China's Cosco, Five Others Interested in Piraeus Port

MarineLink.com
Monday, April 28, 2014
Photo courtesy of Piraeus Port Authority

China's Cosco Group and five other investors have expressed interest in a majority stake in Piraeus port (OLP), the largest in the country, Greece's privatisation agency HRADF said on Monday.

Cosco Group's initial interest for a 67 percent stake in OLP, is further highlighting Chinese investors' appetite for Greek assets as the state sells off parts of its businesses to go some way to balance the bailed out country's books.

Greece last month picked a Chinese-backed bid to develop a prime seaside property at the former Athens airport Hellenikon.

Cosco's subsidiary, COSCO Pacific, the world's fifth largest container terminal operator, sealed a deal with Greece five years ago to run and upgrade two of the state-owned Piraeus port's piers for 35 years, aiming to turn OLP into a regional hub.

Last year it agreed to invest an extra 230 million euros to boost the port's handling capacity over seven years and in return, it would stop paying fees to OLP.

HRADF said the largest U.S. terminal operator Ports America; Dutch container terminal operator APM Terminals; private equity firm Cartesian Capital Group; Philippines-based International Container Terminal Services and close-ended investment company Utilico Emerging Markets Limited had also submitted non-binding bids for OLP.

Since 2010, the crisis-hit country has signed deals worth 4.9 billion but raised only 2.7 billion euros from state assets sales, a key term of its 240 billion-euro bailout agreement with the European union and the International Monetary Fund.

Athens is aiming for privatisation revenues of 1.5 billion euros this year by selling the stake in OLP and privatising its railway operator TRAINOSE, rolling stock company ROSCO and some regional airports, among other assets.

Binding offers for OLP are expected by end of the year.

Piraeus is one of the busiest passenger ports in Europe, according to OLP data, and one of the top cargo ports in the Mediterranean. Cargo traffic rose 15 percent to 3.1 million twenty-foot equivalent units in 2013.

Greece has also put up for grabs its second biggest port, in the northern city in Thessaloniki. The deadline for non-binding bids expires on June 5.

Despite the crisis, OLP's net profit rose 12 percent to 8 million euros last year.

(Reporting by Angeliki Koutantou; Editing by Alison Williams)

Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Matson Announces Quarterly Dividend

Matson, Inc. declared a first quarter dividend of $0.17 per common share, the company’s board of directors announced. The dividend will be paid on March 5, 2015

Hogan Named VP at Newport News Shipbuilding

Rob Hogan has been appointed vice president of manufacturing at the Newport News Shipbuilding division of Huntington Ingalls Industries (HII), the company announced.

Kongsberg Expands Louisiana Office, Training Facility

Kongsberg Maritime has purchased approximately 5.2 acres for new construction on an 82,980 sq ft office and training facility. Construction on the James Business

Finance

Matson Announces Quarterly Dividend

Matson, Inc. declared a first quarter dividend of $0.17 per common share, the company’s board of directors announced. The dividend will be paid on March 5, 2015

Kirby Reports Record Earnings

Kirby Corporation announced record net earnings of $68.1 million, or $1.19 per share, for the fourth quarter 2014 (ended December 31). The results bested 2013’s fourth quarter figures of $64.

Baltic Sea Freight Index Falls to Lowest Level Since 1986

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, spiralled downwards to its lowest level in nearly three

News

Matson Announces Quarterly Dividend

Matson, Inc. declared a first quarter dividend of $0.17 per common share, the company’s board of directors announced. The dividend will be paid on March 5, 2015

Maintenance Woes Led to Digby Ferry Grounding

Maintenance deficiencies and inadequate emergency procedures led to November 2013 grounding of Princess of Acadia in Digby, Nova Scotia    Maintenance deficiencies

Hogan Named VP at Newport News Shipbuilding

Rob Hogan has been appointed vice president of manufacturing at the Newport News Shipbuilding division of Huntington Ingalls Industries (HII), the company announced.

Logistics

Stolt-Nielsen Q4 Profit Misses Forecast

Shipping firm Stolt-Nielsen reported fourth quarter earnings below forecasts on Thursday and said it was concerned about the outlook for the chemical tanker market,

China Watching Greece After Port Sale Shelved

China is closely monitoring the policies of the new Greek government after Athens said this week it will stop the sale of a majority stake in Greece's biggest port,

Shell Eyes Arctic Drilling this Summer

Oil major Shell wants to revive its Arctic oil drilling programme this year after a near two-year suspension, angering environmentalists who say the risk of an oil spill is too high.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pod Propulsion Port Authority Salvage Ship Electronics Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1521 sec (7 req/sec)