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GreekReporter.com Business Chinese Cosco Breaking Records at Piraeus Port

Chinese Cosco Breaking Records at Piraeus Port

cosco708_1Official data released by Cosco Pacific show the reason behind the Chinese company’s decision to invest in the Piraeus port. According to the data, over the last 11 months, from January to November, 2014, 2.73 million containers were handled at the port’s Piers II and III.
Last year, during the same period, 2.28 million containers were handled. The company predicts that the port of Piraeus will soon break the barrier of three million containers. On a monthly basis, 255,900 containers were handled in November, showing a significant increase of 12.4% compared to the previous year.
The total number of containers rose to 3.7 million, which means that the port is gradually reaching its full annual capacity of 4.7 million containers. The numbers explain the reasons behind Cosco’s efforts to improve the port’s operation, in cooperation with Piraeus Port Authority (OLP) and the Greek Ministry of Mercantile Marine.
Furthermore, the data also explain the agreement for an amicable settlement between the two sides, which has been approved by the EU Competition Commission, the Court of Auditors and the board meetings of both companies. According to the amicable agreement’s terms, Cosco will make an additional investment of 230 million euros for the creation of the new West Pier III. After the new pier’s construction, the total capacity of Piraeus’ port will be increased to 7.2 million containers per year, while the part that is managed by Cosco will increase its capacity from 3.7 million 6.2 million containers.

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