Greek Shipping Ministry Welcomes Updated €800m Piraeus Port Plan

Photo source: Piraeus Port Authority (PPA)

Greek Shipping Minister Yiannis Plakiotakis expressed his satisfaction with a new updated master plan for the development of Piraeus Port submitted last week.

Photo Source: PPA

“This investment, which is a huge stake for the country, sends a crystal clear message to foreign investors, both in China and around the world, that our government is committed, within legal bounds, to proceed rapidly with all the structural changes needed so that all investment programs that can improve the competitiveness of our national economy find fertile ground [for growth], benefiting not only investors but also the Greek people,” Plakiotakis said.

The upgrade of Greece’s largest port is considered one of the upcoming period’s largest investment projects, with port manager, Hong Kong-based shipping giant Cosco committing to modernization works worth 800 million euros – up from the initial 612 million euros – aiming to establish the port as one of Europe’s top three in terms of container handling capacity.

The updated master plan for the port, also includes the construction of a fourth container pier and a cruise terminal service center with Duty Free Shops.

The revised investment (for Pier IV) is budgeted at 330 million euros and will be constructed on the east end of Pier I with a capacity of 2.8 million teu, boosting total capacity to over 10 million teu.

Photo Source: PPA

According to Piraeus Port Authority official data, container traffic in 2018 increased by 18.4 percent to 4.9 million teu against 2017, with a further 5.6 million teu increase expected this year.

The plan is currently in the hands of the country’s Port Planning and Development Committee, which will issue the final approval.

According to insiders, the current plan appears to have the approval of all decision-makers, while Plakiotakis referred to the multiple benefits for Piraeus and the national economy.