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The leading ferries. A dominant company in the passenger ferry sector that has been growing fast for the last 30 years. A leading Greek company featuring an ultra-modern fleet of 11 ships, linking ports and people with safety and comfort. Guided by its customer-oriented philosophy, continuous upgrading of quality and range of services, MINOAN LINES managed to capture the highest rankings in customer satisfaction since the very first steps of its foundation. Currently, the company is in the process of realizing its most ambitious investment program with the building of new and technologically advanced highspeed ferries, enabling the upgrading of its services. This sets the company on a consistent pursue of its future prospects and strategic goals. SAILING AT FULL SPEED, MINOAN LINES AIMS TO BECOME A PIONEER WITH DYNAMISM, WITH EMPHASIS ON QUALITY AND SAFETY AND WITH RESPECT TO THE ENVIRONMENT. Become a pioneer Through the gradual replacement of older-technology vessels with ultra-modern and faster vessels. Through the establishment of new, profitable services within Greece and abroad. Through securing and strengthening its dominant position in the ferry in Greece and Italy and further sharpening its competitive advantage. Through the expansion of its commercial network in Greece and abroad. This will bring the company even closer to its customers. Exploit new investment opportunities and market challenges (cooperation, buy-outs or mergers) within the shipping sector or other business sectors (co-operations, participations in other business activities), due to the reshuffling in the Hellenic ferry sector the lifting of maritime cabotage and the globalization of the Hellenic ferry sector to new international business entries. Raise the standards of quality, safety and reliability of services provided to customers. Improve the transportation variables for trucks and passenger vehicles. The encouragement and practices for the protection of the marine environment with regular controls and observance of International Regulations (MARPOL). The collection and separation of refuse in special containers and proper disposal via designated waste disposal vehicles in each port of call The collection of wastewaters in special tanks and proper disposal via designated vehicles. The placement of signs at key points on board that discourage passengers from littering the sea, and instructions for safe disposal of litter. The active membership in "HELMEPA" (Hellenic Marine Environment Protection Association". MINOAN LINES' investment program is proceeding as planned with the delivery of H/S/F EUROPA PALACE on Friday, May 10, 2002 from the Italian shipyards of FINCANTIERI. H/S/F EUROPA PALACE is another addition of an ultra modern highspeed ferry to the company's fleet, strengthening the company's position in the Adriatic market and contributing to the further upgrading of the Greek shipping sector. The H/S/F EUROPA PALACE, the sister vessel of the H/S/F OLYMPIA PALACE, is the fourth and last ultra modern passenger ferry for MINOAN LINES from the Italian shipyards of FINCANTIERI. The vessel has being deployed on the Patras - Igoumenitsa - Ancona sea route on May 14th, 2002. Following the delivery of the H/S/F ARIADNE PALACE in the near term from the shipyards of SAMSUNG HEAVY INDUSTRIES, the ambitious and very important investment program with the construction of 7 new vessels of total cost 670 million will be completed, and the Company will enter this new era with a fully fleet of vessels combining speed, comfort and luxury on board. The deployment of H/S/F ARIADNE PALACE 1. (ex. H/S/F OCEANUS) on the new sea route Genoa - Malta - Tunis, on May 31, 2002, opens up new business horizons for MINOAN LINES on the West Mediterranean with the strategic cooperation with the Italian GRIMALDI group. A dominant company in the passenger ferry sector that has been growing fast for the last 30 years. Minoan Lines Shipping S.A. - Minoan Lines S.A.