Cosco’s Greek Unit on Target to Fulfill Piraeus Pier Contract

Piraeus Port Authority SA (PPA), which operates Greece’s biggest port, said work by Piraeus Container Terminal SA, a unit of Cosco Pacific Ltd. (1199), to modernize Pier II and build a third pier is proceeding on time.

“The projects are being carried out within the contractual dates,” the authority said in an e-mailed statement today.

Cosco won in 2009 a contract to run container operations at Pier II, which started in 2010, and to build Pier III. The two facilities will have total container handling capacity of 3.7 million 20-foot equivalent units when the third pier is operational. That’s scheduled for 2015.

To contact the reporter on this story: Paul Tugwell in Athens at ptugwell1@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net

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