ATTICA Group, Greece’s largest ferry operator, has seen its profits dented by a recent merger and the cost of compliance with the EU emissions trading system that was applied to the sector from the start of this year.

After-tax earnings fell by 24% in comparison with the first three quarters of last year, to €45.3m ($47.6m), partly as a result of taking a one-time hit on its absorption of local rival Anek Lines.

The result was affected by non-recurring expenses of €18.5m related to the merger and the integration of the two companies, including voluntary redundancies, training and fleet upgrades.

Costs were also burdened by €14.1m in spending on emission allowances to comply with the EU ETS.

Otherwise it has so far been a strong year for Attica, which reported revenues of €593.4m, mainly because of the expansion of its fleet.

The addition of Anek’s fleet of eight ferries and several recent secondhand acquisitions has brought the Attica fleet to a total of 43 vessels, comprising 28 ropax ferries, 13 highspeed ferries and two ro-ros.

Freight traffic increased by 27.4% from last year to 319,000 units and there were also significant rises in passenger and private vehicle traffic.

Cash was reduced to €42.3m at the end of September, from €103.4m at the end of 2023, primarily due to the group’s investments in acquisitions for the fleet, environmental upgrades of vessels as well as hotel and digitalisation projects.

Total investment outlays of €145.1m included an advance payment on the long-term charter with purchase options for two ‘E-Flexer’-type newbuildings agreed with Stena RoRo and three secondhand vessel acquisitions.