Chania, Crete route, also contributed to the increase in turnover.

The operation of the Group’s vessels deployed in the Greek Islands routes as well as the successful redeployment of Blue Horizon to the Patras – Igoumenitsa – Bari route contributed to the improved Earnings before Interest and Depreciation and to the significant reduction in Group losses, demonstrating that management’s strategy regarding the deployment of brand new vessels in the Greek Islands market coupled with disposal of older vessels achieved the expected results.

Improved Group results were achieved due to the increase in turnover, the curtailment of operating expenses compared to the same period last year and the significant decrease in financial expenses and despite the fact that the results include increased (by 57.8%) vessel depreciation charges.

The Group’s fleet carried in the first quarter of 2004 compared to the first quarter of 2003:

	2004		2003		change%
Passengers	595,075		409,493		45.32%
Private vehicles	87,195		61,498		41.79%
Freight units	35,317		26,411		33.72%

The operating efficiency of the vessels has improved considerably and the Group’s management expects a further improvement in the Group’s operating profit despite the high price of fuel oil and the delay, on the part of the state, in complying with European Regulation 3577/92 regarding the liberalization of domestic maritime passenger services.