For myself, my Ancient Greece cruise on EC1 a couple of years ago was a great deal, and a wonderful vacation. Maybe somebody else will pick up the niche EC originally filled (rock-bottom prices, zero frills, extended port times.) I would have gladly paid twice as much as I did for that off-season cruise...
I wonder if the ferry company that bought EC from Stelios will be providing full refunds, like easyGroup did every time EC changed their business plan?
I think it was several things that killed the line:
1) Keeping the ship in Greece year-round. Caribbean in the winter I think would have been much lower-cost, and kept the ship sailing constantly.
2) Moving away the extended port time model. I cannot imagine why they thought anyone would sign up for only spending three or four hours in each port. Especially not at their higher prices. Especially on a ship most certainly not built for extended on-board time.
3) ecLife. They seemed to do okay with the original ship... maybe they spent too much on ecLife?
4) Not going elsewhere in the Med. With such a limited niche, perhaps expanding destinations beyond Greece and Turkey might have helped.
5) Pricing too low, and then too high. Moving from $30-$35/nt/pp to $100-$200? I don't think so.
6) What was wrong with no-frills? Certainly devoting what would be dining space to cabins, and berths to pax instead of cabin cleaners had to have saved something...