On 1 October 2009, COSCO Pacific Limited announced the commencement of its concession to operate Piers 2 and 3 at the terminal facility at Port of Piraeus in Greece. The concession provides for a term of 35 years, and is being undertaken by COSCO Pacific's wholly-owned subsidiary, Piraeus Container Terminal S.A ("PCT").
PCT is the first wholly-owned overseas container terminal operation of COSCO Pacific. The concession represents a good opportunity to expand COSCO global terminal network.
Piraeus Port is the busiest port in Greece, located in Eastern Mediterranean and close to Turkey and Black Sea. Piraeus Port handled 1.37 million TEUs in 2007. Under the concession agreement, within 5-6 years, PCT is going to upgrade facilities of existing Pier 2 (capacity 1.6 million TEUs) and to construct the planned Pier 3. Upon completion of upgrading Pier 2 and constructing Pier 3, the total capacity of the terminal will reach 3.7 million TEUs per annum.
COSCO Pacific is the fifth largest container terminal operator in the world, managing and investing 18 terminals in China and 3 overseas terminals. This terminal portfolio handled 46 million TEUs in 2008 representing a 17.7% increase compared with 2007, making the company one of the fastest growing global container terminal operators. COSCO Pacific is making its greatest efforts to develop PCT to be a modern terminal providing reliable, flexible and highly efficient container handling services to international shippers, and is looking forward to joining hands together with the port and shipping communities in Greece so as to further enhance the function of Piraeus Port serving the shipping industry as a "Gateway to Greece and South Europe".