Cosco: Until 2018, the Piraeus will be among the 30 largest ports

H Cosco Shipping plans to increase the volume of containers handled by the port of Piraeus in …
35% by 2018, said the new ceo of the PPA, Fu Cheng Q, in an interview he gave to Reuters.
H Cosco wants to increase the traffic container in the port to 5 million TEU (unit of measurement for containers) on the basis of the plan to make Greece into a transit hub for the rapidly growing trade between Asia and Eastern Europe, said Fu. “If we reach this level, the port of Piraeus will be among the 30 largest port-to-port container transportation,” he said.
The planned expansion will make the port of Piraeus is the fifth largest port in terms of freight traffic from eighth it is today, overcoming the Spanish ports of Valencia and Αλτζεσίρας, according to data of the PortEconomics.
The Cosco has spent millions of euros to upgrade the port facilities and the annual traffic increased more than threefold from 2010, reaching 3.3 million. TEU 880 000, while is expected to reach 3.7 million this year, reports Reuters.
Piraeus surged last year in 44th position in the world ranking of freight port-to-port from 93rd in 2010, said Fu.
The freight activity accounts for more than half of the total turnover of the port of Piraeus, which amounted to about 100 million. euros last year. On the basis of the contract of privatisation of the PIRAEUS port authority, Cosco should complete investments of around 300 million. euro in a period of five years, before acquiring an additional 16% of the shares.
Fu said that the additional investment will be used mainly for the upgrading of the ship repair, supply chains and activities cruise, adding that in November it will be ready a detailed operational programme.
“With our investments (we want) to create more jobs for the benefit of the local community,” noted Fu. “A company, of course, always need new blood to grow,” he added.
The PPA employed about 1,100 people. The unions strongly opposed the sale, fearing job cuts and wages and deterioration of working conditions. Fu said that the Cosco “is very careful and very serious about these issues and treats them in accordance with the law”.
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