Piraeus Port Authority News

Greece's privatizations agency transferred shares corresponding to a 16% stake in Piraeus Port Authority to Chinese port operator COSCO Shipping after an amendment to a previous concession agreement, it said on Thursday.Last month Greek lawmakers amended a deal with COSCO allowing it to raise its stake in Greece's biggest port of Piraeus, paving the way for Greece to secure a major investment.Under a 2016 privatization deal, COSCO Shipping bought a 51% stake in Piraeus Port Authority for 280 million euros ($328 million) and committed to mandatory investments worth about 294 million euros over

Greek lawmakers on Thursday approved an amended deal with Chinese shipping group COSCO that will allow it to raise its stake in Greece’s biggest port of Piraeus, paving the way for Greece to secure a major investment.Under a 2016 Greek privatisation deal, COSCO Shipping bought a 51% stake in Piraeus Port Authority (PPA) for 280 million euros ($328 million). It then committed to mandatory investments worth about 294 million euros over five years to purchase an additional 16% stake for 88 million euros.COSCO was due to fulfil this key condition by August…

Chinese shipping group COSCO hopes to reach a deal with the Greek government to complete the purchase of an extra stake in Piraeus, despite running out of time to fulfil a key condition, a top official at the port said.Under a 2016 Greek privatization agreement, COSCO Shipping bought a 51% holding in Piraeus Port Authority (PPA) for 280 million euros ($341 million) and committed to mandatory investments worth about 300 million euros over five years to acquire an additional 16%…

The Greek island of Corfu welcomed its first cruise ship of the new season on Tuesday, hoping much awaited tourists will help salvage losses incurred during 2020 due to the coronavirus.Corfu port authorities said some 600 tourists from countries including Italy, France and Germany were on board the Costa Luminosa, operated by Italy's Costa Cruises, and all safety measures were being adhered to in the port.Some of the passengers expressed their delight at being able to travel again."It's freedom, enjoying life, you really feel much better. You're not in prison anymore, you're free and that really does you good," said French tourist Robert Maran from Lyon.Greece opened its doors on Saturday to tourists from the EU and other key markets such as the United States…

The European Investment Bank (EIB) on Monday formally agreed to provide 140 million euros (USD $154.5 million) to support expansion and upgrading of Piraeus Port, Greece's main port.The largest ever loan for port investment in the country by Europe’s long-term lending institution, will support the implementation of part of investments at the Port of Piraeus in a total investment plan of more than EUR 600 million. The 20-year loan was signed in Athens in the presence of Prime Minister of Greece Kyriakos Mitsotakis, Chinese President Xi Jinping and Xu Lirong, Chairman of COSCO Shipping Corporation, by Andrew McDowell, European Investment Bank Vice President, the Chairman of Piraeus Port Authority S.A.

Greece's Piraeus Port Authority (PPA) announced that the "PIRAEUS I" floating dock is available again for ship repair works."PIRAEUS I floating dock has been delivered for use and is operating again after scheduled maintenance works," said an announcement from PPA.PIRAEUS I is 202 m. long, with inner width 31 meters, has lifting capacity of 15,000 tons and can serve ships with capacity of 40,000 tons.During the first nine months of 2019, the ship repair activity at the port of Piraeus is showing an increase, despite the temporary suspension of PIRAEUS I floating dock operations, as the ships in docks increased by + 11% and the ships under repair in Ship Repair Zone increased by 7.4% compared to the same period of 2018.The Management of PPA S.A.

Greece has trimmed an investment plan by Piraeus Port Authority (PPA) to boost operations at one of Europe's largest harbours, rejecting proposals for a new container terminal.PPA, majority owned by China's COSCO Shipping , had submitted to Greece's shipping ministry an 800-million-euro plan, which included a new cruise ship terminal, a mall and four hotels in the port.PPA had also proposed to build a fourth container terminal that would boost Piraeus' total throughput to 10 million…

Piraeus Port Authority SA (PPA) was honored with a Special Award in the "Environment" category for the "Environmental Quality Monitoring Programs in collaboration with Academic Institutions and Special Scientific Associates” during the 4th Annual Sustainability Summit 2019, organized by the Centre for Sustainability and Excellence (CSE) in cooperation with the MBA International of the Athens University of Economics and Business.Upon receipt of the award, Mr. Nektarios Demenopoulos, Deputy Manager of Public Relations, Investor Relations & Company Announcements Department, stated: “For Piraeus Port Authority, the environmental protection is not only a priority but a part of its everyday business activities and an important criterion for any action it implements.

