Cosco Shipping has announced new investments in the port of Piraeus aiming to expand the container capacity of the Greek port and upgrade the ship repair zone.
The Chinese shipping giant will invest €70 million (US$83 million) for the modernisation and the capacity expansion of the three container terminals at the Piraeus Port Authority (OLP), according to the Greek online newspaper, e-kathimerini.
Additionally, Cosco will invest another €20 million (US$24 million) in the ship repair zone of the port.
These moves are expected to increase the annual handling capacity of the Piraeus port by 800,000 boxes by the end of 2021. The final handling capacity of the port will be 8 million containers per year.
These investments come after the deal that was signed by COSCO Shipping Ports and Shanghai Zhenhua Heavy Industries (ZPMC) in May for three ship to shore (STS) cranes for PCT (Piraeus Container Terminal SA) terminal of the Greek port.
In the meantime, the construction of the fourth container terminal is expected to skyrocket Piraeus' handling capacity to over 10 million containers annually.