Piraeus Port Posts Flat Profit, Sales Dip

Posted by Eric Haun
Wednesday, August 27, 2014
Photo: Piraeus Port Authority

Greece's Piraeus Port (OLP) , the largest in the country, said its first-half net profit was almost unchanged from the same year-ago period, while sales fell.

Piraeus Port, which is privatisation, is one of the busiest passenger ports in Europe, a popular destination for cruise ships and one of the top cargo ports in the Mediterranean.

The state-owned company reported a net profit of 3.3 million euros (4.3 million US dollar) in the first six months of 2014.

Sales dropped by 3.3 percent to 50.2 million euros, the company said in a statement on Wednesday.

China's Cosco Pacific won a 35-year concession in 2009 to upgrade and run two container cargo piers at the port. It wants to turn Piraeus into a regional hub.

The Chinese company is among five suitors shortlisted as potential buyers of a majority stake in OLP, highlighting Chinese investors' appetite for Greek assets as the crisis-hit country sells off parts of its businesses, a key term of its 240-billion euro bailout plan by the EU and the IMF.

U.S. terminal operator Ports America; Dutch container terminal operator APM Terminals; Philippines-based International Container Terminal Services; and close-ended investment company Utilico Emerging Markets Limited are the other potential investors.

(1 US dollar = 0.7587 euro)

(Reporting by Renee Maltezou, editing by Louise Heavens)

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

People & Company News

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

Port of Houston Expecting Record Year

The Port of Houston Authority is expecting 2014 to close as a banner year for the port, with 34 million tons of cargo handled through November, Executive Director

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

Cruise Ship Trends

Port of Houston Expecting Record Year

The Port of Houston Authority is expecting 2014 to close as a banner year for the port, with 34 million tons of cargo handled through November, Executive Director

Duffy Named President of Carnival Cruise

Carnival Corporation & plc., the world’s largest travel and leisure company, today announced that Christine Duffy has been named president of Carnival Cruise Line,

Fincantieri Wins Carnival Cruise Ship Order

Fincantieri SpA has been awarded an order by Carnival Corporation & plc for the construction of two new cruise ships for Carnival Cruise Line and Holland America Line.

Ports

Fighting for Ports Escalates in Libya

Military planes loyal to Libya's recognised government attacked on Sunday an opposing force that is seeking to seize the country's two biggest oil ports, officials said.

Port Workers in Argentine Grain Hub End Strike

Port workers in part of the Argentine grains hub of Rosario lifted a work stoppage on Friday, only a day after they went on strike over demands for higher year-end bonuses, a union official said.

Port of Houston Expecting Record Year

The Port of Houston Authority is expecting 2014 to close as a banner year for the port, with 34 million tons of cargo handled through November, Executive Director

Finance

Oil is on the Rise

Oil prices rose in early trading on Monday as Asian markets opened strongly into a holiday-shortened week and as consensus spread that Brent crude prices would

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

US Plans to Shut Royalty Loophole on Coal Exports

U.S. coal companies will no longer be able to settle royalties at low domestic prices when they make lucrative sales to Asia according to reforms proposed by the Interior Department on Friday.

News

Port Workers in Argentine Grain Hub End Strike

Port workers in part of the Argentine grains hub of Rosario lifted a work stoppage on Friday, only a day after they went on strike over demands for higher year-end bonuses, a union official said.

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

Logistics

Port Workers in Argentine Grain Hub End Strike

Port workers in part of the Argentine grains hub of Rosario lifted a work stoppage on Friday, only a day after they went on strike over demands for higher year-end bonuses, a union official said.

Port of Houston Expecting Record Year

The Port of Houston Authority is expecting 2014 to close as a banner year for the port, with 34 million tons of cargo handled through November, Executive Director

Costa Rica Approves APM Terminals Project

Port operator APM Terminals, a unit of Denmark's A.P. Moller-Maersk, said on Friday Costa Rica's environment agency had approved the construction of its Moin Container Terminal project.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
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: 0.1545 sec (6 req/sec)