Cosco To Increase Piraeus Container Capacity
News : Hong Kong shipping services provider Cosco Pacific is to increase container ca pacity at its terminals in the p ort of Piraeus, Greece, according to the Journal of Commerce. The company is reportedly in advanced negotiations with the Greek authorities to build a fourth pier at the port, representing an investment worth around US$297mn. Cosco operates two of the port ' s three piers, having paid around US$5bn for a 35-year concession in 2009.
BMI View: Greece's outward-looking shipping sector remains partially protected from the full force of the domestic crash. The country's largest container port, Piraeus, is projected to record a double-digit box throughput increase of 20.9% in 2013, while total tonnage throughput is also expected to rise (by 10.3%). This reflects new investment, the port's role as a gateway into Europe, and growth in Greek foreign trade in 2013 (forecast at 2.6% in real terms - the first positive number after four years of steady falls). Throughput at the country's second largest port in terms of total ton nage, the P ort of Thessaloniki, is forecast to grow by 3.4% y-o-y while box traffic there will gain 6.3%.