Cosco aims to boost Piraeus container volume 35pc to 5 milli

Time: 2016-09-29 13:51
CHINA's Cosco Shipping Ports (CSP) aims to raise container throughput at the Greek port of Piraeus 35 per cent to five million TEU by 2018, turning Greece into a transhipment hub for rapidly expanding trade between Asia and Eastern Europe.
"If we reach that level, Piraeus port would be among the world's 30 largest container ports," port managing director Fu Cheng Qiu told Reuters.
Cosco officially took over a 51 per cent stake in the port last month for EUR280.5 million (US$315.5 million). In five years it will receive a further 16 per cent having pledged to make total investments of EUR300 million, mainly focusing on ship repair and cruise operations, reported Seatrade Maritime News.
Official data showed Piraeus terminals II and III operated by the Hong Kong-listed CSP handled 329,600 TEU in August, representing a year-on-year increase of 32.3 per cent. Records were broken each month this summer, with 314,000 TEU in June and 323,300 TEU in July.
Further, a new 300,000-dwt capacity floating dock is on its way to Piraeus from Shanghai, to become the centre piece of a large ship repair base, planned by port's the new owners. The dock is capable of handling almost any ship afloat.
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