Greece's Cruise Port Gets EU Extension Grant

MarineLink.com
Wednesday, July 03, 2013
Port of Piraeus: Photo credit Wiki CCL

The European Commission has found a €113.9 million Greek support for an infrastructure project of €120 million at the Port of Piraeus to be in line with EU state aid rules.

The EU's official gazette 'Europa' reports that the EU Commission found that the project will further the objectives of EU transport policy and cohesion without unduly distorting competition in the internal market.

In September 2012 Greece notified plans to support an investment project by OLP, the port authority, to extend existing infrastructure for cruise ships at the Port of Piraeus by 2 docking stations. The project is co-financed with €96.9 million from EU Structural Funds.

The project will improve the exploitation of cruise services at the Port of Piraeus and support regional development by creating jobs and boosting economic activity through the passengers, crews and companies that it will attract. Greece carried out an in-depth cost-benefit analysis showing that the income to be generated for the Port Authority from the use of the infrastructure over the next 20 years will be insufficient to cover the investment costs. Therefore, the project would not be carried out without public funding.

The Commission found that the public funding of €113.9 million is limited to the funding gap identified in the study. The funding is therefore necessary to make the project possible and it remains limited to the amount strictly necessary to achieve its goals. Finally, the potential distortions of competition and trade between Member States to be generated by the creation of additional capacities at the Port of Piraeus are relatively limited, because the port of Piraeus will still have a relatively low market share in cruise traffic in the Mediterranean. The positive effects of the project for the cruise market of the Mediterranean Sea and on regional development clearly outweigh any potential distortions of competition brought about by the aid.

The Commission therefore concluded that the project is in line with Article 107(3)(c) of the Treaty on the Functioning of the European Union (TFEU), that allows aid for the development of certain economic activities, provided that it does not unduly affect trade and competition.

 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

AWO Authorizes ClassNK to Perform RCP Audits

The American Waterways Operators (AWO) and ClassNK have signed an agreement under which ClassNK will be authorized to conduct audits of AWO's Responsible Carrier Program,

Radio Holland Wins Contracts for Canadian Coast Guard Vessels

Radio Holland Canada has won two major contracts to support the Canadian Coast Guard. Public Works and Government Services Canada, which is responsible for government procurement,

Young Brothers Orders Four New Tugs from Conrad

Young Brothers, Limited, Hawai‘i’s largest inter-island cargo service provider, and Conrad Shipyard, signed a contract to build four new tugs, a nearly $80 million

Cruise Ship Trends

Lerwick Port Set to Receive Largest Cruise ship

Lerwick Harbour’s record-breaking cruise season will hit the first of several milestones this season on Thursday (30 June) with the arrival of Azura, the largest

New Port Academy Liverpool Unveiled at Grand Opening

LIVERPOOL City Region has launched a new  £2.5 million maritime training academy which it believes is the only one in the U.K. to create vitally needed skills and

Ovation Of The Seas Sets Sail From China

Royal Caribbean christened their third Quantum class cruise ship, Ovation of the Seas, to huge fanfare in a ceremony in Tianjin, China.   The event marked the

Ports

COSCO Says Piraeus Port Sale Terms Inconsistent with Deal

COSCO Greece objected on Wednesday to terms submitted to parliament for the sale of Piraeus Port to China COSCO Shipping, saying they were inconsistent with those

Agthia Signs 25-year Lease in Abu Dhabi

Abu Dhabi Ports and Agthia Group PJSC have signed a lease agreement aimed at expanding the group’s existing Grand Mills Flour and Animal Feed facilities at Zayed Port.

Port Everglades, EPA to Study Air Emissions

Port Everglades has signed a partnership agreement with the U.S. Environmental Protection Agency (EPA) to study air emissions.   The EPA's Office of Transportation

Finance

Light at the End of the Tunnel Distant for Multipurpose Shipping

The demand outlook for the multipurpose fleet has not improved since the first quarter of 2016. The breakbulk and project cargo sector remain weak, with little

Star Bulk Carriers Reports 1Q Loss, Adds 3 Vessels.

The Athens, Greece-based Star Bulk Carriers Corp. (SBLK) has reported a loss of $48.8 million in its first quarter. The shipping company posted revenue of $46.

Jinhui Sells Supramax

Jinhui Shipping and Transportation has agreed to sell another supramax dry bulk carrier, having just made a similar deal earlier this month.   The purchaser is a company incorporated in Hong Kong.

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0893 sec (11 req/sec)