There may never be a better opportunity to invest in the Greek ferry business. After several months of dithering, Piraeus Bank has decided to offload its 40.4% stake in Hellenic Seaways (HSW), the country’s top ferry operator.
The moment is wisely chosen. Greek coastal shipping, an annual EUR 750m ($840m) business, is bouncing back after years of misery. Its four biggest players — HSW, Attica Group, Minoan Lines and Anek Lines — posted a combined net profit of EUR 56m in 2015.
