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COSCO to bid for port of Limassol in Cyprus

Update Date：2016-1-29 14:54:33 Source：BeiJing Tannet Views：985

Fresh from its success in securing control of Greece's Piraeus Port Authority SA, China Ocean Shipping (Group) Company, better known as COSCO, is now bidding to run the port of Limassol on the island of Cyprus, in a bid to extend its reach in the Mediterranean Sea.

China's newly combined and largest shipping company by capacity is among 14 investors who expressed interest in placing bids for three concession opportunities, according to a senior source in the Cypriot government.

COSCO is one of the six bidders for the port's container terminal and one of five vying for the multipurpose terminal, according to the source. Another three companies have placed bids to run a marine services concession, the Ministry of Transport, Communications and Works said on Jan 21.

Other companies interested in the concession opportunities are DB World of Dubai and Phillipines-based International Container Terminal Services Inc, the source said.

COSCO's interest in the Limassol port came after it was declared the preferred, and only, bidder for a controlling stake in Piraeus Port, Greece's biggest harbor, and one of the largest in the Mediterranean.

COSCO consolidated its hold over Piraeus Port Authority SA on Jan 20, agreeing to pay 368.5 million euros ($402 million) for a 67 percent stake after increasing its offer to clinch control of what is seen as a key thoroughfare into Europe.

Limassol Port is the main port in Cyprus, serving most of the island's seaborne cargo and passenger traffic. The port accounts for nearly all container traffic, about half of total cargo and 75 percent of passenger traffic on the island, according to the tender documents.

The article transsshipment from China Daily

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