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Piraeus port privatisation delayed

The sale of a 51% stake in Piraeus Port Authority to private investors has been delayed by around 20 days, reports say.

The delay has been caused by the snap legislative election held in Greece on September 20, government officials told Reuters.

The successful investor was previously expected to be announced by the end of September or in early October.

“We will fall behind by about 20 days because the concession agreement that the shipping and finance ministries have to sign is causing a short delay,” an official told the newswire.

Greece’s shipping ministry still needs to review the draft sale agreement before it is presented to potential investors, which include Cosco, APM Terminals and International Container Terminal Services (ICTSI).

The tender includes an option for the successful applicant to increase its share in the Port Authority to 67% in five years if the party invests 300m Euros.

Cosco was reported in May to be in “very advanced” discussions with the Greek government to acquire the stake in the Port Authority. The Chinese company already operates Piraeus Container Terminal.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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