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Commencement of 35-year Concession in relation to Piers 2 and 3 of Piraeus Port

Date:2009-10-01     Publish:本站

Commencement of 35-year Concession in relation to Piers 2 and 3 of
Piraeus Port


On 1 October 2009, COSCO Pacific Limited ("COSCO Pacific" or "Company") is pleased to announce the commencement of its concession to operate Piers 2 and 3 at the terminal facility at the Port of Piraeus in Greece (the "TERMINAL"). The concession provides for an initial term of 30 years with a 5-year extension ("35-year Concession" or "Concession"), and is being undertaken by the Company's wholly-owned subsidiary, Piraeus Container Terminal S.A. ("PCT").

COSCO Pacific is the fifth largest container terminal operator in the world. The Company manages, operates and invests in a global portfolio of 18 terminals in China and 3 overseas terminals in Singapore, Belgium and Egypt. This terminal portfolio handled 46 million TEUs of containers in 2008 representing a 17.7% increase compared with 2007, making us one of the fastest growing global container terminal operators.

The terminal business development strategy of COSCO Pacific is to strengthen its position as a leading global port operator. The Concession represents a good opportunity to expand our global terminal network and PCT is the first wholly-owned overseas container terminal operation of COSCO Pacific. The TERMINAL provides comprehensive container handling services for the major shipping routes serving Europe, North Africa and the Mediterranean.

Under the Concession agreement, PCT will manage and operate the TERMINAL, with the commitment of upgrading the annual capacity of existing Pier 2 from 1.6 million TEUs to 2.6 million TEUs before 2014 and constructing the planned Pier 3 with an annual capacity of 1.1 million TEUs before 2015. Upon completion of upgrading Pier 2 and constructing Pier 3, the total capacity of the TERMINAL will reach 3.7 million TEUs per annum. By these investments, COSCO Pacific is confident that PCT will further enhance the competitiveness of Piraeus Port to attract more global shipping lines choosing it as their gateway and transshipment centers in Greece.

Piraeus Port is the busiest port in Greece. The port handled 1.37 million TEUs in 2007. It is the gateway port of Attica region including the capital city of Athens, the wealthiest region in Greece, accounting for about 50% of total GDP of the country. It is estimated that 80% of the Greek imports are destined for Attica. Furthermore, its proximity to important gateway ports, such as ports in Turkey and Black Sea, increases its attractiveness as a transshipment hub in Eastern Mediterranean.

COSCO Pacific is making its greatest efforts to develop the TERMINAL to be a modern terminal providing reliable, flexible and highly efficient container handling services to international shippers. COSCO Pacific strongly supports PCT to build up an excellent workforce in Greece with more job opportunities to cope with the future demand of terminal services of our customers. PCT will provide an attractive workplace by implementing incentive schemes for staff benefit and quality training program for employees' technical skills.

COSCO Pacific's global experience and together with its total commitment to its customers and employees are fundamental core values and crucial factors in its success. The Company believes that employees are its most valuable assets and key supports to its competitive advantage. The competence of workforce enables the TERMINAL to provide highly efficient and cost effective terminal services for the shipping industry so as to increase the attractiveness of the TERMINAL as the first choice of call for shippers.

With its well established terminal network, COSCO Pacific has been maintaining good customer relationships with the global leading shipping companies. The customer base of COSCO Pacific is further strengthened by the strong support of its ultimate parent company, China Ocean Shipping (Group) Company which is the world's second largest shipping enterprise, and its affiliate company, COSCO Container Lines Company Limited which is the sixth largest global shipping company. These good customer relationships will further enhance the competitive advantage of Piraeus Container Terminal to retain existing customers and attract new clients.

The competition of container terminal business has intensified with the economic downturn. However, it is encouraging to see that the narrowing decline of trading activities shows the sign of improvement. Joint efforts of major countries in the world by applying substantial financial stimulus program will help the recovery of global economy. COSCO Pacific 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".

As Piraeus Port is moving forward to further strengthening its leading port position in Mediterranean, COSCO Pacific strongly believes that PCT will have a bright future by creating value for its stakeholders including shareholders, customers, employees and Greek society.

For COSCO Pacific, the Concession of Piers 2 and 3 of Piraeus Port will further enable the Company to realize the full potential of its strengthened business model in terms of its business performance and corporate social responsibility.

Since its listing on the Hong Kong Stock Exchange in 1994, the Company has been making its most efforts to be a leader in good corporate governance. It has been the proud recipients of many awards, granted in recognition of its well-managed business operations, transparency, accountability and corporate governance. Among which, the Board of COSCO Pacific had the greatest honor to be presented the "Director of The Year" awards organized by the Hong Kong Institute of Directors in 2006. COSCO Pacific does not take it for granted the trust its stakeholders place in it. The Company has therefore set itself new benchmarks in its accountability to shareholders and in its responsibility to the community which the Company pursues to continue to build that trust. This trust will ultimately help to shape its definition of success.