In light of the terms of the relevant concession agreement, THPA has to provide a minimum of 180 million euros capital expenditure program to upgrade the port. The expansion project will last 46 months.

The expansion project includes:

  1. the construction of one new additional quay wall with a minimum continuous length of 440 meters, out of which at least 400 meters provide a minimum draught of -17.60 meters MSL (Mean Sea Level);
  2. construction of additional yard area;
  3. construction of all complementary infrastructure works needed for the full operation of both the new quay wall and the corresponding yard, including dredging of navigation channel and ship maneuvering area at a minimum water depth of -17.60 m MSL;
  4. pavements at the yard area;
  5. utilities networks.

The consortium will be responsible for the update and preparation of the detailed design, management of the construction procurement tender, and project management/supervision during construction.

Manolis Sigalas, Hill’s Vice President and Managing Director for Southern Europe commented

The upgrade of the Port of Thessaloniki is an investment of particular significance for the city, but also fostering cross-border synergies in Southeast Europe and promoting regional growth.

Following an international privatization process that was concluded in March 2018, the Hellenic Republic Asset Development Fund entered into a shares purchase agreement with a group of international investors (South Europe Gateway Thessaloniki (SEGT) Limited) for the acquisition of 67% in the share capital of THPA.

In March, the Port of Thessaloniki became the first Greek port to join the Green Award certification program and will be providing an incentive to Green Award ships calling at the port. This followed the port authority's broader plan to keep pace with the governmental and society efforts to combat climate change.