COSCO Pacific, a container-related subsidiary of China Ocean Shipping Group Company has won the operation of two container terminals at the Piraeus Port of Greece.
COSCO Pacific beat its competitor, a consortium formed by Hutchison Whampoa Limited , HPI, Sarl, Alapis, AEBE and AID, by offering higher prices. COSCO Pacific is to shell out US$6.74 billion, including rent, for operating the first-phase and third-phase terminals for 35 years. The payment will be paid in stages according to the contract. COSCO Pacific will also spend US$971.73 million on upgrading equipment of the two terminals. COSCO Pacific also participated in the competition for the operation of the container terminals of Thessaloniki Port, the second largest harbor in Greece. Its rivals include Hutchison Whampoa and Dubai Ports World. The appraisal will be completed in July.
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