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Greece Wants Better Offers For Thessaloniki Majority Stake

April 17, 2017 12:05 am Published by

Greece has asked for better financial offers from the three companies bidding for a majority stake in the port of Thessaloniki. Parties interested in the country’s second-largest container hub include P&O Navigation (DP World), International Container Services, and Terminal Link (CMA CGM).

The successful bidder, which will have a 40-year operating concession, must invest 180 million euros by 2021 to upgrade and expand the port; with the goal of achieving an annual container throughput of 550,000 TEUs. Thessaloniki accommodated 344,316 TEUs in 2016.

With a market value of approximately $214 million, the sale of the state-controlled port is part of a nationwide privatization program required by Greece’s third bailout agreement with the European Union and the International Monetary Fund. The Hellenic Republic Asset Development Fund will announce the winner of a 67 percent stake in Thessaloniki Port Authority at the next meeting of its directors, which is expected in mid-May 2017.

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