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Cosco Pacific puts Greek Piraeus port in Europe's top 10 in 2014
COSCO Pacific has put its Greek Piraeus container terminal in Europe's top 10 container ports after volumes grew 18.5 per cent year on year to nearly three million TEU in 2014, reports Newark's Journal of Commerce.
Piraeus, where Cosco Pacific operates two of the port's three container terminals, has grown faster than most of the company's other 22 terminals, most of which are in mainland China.
By comparison, the Piraeus Port Authority's state-run terminal handles between 600,500 and 700,000 TEU last year.
There is nearly a nine-fold increase from the 433,000 TEU from to today's three million that Piraeus handled in 2008 when it first took over the state-run terminal on a 35-year lease.
The deal also includes a commitment to add a fourth terminal that would boost total annual capacity to close to six million TEU at a port.
After a long delay, the port authority signed off on an agreement with Cosco in November under which it will invest EUR230 million (US$265.9 million) to expand container facilities.
Good as it was, Piraeus still trailed growth in two of Cosco Pacific three other foreign terminals, with Antwerp Gateway traffic rising 26 per cent in 2014 to 1.37 million TEU and its Singapore terminal, co-owned with PSA, up 25 per cent to 1.05 million TEU.
Piraeus, where Cosco Pacific operates two of the port's three container terminals, has grown faster than most of the company's other 22 terminals, most of which are in mainland China.
By comparison, the Piraeus Port Authority's state-run terminal handles between 600,500 and 700,000 TEU last year.
There is nearly a nine-fold increase from the 433,000 TEU from to today's three million that Piraeus handled in 2008 when it first took over the state-run terminal on a 35-year lease.
The deal also includes a commitment to add a fourth terminal that would boost total annual capacity to close to six million TEU at a port.
After a long delay, the port authority signed off on an agreement with Cosco in November under which it will invest EUR230 million (US$265.9 million) to expand container facilities.
Good as it was, Piraeus still trailed growth in two of Cosco Pacific three other foreign terminals, with Antwerp Gateway traffic rising 26 per cent in 2014 to 1.37 million TEU and its Singapore terminal, co-owned with PSA, up 25 per cent to 1.05 million TEU.
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