Young Pericles Panagopulos, at the time he was working in London as a trainee at a subsidiary of the Eugenides group. (1/53)
Pericles Panagopulos with the vice president of the Board of Directors of Sun Line, George Dracopoulos. (2/53)
Pericles Panagopulos at his group’s office in the 1970s. (3/53)
The cruise ship GOLDEN ODYSSEY, built in 1974 by Helsingors Vaerft A/S, Denmark for Royal Cruise Line. (4/53)
Brochure with the 1981-itineraries of the GOLDEN ODYSSEY. (5/53)
Details from a brochure about the cruise ship GOLDEN ODYSSEY. (6/53)
Details from a brochure about the cruise ship GOLDEN ODYSSEY. (7/53)
The passenger ship DORIC, built in 1964, owned by Home Line. Acquired by Royal Cruise Line in 1982 and renamed ROYAL ODYSSEY. (8/53)
The cruise ship ROYAL ODYSSEY in dry dock at Hellenic Shipyards S.A. (9/53)
The passenger ship ROYAL ODYSSEY during her conversion in Greece, before joining the Royal Cruise Line fleet in 1982. (10/53)
The cruise ship ROYAL ODYSSEY, built in 1964, acquired by Royal Cruise Line in 1982. (11/53)
The cruise ship ROYAL ODYSSEY, owned by Royal Cruise Line. (12/53)
Details from a Royal Cruise Line brochure, dated 1985. (13/53)
Menu cover of a ROYAL ODYSSEY captain’s gala dinner. (14/53)
A ROYAL ODYSSEY captain’s gala dinner menu. (15/53)
A Royal Cruise Line menu cover depicting an item from the Benaki Museum’s collections. (16/53)
Menu cover of Royal Cruise Line ships, depicting item from collections of the Benaki Museum. (17/53)
A Royal Cruise Line menu cover depicting an item from the Benaki Museum’s collections. (18/53)
The third cruise ship that joined the Royal Cruise Line fleet, the CROWN ODYSSEY, built in 1989, on her maiden arrival in New York. (19/53)
A Royal Cruise Line menu cover depicting an item from the Benaki Museum’s collections. (20/53)
Pericles Panagopulos in New York. (21/53)
Ceremony on the occasion of the first arrival of the CROWN ODYSSEY in Piraeus, attended by the then Minister of Greek Merchant Marine Antonios Ntentidakis. (22/53)
The Magna Marine building in Athens, which later housed the Panagopulos group’s offices. (23/53)
From the ceremony held at the first arrival of the CROWN ODYSSEY in Piraeus. (24/53)
The first Board of Directors of Attica Enterprises. Pictured from left, Alexander Panagopulos, George Vernicos, Pericles Panagopulos, Nicolas Vernicos and Charalambos Paschalis. (25/53)
Certificate of twenty-five Attica Enterprises shares, 1992. (26/53)
An Attica Enterprises press release from 1993 announcing the construction of the first two SUPERFAST vessels. (27/53)
Pericles Panagopulos and his son Alexander presenting the SUPERFAST project in the Piraeus Yacht Club in 1994. (28/53)
From the naming ceremony of the SUPERFAST I and the SUPERFAST II. Pericles Panagopulos and his son Alexander with the ships’ sponsors, Olympic gold metal winners, Voula Patoulidou and Heike Drechsler and a representative of the Schichau Seebeckwerft shipyard in Kiel, Germany. (29/53)
The SUPERFAST I, delivered in April 1995, was placed on the Greece-Italy line until February 2004, when she was acquired by the Italian group Atlantic Navigazione. (30/53)
Pericles Panagopulos with the then Minister of Greek Merchant Marine Stavros Soumakis during the naming ceremony of the SUPERFAST III and the SUPERFAST IV in Turku, Finland in 1998. (31/53)
Pericles Panagopulos and his children Alexander and Irene during the naming ceremony of the SUPERFAST III and the SUPERFAST IV in Turku, Finland in 1998. (32/53)
The SUPERFAST III in Piraeus following her maiden arrival. She later performed the Piraeus-Heraklion trip in a record time of 5 hours and 50 minutes. However, despite Pericles Panagopulos’ intention to employ SUPERFAST ships in the Greek coastal service, especially in the Piraeus-Crete line, such approval was not granted. As a result, SUPERFAST vessels were employed in non-coastal routes. (33/53)
