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The battle of the is evolving into an open business war coasters for the Cyclades. Ship takeovers, letters to the Competition Commission and a ticket price war form an explosive environment at the start of the summer. At the same time, the challenges for the entire coastal shipping business are escalating, with the investments required for reduction of carbon dioxide emissions to be unthinkable, especially for smaller businesses, and with international oil prices, despite the de-escalation of the last few days, still remaining at much higher levels than those of previous years, leading to losses for many routes.
The pressures
In this environment, the consecutive purchases of ships by the largest high-speed operator in the country, and one of the largest in Europe, Seajets, the interests of the shipowner Marios Iliopoulos, as well as the pricing policy of offers that he applies, put pressure on the smaller companies active in the Cyclades market and especially Fast Ferriesof the interests of businessman Theologos Panagiotakis, but also the Golden Star Ferriesof the interests of the businessmen Stefanos brothers. Rumors even have it Seajets to be close to a deal to buy the entire Golden Star fleet. Finally, the Attica Group is also active in the market with conventional ships and not high-speed ships, emphasizing not only passengers but also the transport of vehicles and trucks.
The matter came to Greek Competition Commission as Fast Ferries, in its letter to the independent authority a few days ago, talks about possible further concentration of the market and calls on it to address the issue. Although Seajets is not named in the letter, it has been a commonplace in the market for years that there has been intense competition between this company and the two smaller Fast Ferries and Golden Star Ferries. Market sources explain that the fact that prices are low or stable compared to last year means that the “red flags” that could mobilize the authorities ex officio are not raised. Other sides, however, point out that not only passengers have rights, but also businesses, and claim that in this particular case there is a de facto attempt to gain a dominant position, which can threaten the viability of even the smallest liners and in the long run lead to higher prices. A few days ago, in fact, Aegean Sea Lines that operated in the Cyclades, interests of the Eugenides group, sold its only ship – which it had launched only a few years ago – to Seajets, exiting the market. And in a related announcement, she stated that “the conditions that developed along the lines of the Western Cyclades, in the context of the wider developments affecting the coastal shipping environment, made it unrealistic to continue the effort under the conditions and with the goals for which it started”.
In her letter Fast Ferries to the Competition Commission it is noted that “Fast Ferries has been active for more than twenty years in Greek shipping, serving island regions throughout the year. Our presence is not limited to periods of high demand, but is maintained throughout the year and during the winter months, underwriting the significant costs of maintaining ships, crews, infrastructure and route consistency for the benefit of local communities and island cohesion. Over the last period of time we have been following with particular concern the developments concerning both the operation of the port of Rafina and the overall structure of the Cyclades shipping market.
The port of Rafina
In particular, intense pressure has been created regarding the availability of berths and overnight stays for ships in the Rafina portas a result of which issues are raised that significantly affect the ability of certain ferry companies to continue their activity without interruption”. In addition, it states that “the particularly aggressive commercial policy implemented during the 2026 sailing period on Rafina – Cyclades lines raises reasonable concerns as to the real purpose and sustainability of the particular practices. In particular, it is observed that these policies are mainly applied to lines where companies with a permanent and annual presence operate, serving the island communities throughout the year, assuming the full operating costs of the winter months and periods of low demand. Instead, competition comes largely from seasonal ferries, which operate almost exclusively during peak passenger traffic, without incurring the costs of serving the islands annually. As a result, conditions of unequal competitive pressure are created at the expense of companies that maintain a stable presence throughout the year and that are required to finance their winter operation from the revenues of the summer season.
The application of extremely low fares, extensive discounts and commercial offers precisely on the lines where annual providers operate, combined with the absence of corresponding commercial behavior in markets where competition is limited or non-existent, creates the reasonable impression that these practices may be aimed not only at attracting passenger traffic, but also at weakening the financial viability of companies that serve the Cyclades on a permanent basis.” In the same letter it is stated that “the practices in question are combined with successive acquisitions of ships and expressed interest in further concentration of transport capacity in the Cyclades, which may gradually lead to a limitation of effective competition and to the weakening or displacement of independent coastal shipping companies that maintain annual activity”. And it is estimated that the whole case “could affect not only competing businesses but also the long-term operation of the market, islanders’ choices, ensuring competition in the provision of ferry services, transport costs and maintaining seamless transport coverage”.
It is recalled that the Greek Competition Commission has an ongoing sectoral investigation on coastal shipping where it thoroughly examines the entire Greek territory, the individual markets and all its aspects. The final report is awaited.
