The Piraeus Port Authority announced that November 18 2019 marks the day that the port reached the 5 million TEUs for this year, with the last handled container being unloaded from the COSCO Shipping Capricorn vessel.
According to the port Authority
The fact that the 5,000,000 TEU limit is already broken from November, brings the port of Piraeus closer to the first position in the Mediterranean and possibly among the top four ports in Europe.
Overall, the port of Piraeus is developing with the aim of becoming one of the most major ports in the Mediterranean.
COSCO plays a crucial role in the port’s growth, given that it boost the port with additional agreements and investment projects.
In November, the Chairman of PPA, Yu Zenggang stated that after a long waiting period, PPA obtained the approval to continue with the implementation of significant investments ‘that will make Piraeus the most important port in the Mediterranean and will create even more new working positions.’
Concluding, COSCO visited the port of Piraeus in light of several investment agreements, with the European Investment Bank announcing the grant of 140 million euros to the port, to improve the port’s expansion and upgrade plans; this investment is part of a total investment plan of more than 600 million euros.