The signing for the construction of the six SUPERFAST ships by Howaldtswerke Deutsche Werft AG in Germany. (34/53)
SUPERFAST IV sea trials. Finland, 1998. (35/53)
The SUPERFAST V, delivered in April 2001, was placed in the Adriatic service along with her sister vessel SUPERFAST VI. (36/53)
Shortly before the completion of the building of the SUPERFAST V and the SUPERFAST VI by Howaldtswerke Deutsche Werft AG in Germany in 2001. (37/53)
The SUPERFAST VII, delivered in May 2001, was one of the two ships that inaugurated the new Rostock, Germany - Hanko, Finland line until April 2006, when she was sold to the Estonian company AS Tallink. (38/53)
Shortly before the completion of the construction of the BLUE STAR 1 by van der Giessen-de Noord B.V. in the Netherlands in 2000. The vessel was initially placed in the Adriatic service, but in July 2002 Blue Star Ferries decided to place the vessel in the Piraeus-Dodecanese route in order to strengthen its presence in the Aegean market. (39/53)
Pericles Panagopulos delivering his speech during a reception held onboard the BLUE STAR 1 on the occasion of her first arrival in Piraeus. (40/53)
From the reception held onboard the BLUE STAR 1 on the occasion of her first arrival in Piraeus. Pictured from left, Pericles Panagopulos, Gerasimos Strintzis, the then Minister of Greek Merchant Marine Christos Papoutsis and Alexander Panagopulos. (41/53)
The BLUE STAR ITHAKI, delivered in May 2000 by Daewoo Heavy Industries in South Korea, was placed in the Piraeus-Cyclades line. (42/53)
From the delivery of the BLUE STAR 2 by van der Giessen-de Noord B.V. in the Netherlands in July 2000. Pictured from left, shipyard officials, Gerasimos Strintzis and Alexander and Pericles Panagopulos. (43/53)
The inauguration of the BLUE STAR PAROS in 2002. Pictured from left, the then mayor of the island of Paros, Giannis Parios, cutting the ribbon, the then Minister of Greek Merchant Marine George Anomeritis, Pericles and Alexander Panagopulos and Gerasimos Strintzis. (44/53)
The BLUE STAR PAROS, delivered in April 2002 by Daewoo Heavy Industries in South Korea, was placed in the Piraeus-Cyclades line. (45/53)
From the inauguration of the Chania-Piraeus line with the BLUE STAR 2 in March 2003. This service was in operation for two years, before the vessel was once again placed at the Adriatic Sea service. (46/53)
The SUPERFAST VIIΙ, delivered in July 2001, was one of the two ships that inaugurated a new line between Rostock, Germany and Hanko, Finland. The vessel served that route until April 2006, when she was sold to the Estonian company AS Tallink. (47/53)
The SUPERFAST IX, delivered in May 2002, was one of the two ships that launched the new line between Rosyth in Scotland and Zeebrugge. The vessel served that route until 2006, when she was sold to the Estonian company AS Tallink. (48/53)
The SUPERFAST X, delivered in May 2002, was one of the two ships that launched the new line between Rosyth in Scotland and Zeebrugge. The vessel served that route until 2006, when she was sold to the Estonian company AS Tallink. (49/53)
The SUPERFAST XI, delivered in July 2002 by Flender Werft AG in Germany, was placed in the Adriatic service. (50/53)
The 2005-built bulk carrier PANSTAR, acquired by Magna Marine Inc. in 2006 and placed under the Greek flag. (51/53)
Shortly before the completion of the construction of the SUPERFAST XII by Flender Werft AG in Germany in 2002. (52/53)
The SUPERFAST XII, delivered in October 2002 by Flender Werft AG in Germany, was placed in the Adriatic service. (53/53)

