Piraeus port privatisation delayed three weeks

Piraeus Container Terminal

Piraeus Container Terminal

The Greek government’s plans to sell off a 51% stake in the Piraeus Port Authority to private investors has been delayed by three weeks on account of last month’s snap elections, government officials said this week. Greece’s shipping ministry has yet to to review the draft sale agreement before sending it out to potential investors, who include Cosco, APM Terminals and International Container Terminal Services (ICTSI). The tender includes an option for the successful applicant to increase its share in the Port Authority to 67% in five years if the party invests €300m.
The decision to privatise the port was brought on by Greece’s financial difficulties, but has been given a boost by the strong performance of the Piraeus Container Terminal since it was sold to China’s Cosco Pacific in 2009. Since then, it has managed double-digit annual growth numbers and become one of Europe’s top 10 box ports. 

Source: splash247