The historic “Kyriakoulis Mediterranean Cruises Shipping S.A.” is changing course, as well as era. It is being renamed Y/KNOT Invest S.A., marking its transformation from a traditional family company based at sea, to a multi-share investment organization that aims to create a broader tourism ecosystem.
The name change is accompanied by a share buyback program and a comprehensive reorganization of the business purpose. And most importantly: the company is entering the hospitality sector for the first time, paving the way for investments in hotel projects and tourism infrastructure.
From Stavros Kyriakoulis to the Tzortzis Brothers
Kyriakoulis was founded in 1986 by Stavros and Areti Kyriakoulis and for decades was one of the most recognizable Greek names in marine tourism. Its listing on the Athens Stock Exchange in the late 1990s and the expansion of its activities outside Greece – even to the Caribbean – marked a golden period of growth. Its privately owned fleet reached 235 boats, while the company was a pioneer in organized sailing boat rental in Europe.
However, the economic crisis and the coronavirus pandemic changed the situation. The company failed to return to profitability, recording losses that in 2024 amounted to 2.1 million euros, while EBITDA did not exceed 16,000 euros. This situation led the sons, Spyros and Theofanis Kyriakoulis – chairman and CEO respectively – to decide to seek new strategic investors.
Kyriakoulis’ “white knights”
In 2025, 26.7% of the shares passed into the hands of the Rigas and Panagiotis Tzortzis brothers, sons of the well-known industrialist Theodoris Tzortzis, founder of Alco–Alousystem. The entry of the new shareholders, through the company Indigo Marine, marked the beginning of an extensive restructuring plan. The Tzortzis, already active in the shipping sector through Y/KNOT Ship Management, undertook to “resurrect” the listed company, bringing fresh strategy, capital and a new growth narrative.
The stock, since the beginning of 2025, has rallied by more than 80%, reaching its highest levels in the last five years, an indication that the market has welcomed the new era for the company positively.
The new identity: Y/KNOT Invest
The new name Y/KNOT is not accidental. It plays on the phrase “Why not?” – an expression of boldness and innovation – and the word “Knot”, which refers to the nautical hub but also to the connection between people, activities and values. The Kiriacoulis brand remains active in the yachting sector, maintaining the historical continuity and prestige that the company has built.
At the same time, a share buyback program is being established with a price range of €0.60 to €8.00, which is considered a sign of confidence in the future course of the company and the prospect of creating value for shareholders.
Expansion into hospitality and tourism
The most interesting element of the new plan is the expansion of activities in the hospitality sector. Y/KNOT Invest now includes the management of tourist accommodations and hotels in its corporate purpose, aspiring to create a complete tourism portfolio that will connect the sea, accommodation and experience.
According to market sources, investments in boutique resorts and seaside properties are already being considered, which will operate complementary to the yachting and marina activities. The strategic goal is clear: to leverage the brand and know-how of Kyriakoulis to create a comprehensive tourism product, which will respond to the new trends in luxury hospitality and sustainable tourism.
A bet on extroversion
Y/KNOT Invest aspires to become a modern, flexible and sustainable group, with an extroverted orientation and investment mindset. The pillars of the new strategy include:
Expansion of the company’s activities in the tourism and hospitality sectors.
Upgrading the fleet and yachting services.
Development of digital tools with a “Customer First – Digital First” philosophy.
Investing in human resources and enhancing organizational transparency.
Creating value for shareholders and local communities through sustainable development models.
