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Port Tenders In Fast Forward

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The Greek authorities accelerate the procedures for the concession of Piraeus and Thessaloniki container terminals, aiming at completing the tenders by early June!

Piraeus Port Operator estimates that by Monday at the latest, Ernst & Young, acting as PPAs consultant, and the tender evaluation committee will have decided on the objection raised by Cosco against the Hutchison-Alapis joint venture. PPAs BoD will issue a decision on the matter on May 28. The objection concerns the letter of guarantee submitted by the joint venture and the financing of the necessary investment.

Yesterday, the financial bids submitted by Cosco and Hutchison for Piraeus port were opened and the tender reaches a crucial point. Sources in the maritime business estimate that the financial bid which will determine the tenders outcome will amount to 1 billion euro.

Next Wednesday, the evaluation committee will rule on the objection raised by Dubai Ports World against the Hutchisons bid for Thessaloniki port, on similar grounds.

The future concessionaire has to meet certain criteria

-Has to be experienced in operating ports of more than 5 million teu annually, within the last three years.

- Has to have revenues above 300 million euro while the net position should exceed 500 million euro.

The concessionaire should initially pay 50 million euo and an annual lease/ The lease will depend on revenues. The concessions duration will be 40 years (30+5+5).

Irrespective of revenues, a minimum guaranteed lease will have to be paid.

The concessionaire must take all measures necessary to keep at least 65% of the ports capacity operative, or else will face penalties.

One of the main obligations of the concessionaire is the improvement of the electromechanical equipment of Pier II and the construction of Pier III with state-of-the-art equipment.

Piraeus Port Authority targets at 450 million euro investment to be realised through the concession of the container terminal, resulting in a throughput of 4.7 teu by 2015.

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