Massive anti-monopoly fines for ferries
Greece’s Competition Committee yesterday imposed its heaviest-ever fine on two passenger shipping companies for violating the competition law on concentrations. Minoan Lines was slapped with a 4.5-million-euro fine, exceeding the previous record, a 2.93-million-euro fine levied on Coca-Cola Hellenic Bottling in January for abusing its dominant position, while Hellas Flying Dolphins was given a 1.8-million-euro fine. Minoan holds a 31.6 percent stake in Hellas Flying Dolphins. Both intend to appeal. The penalties came after the committee launched an investigation into the two ferry boat operators following the sinking of the ferry Express Samina two years ago with the loss of 80 lives. Hellas Flying Dolphins – known then as Minoan Flying Dolphins – owner of the ill-fated vessel, came under the spotlight because of the speed and method with which it acquired a 74-strong fleet in under six months, giving it control of 75 percent of Greek coastal shipping companies and dominance over the Cyclades, the Saronic islands and the Sporades. Minoan said it had «not committed any of the alleged violations.» It criticized the penalty as «excessive and debilitating for the Greek and European contexts.» The company argued that the government had until recently urged the passenger shipping industry to consolidate in order to offset the repercussions from the abolition of cabotage.
