Piraeus Port Authority Signs Concession Agreement

Chinese-based Cosco Pacific recently signed a concession agreement with Piraeus Port Authority (PPA) to develop and operate Piers 2 and 3 of the port of Piraeus.

Dr. Wei Jiafu, president and CEO of Cosco Pacific underlined the significance of the strategic cooperation between Cosco Pacific and the Piraeus Port Authority that symbolizes the achievement of an important milestone

“This long-term collaboration with the PPA fits well with our corporate strategy to further solidify our position as a leading global port operator,” Dr. Wei said.

The CEO said that his company believes that Pier 2 and Pier 3 of the Port of Piraeus will be transformed into an important hub port that will provide comprehensive and high-quality services to global shipping lines.

The company will undertake the concession through its wholly owned subsidiary, Piraeus Container Terminal S.A.

The concession agreement is subject to ratification by the Greek parliament and provides for an initial term scheduled to commence on 1 October for a term of 30 years with a five-year extension.