Recession catches up with Hellas’ ports

The management of the country’s largest port in Piraeus has reasons to be wary of the port’s future, at least for the container handling Pier I, which will remain under the current management, even after Cosco’s assuming control of the remaining two piers.

Under the $1.1 billion deal due to start in November, Cosco will invest a further $300 million to expand the port’s annual capacity to 3.7 million TEUs. In a recent speech towards dockworkers, the Port Authority’s CEO, Mr. Nikos Anastasopoulos highlighted the risks in stall, should the Union’s work stoppages continue. “I urge you to prove yourselves worthy of the circumstances, especially during this difficult period, by actively stopping any form of action and return to normal working rhythm, in order for the port to regain its credibility” he said, indicating that anything turning against OLP (Port Authority of Piraeus) ultimately is in favor of the “neighbor”, i.e. Cosco. His remarks came after the concession agreement was recently voted by the Parliament to become law, which according to Mr. Anastasopoulos is the best argument against any form of mobilizations.

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