MINOAN LINES, over the period 1/1 - 30/9/2004, enhanced its position in the market, significantly improving its operating results. The negative characteristics marking the current year, namely the decline in tourist traffic and the sharp increase in fuel prices, did not interrupt the upward robust financial performance of the company and the improvement in all financial ratios.

The improvement of the financial results and profitability is mainly attributed to the strict tracking of the cost containment strategy in all levels of operation.

In detail:

Parent company:

Revenues stood at 2003 levels, despite the decreased voyages following the sale of two vessels, reaching EUR 154.9 million versus EUR 154.6 million in 2003, while operating profits (EBITDA) is EUR 53.4 million over EUR 41.6 million in 2003 increased by 28.3%. Operating profit margin (EBITDA margin) rose by 7.6 pp to 34.5% from 26.9%, one of the highest margins in the sector, reflecting the very efficient operation of the Company's vessels. Net profits increased more than four times to EUR 16.2 million fro m EUR 3.6 million in 2003.

Group

The consolidated turnover increased marginally to EUR 155.3 million versus EUR 155.2 in last year's period, while operating profits (EBITDA) rose to EUR 53.6 million over EUR 41.7 million in 2003 increased by 28.5%. This performance led to an increase in consolidated net profit to EUR 15.1 million from EUR 4.1 million in the nine months of 2003.

ADRIATIC - INCREASE IN MARKET SHARES

The improvement in MINOAN LINES' market shares in the Greece - Italy market continued in the third quarter of the current year. The decrease in passenger and vehicle traffic in the Adriatic market as a whole observed mainly in August, seems to revert in the following months. Freight traffic growth continued for yet another period, reflecting the strong position of the Adriatic in trade between Greece and the rest of Europe.

MINOAN LINES' MARKET SHARE IN ANCONA & VENICE PORTS

PASSENGERS

CARS TRUCKS

1/1-30/9/2004 43.5% 47.0% 37.4%

1/1-30/9/2003 37.0% 40.0% 36.6%

This robust financial performance in the nine months of 2004, confirms our initial estimates for a significant improvement in net profits for the fiscal year 2004.