Cosco Bets on Piraeus Home Porting Potential

Photo credit: Municipality of Piraeus

A total investment of 330 million euros will go into transforming Piraeus into a Mediterranean home porting hub, Cosco Hong Kong Group told a press conference last week at the Athens Stock Exchange.

Piraeus Port Authority (PPA) CEO Captain Fu Chengqiu presented the company’s action plan in this direction, which includes boosting trade activity and the development of cruise travel with the intention initially to attract travelers from China who will embark on their cruise trips from Piraeus.

Addressing the Association of Institutional Investors, Chengqiu said turnover increased by 3.5 percent to 103.5 million euros compared to 99.9 million euros in the corresponding period in 2015 despite the ongoing economic downturn, migrant crisis and strikes.

Other plans include cutting spending and downsizing staff.

“We started working hard in order to increase turnover and reduce costs. We changed the organization chart, restricting the existing 54 sections to 23 and the 135 directors to 45,” Chengqiu said.

According to the concession agreement, Cosco will have to fully implement its investment program before gaining the remaining 16 percent of shares – it now holds 51 percent.

Meanwhile, PPA is set to call an international tender for a floating dock aiming to expand the port’s ship repair zone and has plans to increase curse ship slots by six.