Attica Group, a large ferry operator in Greece, said it has entered into a bareboat charter deal that will eventually see the Greek-flagged 38,261-gt ro-pax vessel El Venizelos (built 1992) sold to the charterer.

Attica Holdings S.A. sealed a bareboat charter agreement with respect to the ro-pax vessel El Venizelos, owned by a subsidiary of the company. As informed, the registered owner of the passenger/ro-ro ship is Blue Star Ferries.

The charter agreement has a term of five years and includes a binding obligation for the charterer to acquire the vessel upon expiry of the charter period.

The company said that the derecognition of the asset, pursuant to this agreement, has no impact on the group’s financial results.

Attica Group didn’t disclose any financial terms or the name of the charterer in its announcement.

Earlier this year, Attica Holdings S.A. announced the sale of the ro-pax vessel Kriti I, owned by a subsidiary of the company, for safe and environmentally sound recycling in compliance with the respective European and Greek legislation.

The vessel was delivered to a ship recycling facility, which is included in the European list of ship recycling facilities.

The transaction was concluded for a total consideration of USD$3.6m, strengthening the group’s cash position, and generated a profit of €0.5m euros.

The company also sold the ro-pax Kriti II for recycling, with the shipowner delivering (earlier this year) the ship to a recycling facility. The transaction was concluded for a total consideration of USD$3.6m and generated a profit of €0.2m euros.