Piraeus Port Authority Sa News

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.

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…

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).

After acquiring control of Greece's Piraeus Port Authority SA, China Ocean Shipping (Group) Company (COSCO), is now bidding to run the port of Limassol on the island of Cyprus, in a bid to extend its reach in the Mediterranean Sea. A total of 14 companies have submitted bids for the commercialisation of Limassol port, the Cypriot Ministry of Transport, Communications and Works announced. Among the bids, six submissions were received for the container terminal, three for the marine services and five for the multipurpose terminal. “The commercialisation project now enters its next phase of detailed review and evaluation of the submissions which is expected to last a few weeks,” the Ministry said.

China's state-owned shipper China Ocean Shipping (Group), also known as Cosco Group and owned by China COSCO Holdings,  is on track to acquire Greece's largest container port, gaining a key foothold to expand China's economic and military presence in Europe and Africa under the "One Belt, One Road" trade route initiative. There were no other bidders, which suggests that China’s strategic aims of using the Greek port of Piraeus as getaway to Europe is one step closer to realization. Greece's privatization agency board said that Cosco was the only confirmed bidder for a binding stake in the country's biggest harbour. It had asked Cosco for an improved financial offer which Cosco would consider during the next week.

As the pushed back the date - the Dec. 21 deadline - for the submission of binding bids for the sale of its biggest port Piraeus (OLP) approaches, the pace is picking up with binding bids, reports WSJ. Three of the world’s biggest port operators expected to submit their binding bids next week. Greece’s leftist government had pushed the move back for a year, upsetting potential investors and ​the country’s international creditors. The deadline has been postponed three times since Oct.

Greece Economy Minister George Stathakis said that his government is dropping its opposition to selling off the Piraeus Port Authority SA. A sale of the Piraeus Port would be a reversal on the part of Greece’s Syriza party-led government, which had earlier pledged to block such moves. The country's leftist government had ruled out any privatization plans when it came into power but it later started pondering the revision of the sale terms and now has have given the green light for the sale of a majority stake in Piraeus port . Greek government spokesman Gavriil Sakellaridis said that final decisions on the privatization plan were linked to ongoing negotiations with international lenders on a new deal regarding the resolution of the Greek debt crisis.

Greece will proceed with the sale of stakes in strategic assets such as the port of Piraeus, says a report in Bloomberg. The Hellenic Republic Asset Development Fund, which sells real estate, infrastructure and other government holdings, is sending a revised tender offer to investors, including China Cosco Holding Co, to solicit bids for a stake in the Piraeus Port Authority SA. Under the new terms of the port tender, investors will be invited to purchase a 51 percent stake in the manager of Greece’s largest port, instead of a 67 percent stake previously offered, and won’t be offered the management of services for ferries, which was part of the original tender submitted to investors last year, sources said. They expect to close the sale before the end of the year, they added.