COSCO Pacific releases details of Piraeus port concession

 COSCO Pacific said Tuesday that its concession agreement to develop two terminals in the Greek port of Piraeus calls on the Chinese terminal operator to pay roughly $63 million upfront to the Piraeus Port Authority.

   There had been confusion in press reports throughout the year about the size of the deal, which will see COSCO Pacific, a subsidiary of the state-owned COSCO Group, make its initial foray into European ports.

   Reports over the summer pegged the concession price tag at more than $6 billion -- a staggering sum for any terminal. But COSCO said in a circular released Tuesday that only $63 million is due upfront -- and that the total price to be paid over the course of the 35-year concession would take into account yearly payments for five years to the PPA and then monthly concession fees over the rest of the agreement. 

Source: American Shipper