November 22, 2008

Cosco offers highest bid for Greek ports

It is reported that China's Cosco Pacific has offered the highest bid in the tender for the concession to manage two of Greece’s three container wharfs at Piraeus Port.

Cosco's offer totalled USD 7.61 billion as compared with a Hutchison Whampoa consortium’s offer of USD 6.82 billion for 35 year concession. It pledged to invest USD 957.68 million in the project while the Hutchison consortium which includes Greece's Alapis, offered USD 546.8 million.

As per report Cosco's offer excluding the investment pledge is seven times the current market value of Piraeus Port Authority.

Hutchison Whampoa and Cosco Pacific are also bidding to manage container handling operations in Thessaloniki, Greece's second largest port. Another bidder for the same tender is Dubai Ports World.