Cosco plans to invest US$877.5 million to upgrade Piraeus port

10th September 2019

CHINESE shipping giant Cosco has submitted a plan to Greek authorities to modernise the Port of Piraeus.

The plan requires an investment of EUR800 million (US$877.56 million) in order to turn the port in to one of Europe's top three in terms of container handling capacity.

The master plan, which requires approval from the country's Port Planning and Development Committee, involves the construction of a fourth container pier and a cruise terminal service centre with duty free shops.

The investment for Pier IV is budgeted at EUR330 million and will be constructed on the east end of Pier I with a capacity of 2.8 million TEU, raising total annual handling capacity to 10 million TEU, reported Greek Travel Pages.

Greek Shipping Minister Yiannis Plakiotakis has welcomed this a newly updated master plan for the development of Piraeus port.

According to Piraeus Port Authority data, container traffic in 2018 rose by 18.4 per cent year on year to 4.9 million TEU, with a further 5.6 million TEU increase forecast for this year.