COSCO Pacific is sole bidder for Piraeus Port Authority

COSCO Pacific is the sole bidder for a 51% stake in Piraeus Port Authority (PPA), after rival terminal operators APM Terminals (APMT) and International Container Terminal Services, Inc. (ICTSI) failed to submit offers by the bidding deadline.

Greece’s state privatisation agency will open the sealed bid on January 12, 2016, although the privatisation process is expected to last several more months, with parliamentary approval still required.

The successful firm will operate a container terminal which handled 600,000 teu last year as well as a cruise terminal and car terminals.