Recession hits Piraeus

Piraeus Port Authority reported a loss of €33.6m ($41.4m) last year compared with a profit of €5.6m ($6.9m) in 2008. The deep recession being experienced by Greece is also dramatically cutting the amount of cargo being handled this year.

Dock worker wages have therefore been cut by 8.5% and all bonus payments halted.
Meanwhile, Cosco, which recently took over management of the port's container terminal, says it wants Piraeus, which will handle 800,000 teu this year, to become a major East Mediterranean hub.

The new owner says it will make Piraeus the most competitive port in the region within the next few years
(Source:www.portstrategy.com)