MAGNA MARINE INC.

In Greek shipping history, perhaps the only entrepreneur who got successfully involved with both cargo and passenger shipping, is the founder of Magna Marine Inc., Pericles S. Panagopulos.

Since its establishment in 1991, Magna Marine has been active solely in the bulk carrier market. The first vessel to join the fleet was the 1978-built ANTZOULETTA, which was renamed PANACEA and placed under the Greek flag. Over the next few years, the company adopted a traditional approach, renewing its fleet periodically with modern second-hand bulk carriers.

However, Magna Marine, which currently is the only shipping concern linked to Pericles Panagopulos, is probably the least-known aspect in his long-standing shipping career.

Panagopulos’ life has been closely linked to passenger shipping. Thanks to his vision and shrewd business acumen, he gradually evolved into a key player in that sector.

***

Pericles S. Panagopulos was born in Athens on December 29, 1935. His father, who hailed from Messenia, Peloponnese, had immigrated at a young age to the United States, but eventually returned to Greece, while his mother was born and raised in Constantinople. She studied at the Zappeion Girls’ School, where she later worked as a teacher for 15 years.

The relation of his mother’s family to Eugene Eugenides brought Panagopulos close to the renowned entrepreneur and benefactor. Eugenides, who was childless, undertook his education. After the end of World War II, Pericles Panagopulos attended secondary school in Switzerland, spending his summer holidays onboard ocean liners and cargo ships managed by the Eugenides group.

In 1954, Eugene Eugenides passed away. At the time, Panagopulos was studying in London, working part-time as a trainee at a Eugenides group subsidiary. During the 1960s, he was employed at the group’s Paris and Genoa offices, where among others he contributed to the construction project of the pioneering cruise ship OCEANIC built in Trieste.

In 1965, Pericles Panagopulos, who had by then risen through the group’s ranks, decided to resign and work with Charalambos Kioseoglou, a former Eugenides group senior executive. Kioseoglou had established in 1958 the cruise company Sun Line, where Panagopulos worked as managing director for six years.

Realising that high quality ventures are rewarded in the long-run, he decided to take advantage of his experience in passenger shipping and established Royal Cruise Line (RCL). The company placed an order for the construction of a cruise ship, instead of acquiring a second-hand vessel, which was the norm for new ventures. He contacted Helsingør shipyard in Denmark, which at the time was on the brink of collapse due to financial problems. As the shipyard’s survival was vital for the local community, Panagopulos managed to secure a loan that enabled the building of a luxury cruise liner, which was delivered in 1974 as the GOLDEN ODYSSEY. According to Pericles Panagopulos this vessel “made history in the cruise industry and especially Greek shipping, as it was the first new-generation cruise ship ever built”. This initiative surprised the international shipping community. Panagopulos further recalls that a journalist wrote at the time: “A crazy Greek ordered a cruise ship in Denmark, does he know what he is doing or is he completely nuts?”.

The founding of the Royal Cruise Line, which coincided with the establishment of most contemporary cruise-market leaders, took place under highly promising prospects. The GOLDEN ODYSSEY, manned entirely with Greek crew, gained an excellent reputation within a short period of time, proving to be a sound investment. A few years later, after the vessel’s heavy loan obligations had been successfully met, Panagopulos acquired another cruise ship, the DORIC, owned by Eugenides’ Home Line. Following extensive conversion and refurbishment works in Greece, the vessel joined the Royal Cruise Line fleet as the ROYAL ODYSSEY.

Over the coming years, RCL gained international acknowledgement as one of the highest-standard cruise lines in the world. Encouraged by its success Panagopulos placed a second order for the construction of a high-specification cruise ship, this time at the renowned builders Jos. L. Meyer in Papenburg, West Germany. The vessel was delivered in 1988 and was named CROWN ODYSSEY, raising the Greek flag, as all vessels operated by the group.

In late 1989, Pericles Panagopulos surprised the shipping community by selling the Royal Cruise Line at the peak of its success to the Kloster Group of Norway. This decision marked the end of his journey in the international cruise industry. Nevertheless, Panagopulos ensured the smooth transition to the new state of affairs, while managing to keep, at least for a while, the company’s Greek identity. All RCL vessels continued to be manned with Greek crew, while its Piraeus office continued managing them.

A short while later, Pericles Panagopulos re-entered shipping, by establishing in 1991 Magna Marine Inc., a company operating to this day bulk carriers. Magna adopted a conservative fleet expansion strategy, as Panagopulos’ great passion had always been passenger shipping.

To that effect, the following year marked the beginning of a new era in Pericles Panagopulos’ career in passenger shipping, as in January 1992 his group acquired the Athens Stock Exchange-listed company Attica Flour Mills, which was founded in 1918. The company was renamed Attica Enterprises and under new management led by Panagopulos, set new business goals. On December 18, 1992, Attica’s new president presented its investment program, announcing among others that the company had acquired Vernicos Yachts Shipping S.A. – which was active in yachting and was also aiming to operate marinas – a significant share on the Greek Register of Shipping, as well as the chain of Akron-Ilion-Crystal stores.

Among the company’s targets was the acquisition of the Hellenic Investment Bank from the Emporiki-Ionian Bank Group, its entrance in passenger shipping – accomplished through the acquisition of a 17.61% share in shipping company Strintzis Lines – the takeover of a large industrial company, as well as investing in the food industry and other promising sectors.

In 1993, Attica Enterprises’ subsidiary, Attica Maritime S.A. – later renamed Superfast Ferries Maritime S.A. – made its first major step by placing an order for the construction of two innovative high-speed passenger ferries at the Schichau Seebeckwerft shipyard in Germany, at a cost of 37 billion drachmas (in excess of $100 million). The vessels were designed to serve the Greece-Italy line, drastically reducing the duration of the voyage. In the same year, Attica Enterprises sold all shares held in the above-mentioned companies.

