Sunday May 24, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Cosco harboring big plans for Piraeus ahead of OLP stake sale

By Ilias Bellos

Cosco sources have told Kathimerini that the Chinese company is ready to submit its bid for the acquisition of the majority stake in privatization-bound Piraeus Port Authority (OLP), with the proposal also including investment and development proposals aimed at turning Piraeus into the biggest port in the Mediterranean.

The same sources add that the company’s decision has been communicated to everyone involved and will be implemented on the condition that it is accepted by Greek and European authorities.

Officials from Cosco’s local subsidiary, Piraeus Container Terminal (PCT), add that ongoing developments in the global containers market – such as the formation of the “P3 alliance” consortium comprising Maersk Line, Mediterranean Shipping Company and CMA CGM – are creating optimism that, with the right moves, Piraeus could attract a much higher volume of containers.

Even beyond the container sector, the same sources see huge prospects in the Greek port’s car terminal, which given the increase in vehicle imports from Asia to Europe and Piraeus’s strategic position close to the Suez Canal could turn it into a main European gate of entry for such shipments.

However, Cosco is not the only suitor for the majority stake in OLP and the port’s development; a consortium from New Zealand, comprising Morrison & Co and ICM Limited, has also expressed an interest. Morrison & Co is responsible for the management and administration of listed investment group Infratil Limited. A third suitor cannot be ruled out, although Cosco’s presence in Piraeus clearly gives it a comparative advantage.

According to the draft text of the tender proclamation, submitted to Parliament last week, the state is selling 67 percent of OLP, which will be the Piraeus port’s contractor until 2052 via a concession contract with the state. This means that the privatization concerns the transfer of this concession, while the port infrastructure will continue to belong to the state and is not for sale, as government sources have explained.

ekathimerini.com , Monday March 3, 2014 (20:53)  
Hotel contracts with a ‘Greek default clause’
Listed firms have whisked away most of their cash reserves
Car sales drop a gear on VAT rate uncertainty
Bulk of loan requests comes from food service
Protesters torch trolley bus, clash with police in Athens
Around 40 hooded anti-establishment protesters threw petrol bombs and stones at riot police in central Athens on Saturday, setting fire to a trolley bus. Police fired teargas to try and cont...
Tsipras faces down radicals within SYRIZA over terms of deal
After a busy week of talks with European leaders aimed at securing support for a deal for Greece, Prime Minister Alexis Tsipras faces challenges on the home front amid tensions with SYRIZA o...
Inside News
SOCCER
Reds add Cup to league trophy with 3-1 win over Xanthi
Olympiakos completed a league-and-cup double on Saturday by beating Xanthi 3-1 in the Greek Cup final at the Olympic Stadium of Athens, that was more balanced than the final score suggests. ...
BASKETBALL
Olympiakos strolls past Korivos Amaliadas
Olympiakos completed the Basket League’s semifinal line-up on Saturday after sweeping Korivos Amaliadas with a 2-0 score in the best-of-three quarterfinals. After winning 91-52 in Game 1 at ...
Inside Sports
ANALYSIS
Neither Grexit nor a dual currency will solve Greece’s problems
A Grexit or the introduction of a dual currency is not a solution to Greece’s problems. On the contrary, it would be a worst-case scenario for Greece in the short term. Only in the medium to...
COMMENTARY
First aid for the capital
The fact that the center of Athens exudes the stench of human waste is an undeniable truth, just like the fact that in late spring, one nostril smells blossoming bitter lemon trees while the...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Reds add Cup to league trophy with 3-1 win over Xanthi
2. Olympiakos strolls past Korivos Amaliadas
3. Protesters torch trolley bus, clash with police in Athens
4. Tsipras faces down radicals within SYRIZA over terms of deal
5. Police on standby after Roma dispute leaves one dead
6. Dog attacks seven people in Thessaloniki, including 13-year-old boy
more news
Today
This Week
1. Hotel contracts with a ‘Greek default clause’
2. Neither Grexit nor a dual currency will solve Greece’s problems
3. Listed firms have whisked away most of their cash reserves
4. First aid for the capital
5. Tsipras faces down radicals within SYRIZA over terms of deal
6. New civil service assessment scheme focuses on rewards instead of punishment
Today
This Week
1. The Greek-German breakthrough that didn’t come
2. Conspiracy madness
3. Greece came close to not paying IMF
4. National self-awareness put to the test
5. Albanian demarche raises concerns about possible territorial claims over Greece
6. Greek endgame nears for Tsipras as bank collateral hits buffers
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.