Piraeus Port Authority S.A welcomed newly built cruise ship of Norwegian Viking Ocean Cruises' Viking Jupiter and handed an honorary plaque to the Cruise Director Mark Andrew Brignone and books for the ship's library.However, the Norwegian cruiser got into a minor accident while docking at a pier in the port.According to media reports, the cruiser with 607 passengers and 483 crew members on board was at the process of arrival when it crashed with the right side due to the stormy winds.Stormy winds were the cause of the cruise accident, since they forcibly hit the vessel’s right hull to the pier. The vessel suffered minor damages include a crack of about 10 cm.The cruise ship Viking Jupiter is 230 meters long with capacity 950 passengers…

The Greek port of Piraeus signed a memorandum of understanding (MoU) with Italy’s port authorities from the cities of Venice and Chioggia.The agreement seeks to develop port services and promote increased trade flow between Europe, the Mediterranean and the Far East.The MoU was signed during a meeting between the chairman and CEO of Piraeus port Fu Chengqiu and the president of the Northern Adriatic Sea Port Authority (Venice and Chioggia) Pino Musolino.The MoU envisages cooperation in improving the exchange of best practices and knowhow in port management, particularly in IT, attracting investments and communications."The common target is to improve the performance of the two ports…

European Union and Italian authorities are investigating suspected wide-scale tax fraud by Chinese criminal gangs importing goods via Greece’s largest port of Piraeus, a trade gateway between China and Europe, officials said.“The VAT is completely evaded, with enormous damage to the national tax authorities and to the community,” Fabio Botto, of the Italian Central Anti-fraud Office’s special investigative unit, said in an interview.He said the suspected scam at Piraeus, part of China’s vast Belt and Road infrastructure project…

The Piraeus Port Authority S.A. (PPA) 2017 financial report revealed profits before tax amounted to €21.2 million ($26.19 mln) compared to €11.0 million ($13.59 mln) in the year 2016, showing an increase of 92 percent. Turnover amounted to €111.5 million compared to €103.5 million in the corresponding period of 2016, showing an increase of 7.7 percent. The operations at the container terminal showed significant increase in revenue by € 7million (53.1 percent), where container throughput increased by 70.6 percent, meaning 453.264 TEU compared to 265.716 TEU in 2016, while the income from the concession fee of the Pier II and Pier III increased approximately by €3.4 million (8.4 percent).

Piraeus Port Authority (PPA) SA and the Huawei Technologies SA are pleased to announce the contract conclusion for the modernization of the PPA network infrastructure. Huawei Technologies SA, after an international open tender, undertook the project of redesigning and replacement of the PPA's network infrastructure. More specifically, Huawei Greece, using optimal international practices and utilizing the latest technology products and solutions of the Group, will replace the existing network infrastructure of PPA, aiming to satisfy the requirements of the biggest port of Greece. PPA SA, by modernizing its network infrastructure, will enjoy network services of guaranteed availability…

The Piraeus Port Authority (PPA) has presented its proposals for the master plan for the development of Greece's largest port of Piraeus under “Master Plan of the Port of Piraeus". The compilation of the Master Plan for the development and operation of the Piraeus Port was made according to:  (i) all the Laws and regulations of general implementation, together with all the existing applicable regulatory rules, (ii) the methodology and specifications quoted in the “Specifications of Master Plan” document, (iii) regulations and guidelines for the establishment of Program Design as listed in ANNEX 6.2 of the Concession Agreement 2016. The…

Product tanker Agia Zoni II reported water ingress, sinking, in the early hours of Sunday  in Saronikos Gulf, south of Athens at anchorage west of Piraeus, with some 2500 tons of fuel on board, and two crew. The local media reports that Aghia Zoni II took on water while it was anchored and sank at 2.45 a.m., after sailing from the Aspropyrgos distilleries in the early hours of Saturday carrying 2,200 metric tons of fuel oil and 370 metric tons of marine gas oil. It is not yet known what caused the sinking. According to eKathimerini, its crew of two were rescued by a nearby ship and taken to shore, where doctors at Piraeus’s Tzaneio Hospital gave them the all-clear.

