COSCO Pacific said Tuesday that its concession agreement to develop two terminals in the Greek port of Piraeus calls on the Chinese terminal operator to pay roughly $63 million upfront to the Piraeus Port Authority.
There had been confusion in press reports throughout the year about the size of the deal, which will see COSCO Pacific, a subsidiary of the state-owned COSCO Group, make its initial foray into European ports.
Reports over the summer pegged the concession price tag at more than $6 billion -- a staggering sum for any terminal. But COSCO said in a circular released Tuesday that only $63 million is due upfront -- and that the total price to be paid over the course of the 35-year concession would take into account yearly payments for five years to the PPA and then monthly concession fees over the rest of the agreement.
Source: American Shipper