Minoan Lines decided to terminate their cooperation with Grimaldi group of companies. More specifically, on Tuesday January 28, 2003, the termination of the cooperation of the two groups and the withdrawal of the vessel H/S/F ARIADNE PALACE I (ex- OCEANUS) from the Genoa. Tunis sea route was jointly decided.

Minoan Lines' decision to terminate the cooperation and drive the vessel up for sale is following the strategic plan aiming at the decrease of the company's bank debt through the liquidation of certain assets.  The materialization of such a decision will enable the company to reduce debt and financial expenses, significantly improving Minoan Lines' profitability.

MINOAN LINES

Press Office

Heraklion 29.1.2003