Piraeus, Greece (PortSEurope) August 14, 2019 – Local sources have reported that COSCO Shipping Ports Ltd is planning a fourth port terminal in Piraeus port with an investment of €200 million. Piraeus Port Authority SA (PPA) is operated by China’s COSCO Shipping Ports Limited.
Until now, the authorities in Greece have issued only part approval to COSCO’s master investment plan, and PPA will resubmit the plan on August 20. The resubmitted plan will include the construction of a 2.8 million TEU terminal, located east of the current Pier I. The aim is to expand the port’s capacity to over 10 million TEUs, comparable to that of the major Northern European ports.
However, the new government is pushing ahead with the master plan for the development of Piraeus port. The €612 million investment was discussed in talks recently between Shipping Minister Ioannis Plakiotakis, deputy PPA CEO Angelos Karakostas, and a representative, Athanasios Liagos, of the Hellenic Republic Asset Development Fund (HRADF/TAIPED), the agency responsible for privatising Greek state-owned assets.
The government has already approved a new warehouse, the construction of a five-storey parking space, the purchase of eco buses, the construction of a cruise ship terminal, the revamp of the landmark Pagoda building into a 5-star hotel and conference centre, the conversion of two existing warehouses into 4- and 5-star hotels, a 5-star hotel in the Porto Leone and a museum as part of the Piraeus Cultural Coast project, a PPA initiative.
Cargo traffic in Piraeus reached 4.9 million TEUs in 2018, 18.4% more than the previous year. In 2019, traffic is forecast to rise to 5.5-5.6 million TEUs.
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