rss icon Subscribe
desktop mobile

Greece Trims Piraeus Port investment plan

File Image: A Piraeus cruise terminal berth (CREDIT: AdobeStock / © anastasiia Usoltceva)

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 TEUs (twenty-foot equivalent units) a year from 7.2 million TEUs now and a new car terminal.

Greece's shipping ministry had approved the new cruise ship terminal, the mall and the hotels at a previous meeting last month, referring the issues of the new container and car terminal to another meeting which took place on Wednesday.

The shipping ministry approved a plan by PPA which amounted to 611.8 million euros ($673.22 million) but rejected the part for a new container terminal, it said in a statement late on Wednesday after a meeting.

The ministry said that conditions for a new container terminal "were not ripe at this moment."

"There is some bitterness for the part of the plan which didn't go ahead," a PPA official told Reuters on condition of anonymity. "In any case, we believe that the government will reconsider those proposals."

PPA's plan, which includes mandatory and voluntary spending, has met with opposition by local communities for fear it would hurt Piraeus' landscape and existing ship repair business.

PPA, which now owns 51% of the port, has to conclude mandatory investments of 300 million euros by 2022 to acquire an additional 16% stake.

Reporting by Angeliki Koutantou

Oct 10, 2019



Baltic Index Sags as Rates Slip

AdobeStock / Credit © Lidian Neeleman

The Baltic Exchange's main sea freight index, which tracks rates for ships ferrying dry bulk

Exxon, Trafigura Tap Lower Freight Rates

A VLCC loads crude oil in the port of Corpus Christi, TX (File image / credit Port of Corpus Christi)

U.S. crude exports to Asia, which have slumped due to record freight costs, stirred on Thursday as

MSC Cruises Returns to Thordon to Keep Seashore Clean

Photo: Thordon Bearings

Thordon Bearings has received an order to supply a water-lubricated propeller shaft bearing


Singapore Company Fined for Illegal Scrapping Attempt

Harrier, previously named Tide Carrier was detained after suffering an engine failure and started to drift outside Jæren in Rogaland. (Photo: Kystverket)

A Singapore company has paid a NOK 7 million ($763,000) fine after it was caught trying to

USCG Announces Key Changes to NVIC's

file image: USCG

The Office of Merchant Mariner Credentialing published changes to five Navigation and Vessel

DOJ: Failure to Report Hazardous Condition

AdobeStock / © Renaschild

Two shipping companies incorporated in Liberia pled guilty today in federal court in Wilmington

Maritime Apps