Attica Group faces rising costs from fuel prices and green transition

Attica Group is facing significant financial pressure due to rising fuel costs and the expenses associated with the green transition and the EU Emissions Trading System (ETS). CEO Panagiotis Dikais reported that environmental and regulatory burdens alone are expected to cost the company approximately €63 million in 2025, contributing to recent losses.

Fuel costs have surged dramatically, with marine gasoil prices rising from roughly €570 per ton in late December to over €1,300 per ton. To mitigate these costs, Attica Group is executing a fleet renewal strategy. The company has already sold 14 older, less efficient vessels, reducing the average fleet age by five years. The goal is a total reduction of nine years once the current shipbuilding program is complete, with new deliveries scheduled for summer 2027.

Additionally, the company is investing in scrubber technology to reduce the need for expensive low-sulfur fuels. Currently, ten vessels are equipped with scrubbers, and the company expects about 75% of its fuel consumption to be covered by scrubber-equipped ships. Management estimates that these installations could have saved approximately €58 million in fuel costs during the first eight months of the year.