Container terminal plan rejected

Greece’s Committee of Planning and Development of Ports (ESAL) approved Piraeus Port Authority (PPA) investments amounting to €611.8m, but this did not include a fourth container terminal put forward by PPA, majority owned by COSCO Shipping, in a plan originally due for approval in June 2018. PPA chairman, Yu Zenggang, urged the committee to review its decision.

Mr Zenggang stated: “After a long waiting period, we obtained the approval to proceed to the implementation of significant investments that will make Piraeus the most important port in the Mediterranean and will create even more new working positions.

“We hope that the competent authorities will soon review the expansion of the Container Terminal as it is one major investment that will establish the Piraeus port as one of the top Container Terminals in Europe.”

Big changes

PPA’s plan includes a new cruise ship terminal, a mall and four hotels within the port.

The Port of Piraeus is the focus of China’s vision to create a gateway to Europe as part of its US$126bn Belt and Road initiative. The investment plan comprises mandatory and voluntary investments and these form an important part of COSCO’s pledge to meet expansion and modernisation expectations, made when it acquired 51% of the port in 2016.

It is understood that COSCO will acquire the remaining 16% after five years once these expansion and modernisation conditions have been met.