The statement came in the wake of the Piraeus Bank's announcement it is set to sell its 40.44% stake in in the ferry company.

The bank's call for bids opened the way for Grimaldi to add the Greek operator to its stable of seven main shipping companies.

With a fleet of about 100 vessels, Grimaldi provides maritime transport services for rolling cargo and containers between North Europe, the Mediterranean, the Baltic Sea, West Africa, North and South America. It also offers passenger services within the Mediterranean and Baltic Sea.

Hellenic operates 20 ferries and high-speed vessels.

September 14, Hellenic's leading lender, Piraeus Bank, issued a sale prospectus through its advisor, France's Lazard Asset Management. The entire stake is for sale with the bank expecting to get at least €90m.

Minoan Lines is the bidder for Hellenic's stake, and its md Antonis Maniadakis reiterated Minoan holds a 48% stake in Hellenic and that "in February 2016, Minoan's management, after assessing the overall progress of Hellenic Seaways over recent years, decided to increase its stake in it, and to take control of its management".

Maniadakis said the decision was dictated by "the economic picture of Hellenic Seaways," which he said on December 31, 2015 showed accumulated losses of €133.5m, and "by the company's general prospects."
He went on: "Even this year, despite the benefits reaped from the significant drop in bunker prices, we believe any improvement of in the company's financial results would not reverse the overall negative economic picture... [the company's] book value was €0.92 a share, according to the latest published financial statements of the 31/12/2015.

He stressed the addition of Hellenic Seaways to Minoan would benefit it and
would signal further consolidation on a financial and operational level.

"With Minoan's experience and knowledge, upgrading the quality of services provided to passengers and partners of Hellenic Seaways, should be taken for
granted," said Maniadakis.

Over the past eight months Minoan has been buying shares in Hellenic, spending some €30m building its stake from 33.4% to 48% at an average purchase price of around €3 a share.

Shareholders in Hellenic include Crete's other major operator Anek Lines with 2.4% stake and Anek's boss John Vardinoyannis' ETANAP with 1.05% stake as represented by Hellenic's Antonis Agapitos-led board. Small investors hold the remaining 8%.