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 August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Dann Marine Repowers With Cummins Tier 3 Engines

Dann Marine Towing, LC., is a fifth generation family owned and operated tugboat company based in Chesapeake City, MD. The model-bow twin-screw tug Sea Coast was

Sulzer Shareholder has 5 pct Dresser-Rand Stake

Russian billionaire Viktor Vekselberg's Swiss investment firm Renova Group said on Friday it had a 4.99 percent stake in U.S.-based Dresser-Rand, which might become the object of a takeover battle.

MAN-Powered Cargo Vessel Meets Tier III

Classification society awards SCR system emissions certificate. MAN Diesel & Turbo has been awarded a Tier III - compatibility certificate by the DNV- GL classification

Ports

FPSO Petrojarl Knarr Delivered to Norway

Three tugs of Fairmount Marine have towed the brand new FPSO Petrojarl Knarr from South Korea to Norway in just 61 days. Petrojarl Knarr, one of world’s largest

South Carolina Ports Container Volume Up by 13%

SC Ports Authority reported container volumes up 13 percent fiscal year to date, a strong start to the first two months of the fiscal calendar. The SCPA handled 163,

Maritime Reporter @ 75: The Daily Cartoon

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry,

Finance

Exxon: U.S. to Allow Wind Down Ops in Russian Arctic

U.S. oil major Exxon Mobil said on Friday the U.S. Treasury Department granted it a license to wind down operations on a drilling well in the Kara Sea in the Russian Arctic.

Sulzer Shareholder has 5 pct Dresser-Rand Stake

Russian billionaire Viktor Vekselberg's Swiss investment firm Renova Group said on Friday it had a 4.99 percent stake in U.S.-based Dresser-Rand, which might become the object of a takeover battle.

Source: Siemens Offering $6.1 bln for Dresser Rand

Germany's Siemens plans to offer more than $6.1 billion, or $80 per share, for U.S. compressor and turbine maker Dresser-Rand, Germany's Manager Magazin said on Friday.

Container Ships

South Carolina Ports Container Volume Up by 13%

SC Ports Authority reported container volumes up 13 percent fiscal year to date, a strong start to the first two months of the fiscal calendar. The SCPA handled 163,

Global Ship Lease to Acquire Containership

Global Ship Lease, Inc. has  announced  that it has agreed to acquire a 8,063 TEU containership from a leading container liner company for a purchase price of $55 million.

Maersk Sees US Approval of Shipping Alliance as Formality

U.S. regulatory approval of a proposed shipping alliance involving AP Moeller Maersk should be a formality, the Danish company's chief executive said on Wednesday.

News

Dann Marine Repowers With Cummins Tier 3 Engines

Dann Marine Towing, LC., is a fifth generation family owned and operated tugboat company based in Chesapeake City, MD. The model-bow twin-screw tug Sea Coast was

Exxon: U.S. to Allow Wind Down Ops in Russian Arctic

U.S. oil major Exxon Mobil said on Friday the U.S. Treasury Department granted it a license to wind down operations on a drilling well in the Kara Sea in the Russian Arctic.

Sulzer Shareholder has 5 pct Dresser-Rand Stake

Russian billionaire Viktor Vekselberg's Swiss investment firm Renova Group said on Friday it had a 4.99 percent stake in U.S.-based Dresser-Rand, which might become the object of a takeover battle.

Logistics

Exxon: U.S. to Allow Wind Down Ops in Russian Arctic

U.S. oil major Exxon Mobil said on Friday the U.S. Treasury Department granted it a license to wind down operations on a drilling well in the Kara Sea in the Russian Arctic.

Russia: Exxon Still Drilling in its Arctic

ExxonMobil is still drilling in the Russian Arctic, a Russian minister said on Friday, in move that if confirmed will anger Washington after the U.S. administration

FPSO Petrojarl Knarr Delivered to Norway

Three tugs of Fairmount Marine have towed the brand new FPSO Petrojarl Knarr from South Korea to Norway in just 61 days. Petrojarl Knarr, one of world’s largest

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Simulators 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: 0.2286 sec (4 req/sec)