Hellenic operates 20 units, comprising high-speed ferries and conventional ferries.

Piraeus Bank is the top Greek lender to the shipping sector and is Hellenic's leading lender. The bank, owner of a 40.44% share in Hellenic, issued a sale prospectus mid-week through, Lazard Asset Management its advisor. The entire stake is for sale with the bank expecting to get at least €90m. Lazard has already sent information material to prospective investors, including Minoan Lines.

Over the past eight months Crete-based, Athens Stock Exchange-listed Minoan Lines, has been buying shares in Hellenic, but Piraeus Bank was seen as a hold-out. Minoan, some 92% owned by the Grimaldi Group, has spent some €30m building its stake in Hellenic from a 33.4% slice to 48% on September 5. The purchase price has been around €3 a share so the bank is seeking a small premium for its stake.

Piraeus Bank has put the shares up for sale, as it is forced to do by the sector's restructuring plan submitted to the European Commission. Under the restructuring Greek banks are obliged by the end of 2017 or 2018 to have sold their holdings in companies not related to the banking sector.

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