SERVICES

Cosco to expand Piraeus port by building fourth pier

Athens - Cosco, the operator of Piraeus port, plans to build a fourth cargo pier, expanding its total investment in the port by 200 million euros to a total of 800 million, well-informed sources say.

Athens - Cosco, the operator of Piraeus port, plans to build a fourth cargo pier, expanding its total investment in the port by 200 million euros to a total of 800 million, well-informed sources say. In the new master plan it will submit for approval on August 20, after discussions with the government, the Piraeus Port Authority will include the construction of a fourth pier (Pier IV) with a capacity of 2.8 million twenty-foot equivalent units (TEUs), just east of the current Pier I. The aim is to expand the port’s capacity to over 10 million TEUs, comparable to the biggest Northern European ports. This plan had already been communicated to Prime Minister Kyriakos Mitsotakis during his visit to the port before the election.
Cargo traffic at Piraeus port reached 4.9 million TEUs in 2018, 18.4 percent higher than the previous year, and over 700 percent higher than when the company was first awarded the operation of Pier II. Since then, it has built Pier III. In 2019, traffic is estimated to rise to 5.5-5.6 million TEUs. With the planned completion of the western part of Pier III, capacity will reach 7.5 million TEUs and the new Pier IV will add another 2.8 million.
(read more)

Pressed for time?

Get the best news of the week in your inbox

Subscribe ››