The Piraeus Port Authority (PPA) SA has announced the completion of a tender and finalization of a contract with Cosco SH (Dalian) Shipyard for the purchase of a new floating repair dock, an initiative that the port's management has pursued over the past year. The 240-meter floating repair dock will also have a width of 45 meters, a draft of 18 meters and a 205,66t capacity. The dock will be transported and installed in the Perama ship repair zone - west of Piraeus proper - after the completion of necessary infrastructure works in the area. The whole process is expected to be completed by February 2018. It is also noted that the tender…

The Piraeus Port Authority (PPA) has released its annual financial statement for 2015, showing post-tax profits of 23.8 percent. Earnings before taxes amounted to € 9.772.290,19 for the year ended 31.12.2015 against €8.891.464,98  in  2014 showing an increase of 9.91%. Profit after tax amounted to € 8.375.754,17  compared to € 6.763.882,84 showing an increase of 23.83%. The gross profit showed an increase of 13.9% compared to 2014 from € 22.958.410,89 to € 26.150.566,01. The President & CEO of PPA  John Kouvaris stated: "The PPA presents for another year a profitable financial use despite the ongoing economic crisis and realignments in the field of maritime transport…

Greece is to sell its biggest port Piraeus Port Authority to shipping group China COSCO Shipping Corporation, marking the second major privatisation for the country since late last year. The port sale had been halted by the leftist government of Alexis Tsipras when it won elections in January last year but it was resumed under Greece's 86 billion-euro bailout deal agreed with its euro zone partners in August. On Friday, striking dockworkers marched in central Athens to protest against the sale, which they fear will put their jobs at risk. Container terminals were shut as a result of the strike. Brief scuffles broke between police and some of the protesters.

The Cosco-managed Piraeus Port Authority (OLP) and Shanghai International Port Group, the world's biggest commercial port, signed a Memorandum of Understanding (MOU) envisioning cooperation in infrastructure studies, personnel training, information exchange and technical assistance. The MOU was signed by Athanasios Liagkos Executive Management Consultant & BoD member of the PPA SA and the Chairman of Shanghai International Port Group, Chen Xuyuan. This development further highlights Piraeus's strategic position on the world map and especially on the New Silk road. The sectors of cooperation mentioned in the Memorandum are: Project Studies, Staff Training, Information Exchange, Technical Assistance, etc.

With the aim to dominate maritime industry China has been acquiring overseas ports with huge investments which crossed USD 20 bln last year, Financial Times reported. Beijing has spent billions expanding its ports network to secure sea lanes and establish itself as a maritime power, says the report. China is aggressively pushing its  “One Belt One Road”, a grand scheme to win diplomatic allies and open markets in around 65 countries between Asia and Europe. It is pushing ahead with plans to open new shipping routes through the Arctic circle, the report said. The report quoted a study by Grisons Peak, a London-based investment bank, found that Chinese companies have announced plans to buy or invest in nine overseas ports in the year to June in projects valued at a total of $20.1bn.

COSCO Greece objected on Wednesday to terms submitted to parliament for the sale of Piraeus Port to China COSCO Shipping, saying they were inconsistent with those previously agreed with the Greek privatisation agency. Greece sealed the sale of Piraeus Port Authority to China COSCO Shipping Corporation in April, a major step for the bailed-out country in meeting the demands of international creditors that it step up privatisations. Under the 368.5 million euro (£298 million) deal…

Greece’s deal with Chinese shipping giant COSCO is “helping the country stand on its feet,” Greek Prime Minister Alexis Tsipras said. “We are sending a strong message to the international markets that Greece is decisively entering a new phase,” Tsipras said. According to a report in Xinhua, China and Greece have great hopes for Piraeus port, as attested to by the meeting of Chinese Premier Li Keqiang and his Greek counterpart Alexis Tsipras on Monday. Li met with Tsipras in Beijing on Monday afternoon, with much of their meeting focused on Piraeus. COSCO and the Greek state privatization authority TAIPED officially signed an agreement for the sale of a majority stake in the Port of Piraeus (OLP).

Piraeus Port Authority welcomed an inaugural call from Regent Seven Seas Cruises’ newest vessel on 12 October, as the luxury ship made its inaugural call to the Greek port with around 750 passengers and 650 crew members.    To mark the occasion, representatives from the port authority presented the ship’s master, Vasta Rosario Giovanni, with a commemorative plaque and books for the ship’s library.   Regent Seven Seas Cruises' cruise ship which is 224 meters long  was built in July 2016 and this summer makes cruises in the Aegean.   It is noted that in October the cruise calls in Piraeus, a hospitable and safe port in eastern Mediterranean, are continued with the same growth rate as from the beginning of the year (15-20%).