French container shipping line CMA CGM has acquire a 67 percent stake in the Port of Thessaloniki. The deal comes approximately a year after COSCO purchased a similar concession to control the Port of Piraeus.
The exploitation of the Thessaloniki port along with the positive impact the successful conclusion of the exploitation agreement of Piraeus Port already has, form an axis of growth and development that crosses vertically our country.- Executive Chairman of HRADF
Now called the South Europe Gateway Thessaloniki (SEGT), the investment totaled €232 million with a further €180 million in future investment to upgrade infrastructure by 2025. The overall cost of the deal is calculated to be nearly €1.08 billion after further investments and dividend payments of €170 million are taken into account. The concession agreement will stand until 2051.
Thessaloniki is a strategic port situated on the inner part of the Bay of Thermaicos, on the northern section of the Eastern Mediterranean Sea, to the west of the centre of the city of Thessaloniki. It occupies a total space of 1.5 million square meters with installations that include 6 piers on a 6200 metre-long quay and a depth of 12 metres, with storage areas spreading over 600,000 square meters, servicing all types of cargo.