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 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

Cruise Ship Trends

Fincantieri Launches Silver Muse

Silver Muse, the new ultra-luxury cruise ship which Fincantieri is building for the ship owner Silversea Cruises, was launched at Fincantieri’s shipyard in Genoa Sestri Ponente.

Lerwick Welcomes its Largest Ever Cruise Vessel

June 30 was a big day for GAC UK’s Shetlands office, as Offshore Manager Adrian Henry welcomed the P&O Cruises ship Azura to the port of Lerwick, the islands’ capital and home to GAC’s local office.

Fincantieri: Silver Muse Launched in Sestri

“Silver Muse”, the new ultra-luxury cruise ship which Fincantieri is building for the shipowner Silversea Cruises, was launched today at Fincantieri’s shipyard in Genoa Sestri Ponente.

Ports

India's Iran Oil Imports Surge in June

India's Iran oil imports rose about 39 percent in June year on year, preliminary data obtained by Reuters shows.   In the first half of 2016 India's Iran oil

Lerwick Welcomes its Largest Ever Cruise Vessel

June 30 was a big day for GAC UK’s Shetlands office, as Offshore Manager Adrian Henry welcomed the P&O Cruises ship Azura to the port of Lerwick, the islands’ capital and home to GAC’s local office.

India: Big Push on Coastal Shipping of Thermal Coal under Sagarmala

The State Government of Odisha will partner the Ministry of Shipping for taking ahead the ‘port-led development’ agenda under Sagarmala, the flagship program of the Ministry.

Finance

Baltic Index Up for Eighth Straight Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, continued its rise on Friday, for an eighth consecutive session,

Asia-N.Europe Box Rates up 77 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe rose 77.4 percent to $1,206 per 20-foot container (TEU) in the week ended on Friday,

Euronav Share Buyback

Euronav NV (NYSE: EURN & Euronext: EURN) (“Euronav” or the “Company”) today announces that the Company has purchased 192,415 of its own shares on Euronext Brussels for an aggregate price of EUR 1,

News

US Oil Drillers Add Rigs for 4th Week in 5

U.S. drillers this week added oil rigs for a fourth week in five, according to a closely followed report Friday, in the best month of producers returning to the

Vale Sells 3 Valemax Iron Ore Ships to ICBC

Brazil's Vale SA said it has sold three of its giant "Valemax" iron ore ships to a group led by Industrial and Commercial Bank of China, continuing efforts to unload

Fincantieri Launches Silver Muse

Silver Muse, the new ultra-luxury cruise ship which Fincantieri is building for the ship owner Silversea Cruises, was launched at Fincantieri’s shipyard in Genoa Sestri Ponente.

Logistics

Op/Ed: Supply Chain Hindered by Cumbersome Regulation

The Federal Maritime Commission (FMC), which has always been a valuable resource in supply chain management, announced the formation of a Supply Chain Innovations

Asia Tankers-VLCC Rates Expected to Soften

MidEast rates slip from two-week high on June 28; raft of new ships and repaired vessels weigh on rates. Freight rates for very large crude carriers (VLCCs)

Will Zim Join 2M?

Israeli carrier Zim Integrated Shipping Services (ZIM) might join the 2M Alliance between Maersk Line and Mediterranean Shipping Co., Alphaline said quoting industry sources.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Port Authority 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: 0.1285 sec (8 req/sec)