One in three ferries operating in Greece has been in service for more than 40 years, raising concerns over the ageing fleet that connects the country’s islands.
According to an annual survey by XRTC Business Consultants, more than 29 percent of the Greek ferry fleet has surpassed the four-decade mark.
Out of 153 vessels serving 120 inhabited islands, 45 are over 40 years old. The average vessel age in Greece is 30 years, compared with 24 in the European Union, and only 17 percent of the fleet is less than 20 years old.
In response, the Greek government has launched a €1 billion funding program to help modernize the fleet, with €300 million allocated as subsidies and €700 million offered as low-interest loans through the European Investment Bank. The program is aimed at operators that meet strict eligibility criteria, including financial stability. Officials say the goal is to cut CO₂ emissions and other pollutants, meet environmental regulations, improve energy efficiency, lower fuel and operating costs, avoid penalties, and boost the sector’s competitiveness. With private and bank investment, total spending on the initiative could exceed €2 billion.
Greece’s ferry system is a vital lifeline, linking 89 islands without airports and carrying roughly 9 million tonnes of goods each year—about 82 percent of all cargo bound for the islands. Major operators, including Attica Group and Minoan Lines, have already announced plans to build new vessels and upgrade existing ones. Smaller companies, however—24 in total, many serving remote or unprofitable inter-island routes—face greater challenges in securing funding due to limited equity and lack of corporate transparency. For 2025, the government has earmarked €148 million in subsidies for routes deemed essential but not commercially viable.
