Greece axes Cosco box terminal, but okays overall Piraeus upgrade
THE Greek Port Planning and Development Committee has approved to most of the Chinese-controlled Piraeus Port Authority's (PPA) master plan, paving the way for US$670 million of improvements, but turned down Cosco's plans for a new container terminal, reports Fort Lauderdale's Maritime Executive
13 October 2019 - 19:00
China COSCO Shipping acquired a 51 per cent stake in PPA in 2016, and the port authority has seen positive financial results under new management, with 2019 first half profits up 20 per cent year on year.
Said PPA chairman Yu Zenggang: 'We have obtained the approval to proceed to the implementation of significant investments that will make Piraeus the most important port in the Mediterranean and will create even more new working positions.'
Greek shipping minister Ioannis Plakiotakis said that the approval marks the 'opening of a new page in the excellent relations between Greece and China.'
PPA's latest version of the master plan calls for a new cruise ship terminal, a new car terminal and a fourth container terminal, which would have increased total TEU capacity from the current seven million TEU to 10 million TEU.
But the Port Planning and Development Committee turned down the proposal for the new container terminal, saying 'conditions at this stage are not ripe for the implementation' of the new container facility.
Responding, Mr Yu said: 'We hope that the competent authorities will soon review the expansion of the container terminal as it is one major investment that will establish the Piraeus port as one of the top container terminals in Europe.'
This news 456 hits received.