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

People & Company News

Baltic Mercur II makes maiden voyage to Antwerp

This week Atlantic Ro-Ro Carriers (ARRC) celebrates the maiden voyage of the Baltic Mercur II via the port of Antwerp as part of their regular transatlantic service to the US Gulf.

USCG Provides Safety Tips to Paddlesports Enthusiasts

As the boating season unofficially begins, the 9th Coast Guard District is reminding paddlesport enthusiasts to take precautions to ensure safe trips and increase

USS George Washington Completes Carrier Qualifications

Carrier Air Wing (CVW) 5 and the Nimitz-class aircraft carrier USS George Washington (CVN 73) completed its carrier qualifications (CQ), May 23. CQ allows

Ports

Dortmund Port's Throughput Up

In 2014, Dortmund’s combined goods throughput on ships and trains amounted to 5.7 million tonnes, compared to 5.3 in the previous year. 2.9 million tonnes (+600,000) of this was ship related.

Baltic Mercur II makes maiden voyage to Antwerp

This week Atlantic Ro-Ro Carriers (ARRC) celebrates the maiden voyage of the Baltic Mercur II via the port of Antwerp as part of their regular transatlantic service to the US Gulf.

Vinalines Plans Ports Divestment

The Vietnam National Shipping Lines (Vinalines) and the Ministry of Transport (MOT) hope the plan to reduce the state’s ownership ratio in the big shipping firm

Finance

Vinalines Plans Ports Divestment

The Vietnam National Shipping Lines (Vinalines) and the Ministry of Transport (MOT) hope the plan to reduce the state’s ownership ratio in the big shipping firm

Dubai Establishes Maritime Arbitration Centre

The Dubai Maritime City Authority (DMCA) is in the final stages of completing the rules for the first maritime arbitration centre in the Middles East: the Emirates

Gener8 Maritime to Go Public

Private equity-backed tanker operator Gener8 Maritime filed with the U.S. Securities and Exchange Commission (SEC) to proceed with an initial public offering worth up to $100m.

News

Dortmund Port's Throughput Up

In 2014, Dortmund’s combined goods throughput on ships and trains amounted to 5.7 million tonnes, compared to 5.3 in the previous year. 2.9 million tonnes (+600,000) of this was ship related.

Baltic Mercur II makes maiden voyage to Antwerp

This week Atlantic Ro-Ro Carriers (ARRC) celebrates the maiden voyage of the Baltic Mercur II via the port of Antwerp as part of their regular transatlantic service to the US Gulf.

USCG Provides Safety Tips to Paddlesports Enthusiasts

As the boating season unofficially begins, the 9th Coast Guard District is reminding paddlesport enthusiasts to take precautions to ensure safe trips and increase

Logistics

Dortmund Port's Throughput Up

In 2014, Dortmund’s combined goods throughput on ships and trains amounted to 5.7 million tonnes, compared to 5.3 in the previous year. 2.9 million tonnes (+600,000) of this was ship related.

Dubai Establishes Maritime Arbitration Centre

The Dubai Maritime City Authority (DMCA) is in the final stages of completing the rules for the first maritime arbitration centre in the Middles East: the Emirates

Gener8 Maritime to Go Public

Private equity-backed tanker operator Gener8 Maritime filed with the U.S. Securities and Exchange Commission (SEC) to proceed with an initial public offering worth up to $100m.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pod Propulsion Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Winch
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: 0.3463 sec (3 req/sec)