MSC is eyeing port of Astakos
Listed construction company AEGEK is locked in negotiations with the Italian-Swiss group MSC (Mediterranean Shipping Company) on the latter’s possible entry to the country’s sole private port at Astakos, western Greece. AEGEK sources suggested that MSC was studying the option of operating the port, as well as participating in the investment, which is the main objective for the construction firm. The same sources refuted reports about the possible sale of the Astakos shipping and industrial zone to entrepreneur Vassilis Koutsis, who holds 10 percent of the investment through his SYMET company. MSC was founded in 1970 and is based in Geneva. It operates port installations in a number of countries and has a fleet of 340 container ships, with a total capacity of 1,113,000 containers. The Astakos zone covers 1.6 square kilometers and has a range of advantages, including its location and the depth of its port, which allows the docking of large container ships. This explains the interest from MSC, which has been facing problems in the port of Piraeus. The Astakos port has the capacity to handle 850,000 containers annually, a figure which can be expanded to 1.5 million, while the investment currently in progress comes to -126 million. AEGEK is attempting to transfer its interests at Astakos for at least -150 million. If this proves successful, the company will have gone a long way toward emerging from the monitoring of creditor banks. It will also increase its share capital by 64.8 million euros, in a process that began this week and will end on June 19. Some -50 million of that will be used to cover short-term obligations, mainly to Piraeus Bank and Alpha Bank. AEGEK today has a backlog of projects worth -700 million. It is also the main contractor for the Thessaloniki metro. The latter project will have to overcome opposition from local people on some sections of the line, but the company does not appear overly concerned about this obstacle.
