Indeed, it's likely an important segment of this traditional and vital Greek shipping sector is about to pass to non-nationals in the shape of Italy's Grimaldi Group.

Grimaldi has been buying Hellenic stock and now controls 48% of HSW and 94% of Minoan Lines, so it appears the future market in the Aegean and Adriatic seas will have two instead of four major players, Grimaldi and the Attica Group which owns Blue Star and Superfast Ferries and Anek Lines, with the latter two already working in a joint venture on Adriatic routes and those to Crete.

Attica operates on its own in the Aegean, where Hellenic is its main competitor. Besides its cooperation with Attica, Anek operates in the smaller markets of the southern Aegean via a subsidiary.

Emanuele Grimaldi, the Naples-based group's ceo and head of the Association of Italian Shipowners (Confitarma), has repeatedly said "consolidation is the main feature of all sectors in the global economy, not just coastal shipping."

He also believes the smaller companies which operate low-standard vessels or are in poor financial shape will inevitably vanish.

Currently the Greek ferry sector is in better shape than for a long time on the back of lower fuel prices and better house-keeping and is turning in reasonable operating profits, which has attracted other investors like the US Fortress Investment group, a backer of the Attica Group.

But Grimaldi has long displayed its determination to acquire Hellenic, through Minoan Lines, and market analysts believe even if serious rivals for the Piraeus Bank-owned stake worth in excess of €90m, do emerge, it will not hesitate to out bid them.