NEL sees red again

Greece’s Maritime Company of Lesvos (NEL Lines) has posted a wider loss and decreased revenue for the first half of 2014, while in the middle of debt restructuring.

Deficit for the six-month period stood at EUR 11.1m ($14.6m) compared to last year’s EUR 10.3m.

Revenue went down 26% to EUR 17.6m, due to “the continuing financial crisis”, the company said.

NEL had its rescue plan okayed last December, after an initial rejection from a Greek court.

In its report, the Athens-listed company said it is considering selling some of its 11 vessels in order to reduce operating costs.

It also said efforts to increase the company’s share capital have been obstructed by its main creditor’s – Piraeus Bank – delays.