In April 1995, the SUPERFAST I was delivered and placed on the Patras-Ancona-Patras line, performing the route in record time of 20 hours. Two months later, her sister vessel SUPERFAST II was also delivered and placed on the same route.

In July 1996, Superfast Ferries placed a second order for the construction of two more high-specification vessels, this time at the Kvaerner Masa shipyard in Finland. The SUPERFAST III and the SUPERFAST IV, as the vessels were named, were delivered in April 1998 and were placed on the Patras-Ancona-Patras line, replacing the SUPERFAST I and the SUPERFAST II, which inaugurated the new Patras-Igoumenitsa-Bari line. A couple of years later, in July 1998, another large order followed, for the construction of four Superfast vessels at the Howaldtswerke Deutsche Werft AG shipyard in Kiel. In March 1999, two more units were added to that order. The first two vessels were intended for the Greece-Italy line, while the other four were specially designed for service in the Baltic Sea.

In August 1999, Attica Enterprises acquired a 38.8% share of Strintzis Lines. Its share gradually reached 48.8%, leading to the company’s rebranding to Blue Star Ferries. Over the next few years, Blue Star Ferries grew significantly, acquiring five newbuilding RoPax vessels from Dutch and South Korean shipyards.

In March 2000, Superfast Ferries further enhanced its newbuilding program by placing an order at Flender Werft AG shipyard in Germany, for the construction of two passenger ferries, with delivery in 2002. Two months later, Blue Star Ferries got delivery of its first newbuilding from Daewoo Heavy Industries Ltd. in South Korea. The BLUE STAR ITHAKI, as the vessel was named, was placed in the Cyclades service, becoming the first Attica vessel in Greek coastal shipping. A few months later, in June and July 2000 respectively, the newbuildings BLUE STAR 1 and BLUE STAR 2 joined the fleet. They were the first Blue Star Ferries vessels to operate in the Adriatic Sea.

In February and April 2001 respectively, the SUPERFAST VI and the SUPERFAST V were delivered by Howaldtswerke and were also placed in the Adriatic service. Also, in March and July of the same year, the SUPERFAST VII and the SUPERFAST VIII were delivered, inaugurating a service between Rostock, Germany and Hanko, Finland. In January and February 2002, the Howaldtswerke six-vessel order was completed with the delivery of the SUPERFAST IX and the SUPERFAST X.

In April and June 2002, another two Blue Star Ferries RoPax vessels were delivered by Daewoo Heavy Industries. The vessels were named BLUE STAR PAROS and BLUE STAR NAXOS and were placed at the Piraeus-Cyclades line. A month earlier, Attica Enterprises had launched a new line between Rosyth, Scotland and Zeebrugge, Belgium utilising the SUPERFAST IX and SUPERFAST X. This line was the first direct ferry connection between Scotland and mainland Europe.

The last Superfast vessels under the leadership of Pericles Panagopulos were delivered in July and October 2002 by the Flender Werft shipyard and were named SUPERFAST XI and SUPERFAST XII. As in the case of most units in the fleet, these two ferries were placed in the Greece-Italy route. During that year, the SUPERFAST III and the SUPERFAST IV were sold to Australian interests. In July 2003, SUPERFAST II was also sold to non-Greek buyers, while the sale of the four first generation SUPERFAST vessels was completed in February 2004, with the sale of the SUPERFAST I.

In June 2004, Attica Enterprises was renamed Attica Group. Around that time, the company further enhanced its presence in the passenger shipping market through several investments. In early 2005 it acquired two passenger/Ro-Ro cargo ships, as well as a 12.33% share in the competitor ferry company Hellas Flying Dolphins, which was sold the following year at a considerable profit. In February 2005, Attica strengthened its presence in competitor companies by acquiring 10.23% of Minoan Lines. By February 2007, Attica’s share in Minoan had reached 22.5%, before it was sold in June 2007 at a significant profit.

In April 2006, the Group sold the SUPERFAST VII, SUPERFAST VIII and SUPERFAST IX, while a few months later, the SUPERFAST X was also sold. Meanwhile, in July 2006, Blue Star Ferries had acquired at auction all DANE Sea Line assets, including the ferry DIAGORAS.

In October 2007, Pericles S. Panagopulos, in yet another surprising move, transferred all his Attica Group shares to Marfin Investment Group – an enterprise with a multidimensional presence in Greece – an initiative aiming to offer further development prospects to the group he had established. His decision to withdraw from the passenger sector sealed an important course in passenger shipping, which, among others, greatly affected the progress and the radical upgrading of the Greek coastal service.