Piraeus Port Upgrade Master Plan Awaits Approval

Photo Source: Piraeus Port Authority

Aiming to invest some 466 million euros in transforming Piraeus into a Mediterranean home porting hub, Piraeus Port Authority (PPA) CEO Captain Fu Chengqiu said he was expecting the approval of a relevant master plan so that Cosco could proceed with the required works.

The master plan, which aims to boost Piraeus’ reputation as a tourism destination with the construction of four new hotels on the port’s premises and a new cruise terminal that will be able to handle up to six cruise ships transporting some 600,000 passengers, was submitted  earlier this year for public deliberation with municipalities and local stakeholders.

“We have submitted the master plan for the port to the competent institutions and expect the approval of the state so as to proceed immediately with the implementation of the mandatory investments as foreseen by the concession agreement with the Greek state,” said Chengqiu.

Photo Source: Municipality of Piraeus

Presenting the PPA’s results during a general shareholders’ meeting last Friday, Chengqiu said turnover had increased by 7.7 percent to 111.5 million euros compared to 103.5 million euros in the corresponding period of 2016. Profit before tax grew by 92 percent to 21.2 million euros against 11.0 million euros in 2016, recording the best results in over a decade, the company said.

“We believe that with the implementation of our investment plan, which is already in progress, we will further improve both operations and the economic efficiency of PPA SA. This improvement is already evident in the first months of 2018, which is expected to be another positive year,” Chengqiu said.