The Piraeus Port Authority, OLP, reported first quarter losses narrowed sharply from a year ago, driven by higher container traffic after dock workers called off a two year campaign of industrial action at Greece’s largest port.
The port operator trimmed its net loss to $1.1 million in the three months to March 31 from $7 million a year ago as revenue surged 47 percent to $39 million from $26.6 million.
Piraeus has started to rebuild its container business following a two year protest by dock workers against plans to privatize its box terminals which resulted in traffic plunging to 430,000 TEUs in 2008 from 1.37 million TEUs in 2007. The port handled 128,000 TEUs in the first quarter of 2009.
The OLP, which is 74 percent owned by the Greek government, last year signed a $4.75 billion agreement with China’s Cosco Pacific, the world’s fifth largest box terminal operator, to run its container facilities for 35 years.
OLP has said it is guaranteed annual revenue of $70 million from the contract, which will start in October.
Cosco Pacific has pledged to invest an additional $300 million to boost the port’s annual capacity to 3.7 million TEUs and establish it as a leading Mediterranean box hub.
The port operator trimmed its net loss to $1.1 million in the three months to March 31 from $7 million a year ago as revenue surged 47 percent to $39 million from $26.6 million.
Piraeus has started to rebuild its container business following a two year protest by dock workers against plans to privatize its box terminals which resulted in traffic plunging to 430,000 TEUs in 2008 from 1.37 million TEUs in 2007. The port handled 128,000 TEUs in the first quarter of 2009.
The OLP, which is 74 percent owned by the Greek government, last year signed a $4.75 billion agreement with China’s Cosco Pacific, the world’s fifth largest box terminal operator, to run its container facilities for 35 years.
OLP has said it is guaranteed annual revenue of $70 million from the contract, which will start in October.
Cosco Pacific has pledged to invest an additional $300 million to boost the port’s annual capacity to 3.7 million TEUs and establish it as a leading Mediterranean box hub.