Audit report reveals inefficiencies in Cyprus-Greece ferry service

A report by the Audit Office released on Thursday identified significant irregularities in the Cyprus-Greece ferry service operated by Scandro Holding Ltd. Between 2022 and 2025, the ferry operated at an average of 49 percent capacity, despite high public demand and tickets appearing sold out shortly after release. Investigators found that while the booking system often showed zero availability, actual passenger occupancy averaged 69 percent, and vehicle occupancy was only 18 percent. The company receives a guaranteed annual compensation of 5.47 million euros, with state subsidies covering approximately 93 percent of total operating costs. Auditors noted that the flexible cancellation policy and booking system distortions contribute to the disparity between perceived demand and actual occupancy. Auditor-general Andreas Papaconstantinou stated that the current model creates disincentives for efficiency. The Audit Office recommended an urgent re-evaluation of the contract to better manage public funds.