The omens are good for the Crete-based company as the half takes in the traditionally weak first quarter for the Greek ferry sector.

In the 2016 first six months, turnover at the consolidated level was €72m, while net profit was more than double the €6m registered a year ago.

Though the low price of fuel was a big factor in cutting operation costs, the Grimaldi Group controlled Minoan's directors chose to highlight "the implementation of a series of measures in recent years, aiming at adapting to the new economic conditions prevailing in our country and in the wider region of south Europe" when discussing operating profits (EBITDA) for the 2016 half. These stood at €20.8m, an increase of €5.6m compared to the corresponding period 2015.

Listed on the Athens Stock Exchange, the company's directors said Minoan implemented a series of decisions "aiming at minimising the operating cost while raising the efficiency of the fleet operation".

They went on: "These positive financial results for the first half of 2016, prove the management's decisions were beneficial, as they moved to the right direction for the company's value enhancement."

Minoan reported total equity at the consolidated level stood, at €271.8m or €2.54 a share on June 30, while bank borrowings were €162.4m, and cash and cash equivalents were €15.3m.

Minoan confirmed its keenness to build up its stake in Hellenic Seaways saying that on August 5, held a 48% slice of the Piraeus-based up from 33.4% since a buying spree commenced in spring.

Minoan is active on the North Adriatic route of Patras-Igoumenitsa-Ancona-Trieste, achieving high market shares although competition is intensive. In the period the company carried 126,000 passengers, 32,000 cars and 37,000 trucks. In the Ancona market, this represented market shares of 58%, 54.6% and 57.6% respectively.
In the Patras -Trieste run, no other company is active.

In the Greek network, on the Iraklion-Piraeus service, Minoan retains its leading position and carried 271,000 passengers (a 66.5% market share), 31,000 cars (62.4% share) and 31,000 trucks, for a 48.4% market share.