This project was submitted in the following language: English (en).

Project description

Setup & operation of
- waterdrome network to Greek Mainland & Islands
- fuel stations
- a technical base for seaplane maintenance
- operation (schedule, charter, cargo, med flights) by seaplanes

Setup & operation of
- 60 waterdrome network classified to 2 metropolitan, 13 central and 45 peripheral waterdromes
- 13 fuel stations
- technical base for seaplane maintenance
Operation by 20 seaplanes

Greek Water Airports planning includes entire Greece up to 2024, with following priorities:

Ionian Sea, Crete, Dodecanese and Cyclades Islands, Chalkidiki Region, Peloponnese, Saronic Gulf, Western Greece, Epirus, West-Central Macedonia, Mainland Greece, East Macedonia-Thrace, North Aegean

Country, Region

Greece [Extra-Regio NUTS 2]

Croatia [Splitsko-dalmatinska županija]

Italy [Extra-Regio NUTS 2]

Start date

September 2016

Estimated project cost

EUR 43.83 million

Sector(s)

Trans European Network – Transport

Tourism

Asset ownership

Mixed

Project type

Greenfield

Project status

Structuring

Revenue type

Market-based

Economic rationale

Proposed development scenario:
Develop 60 waterdromes up to 2025 (waterdromes at almost 50% of available positions),
Develop 13 fuel stations & a technical base, Acquisition of 20 seaplanes,

Waterdromes:
Required Funding: 6,41MEuros
Net Profit (within 10 Years): 30,37MEuros

Seaplane Operation:
Required Funding: 37,42MEuros
Initial Funding Requirement (within 1st Year): 18,52MEuros
IRR: 12,9% Baseline Internal Return of Investement after 10 years

In total:
Required funding: 43,83MEuros

Greek Water-Airports:
- is the backbone of former AirSealines operated in Ionian Sea (2004 to 2009) serving 180.000 passengers via 15000 flights
- is the Market Leader with 30 contracts assigned
- has High Experience Team on Licensing Procedure acc. to legislation
- has Vast Experience on Waterdrome Operation
- Managed to get the 1st Licensed Waterdrome in Corfu under new Legislation

K2 Smartjet SA is an official European Air Carrier with high skilled engineering & technical staff.

Assets of Waterdromes will belong to Port Authorities.
Waterdrome Operation Licenses will be issued in the name of the Authorities.
Waterdrome Operator will be a Joint Firm of Port Authorities and Greek Water-Airports

Financing details

Project financing secured: EUR 4.4 million (10 %)

Financing source: Private

Self Participation will be covered up by Shareholders Scheme of Greek Water-Airports:

AKTOR Facility Management SA 35% of shares
K2 Smarts Jet SA 20% of shares
Chatzinadronis Aerospace & Touristic Ltd 20% of shares
Ant. Vassilakis SA 5% of shares
Anastasios Govas 20% of shares

The promoter has applied or has the intention to apply for EU or EIB financing related to this project

Existing/potential bottlenecks for the realisation of the project

Licensing bureaucratic procedures for waterdrome network
-Waterdrome license is issued by Ministry of Transportation. Ministry procedures need to be accelerated
Certain fields of Greek legislation which need to be reformed
-Seaplanes availability (leased or brand-new)
Availability of seaplanes is small so an optimum seaplanes acquisition plan should be made for that.

Project additional information

Employment
- At project development stage almost 1000 people will be employed for the construction and licensing of Waterdromes & Seaplanes
- At operation stage more than 2000 people will be directly or indirectly employed to seaplane industry.
- Additionally, seaplane industry will support touristic development creating more than 5000 new job openings.



Trans-European Network
Developing seaplanes routes within Greece will help to establish in the near future, cross-country routes with Croatia, South Italy and Turkey. In the mid-term, Malta and Spain are expected to enter the seaplane market creating thus a large-scale trans-European Network, offering valuable transport services to millions of people.



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Publication: 30/05/2016 | Last update: 20/07/2016

The Commission gives no warranty and makes no representation, whether expressed or implied, that the Project Information is error free. The Project Information is provided without any guarantees, conditions or warranties as to its accuracy.