State to earn € 19 mln in first year from com­mer­cial­i­sa­tion of Li­mas­sol Port

Financial Mirror (Cyprus) - - FRONT PAGE -

The two main con­sor­tia that have won the three ten­ders for the com­mer­cial­i­sa­tion of Li­mas­sol port will pay a li­cense fee of EUR 10 mln, and an ad­di­tional 9.1 mln in an­nual roy­al­ties.

Last Thurs­day, Trans­port Min­is­ter Mar­ios Deme­tri­ades an­nounced the pre­ferred ten­der­ers of the com­mer­cial­i­sa­tion of ac­tiv­i­ties of the Li­mas­sol Port, who will work par­al­lel to the Cyprus Ports Au­thor­ity un­til the fi­nal han­dover.

The win­ning con­sor­tia are EUROGATE In­ter­na­tional GmbH (ma­jor­ity par­tic­i­pant), In­teror­i­ent Nav­i­ga­tion Com­pany Ltd and East Med Hold­ings S.A for the con­tainer ter­mi­nal, who will pay a EUR 7 mln ini­tial li­cense fee and then a fur­ther EUR 7 mln a year fior the 25-year du­ra­tion o fthe con­tract.

The con­sor­tium headed by Dubai-owned DP World Lim­ited (ma­jor­ity par­tic­i­pant) and G.A.P Vas­silopou­los Pub­lic Ltd will pay EUR 500,000 up­front and a fur­ther 150,000 a year for the 15-year li­cense for Marine Ser­vices.

The same con­sor­tium of DP World Lim­ited (ma­jor­ity par­tic­i­pant) and G.A.P Vas­silopou­los Pub­lic Ltd will pay EUR 2 mln for the ini­tial li­cense and an an­nual 2 mln for 25 years for the multi-pur­pose ter­mi­nal.

“We are very sat­is­fied with the process con­ducted and the end re­sult since through a trans­par­ent and demon­stra­bly com­pet­i­tive pro­ce­dure we have three oper­a­tors with a de­tailed plan to de­velop the port op­er­a­tions for the de­vel­op­ment of most of the com­mer­cial ac­tiv­i­ties of the most im­por­tant port in Cyprus”, Deme­tri­ades said.

He added that af­ter al­most two years of in­ten­sive work and a com­pet­i­tive in­ter­na­tional ten­der which at­tracted the in­ter­est of rep­utable port oper­a­tors glob­ally, the process for the com­mer­cial­i­sa­tion of the ac­tiv­i­ties of Li­mas­sol Port was con­cluded suc­cess­fully with the se­lec­tion of the oper­a­tors.

The Min­is­ter said that the pro­ce­dure needs the ap­proval of the House of Rep­re­sen­ta­tives, adding that the Min­istry’s goal is for the con­tracts to be signed by the end of March, while there will be a tran­si­tional pe­riod of six to nine months.

EUROGATE In­ter­na­tional GmbH is a lead­ing ship­ping line in­de­pen­dent con­tainer ter­mi­nal op­er­a­tor in Europe with a to­tal through­put of more than 14.5mln TEUs in 2015. It is a pri­vately held com­pany es­tab­lished in 1999 by the merger of the con­tainer ac­tiv­i­ties of BLG Lo­gis­tics Group AG & CO. KG, Bre­men (Ger­many) and the con­tainer ac­tiv­i­ties of EUROKAI GmbH & Co KGaA, Ham­burg (Ger­many).

EUROGATE is ac­tive at 11 con­tainer ter­mi­nal lo­ca­tions from the Baltic to the Mediter­ranean Sea namely in Ger­many, Italy, Morocco, Por­tu­gal and Rus­sia.

In­teror­i­ent is a global provider of marine trans­porta­tion ser­vices es­tab­lished in 1979 with of­fices in Cyprus, Ger­many, Philip­pines, Latvia, Ukraine and Rus­sia. Key ac­tiv­i­ties in­clude ship own­ing, ship man­age­ment, ship­ping in­vest­ments and com­mer­cial op­er­a­tions. It is ul­ti­mately owned by the fam­ily of Ado­nis Pa­padopou­los.

East Med Hold­ings S.A. is a com­pany in­cor­po­rated un­der the laws of Lux­em­bourg as of 1988 as a Pri­vate Wealth Man­age­ment com­pany. It holds shares in sev­eral com­pa­nies op­er­at­ing in ship­ping, lo­gis­tics and marine ser­vices. One of the main share­hold­ers in East Med is D.C. Mouskos Hold­ings Lim­ited which is 100% owned by the fam­ily of Demetris Mouskos.

DP World and its sub­sidiary P&O Mar­itime is a lead­ing en­abler of global trade, ac­tive in marine and in­land ter­mi­nals, mar­itime ser­vices, lo­gis­tics and an­cil­lary ser­vices and tech­nol­ogy-driven trade so­lu­tions.

DP World is a pub­licly listed com­pany with 20% of its shares traded on NAS­DAQ Dubai and is ul­ti­mately con­trolled by the Govern­ment of Dubai.

DP World op­er­ates 70 ter­mi­nals in 31 coun­tries across six con­ti­nents with a sig­nif­i­cant pres­ence in both high-growth and de­vel­oped mar­kets. The com­pany op­er­ates ports through long term con­ces­sion agree­ments. It has sig­nif­i­cant ex­pe­ri­ence in op­er­at­ing and de­vel­op­ing multi-pur­pose ports in the Middle East, Europe, Asia and the Amer­i­cas, where the com­pany’s mul­ti­pur­pose op­er­a­tions han­dled 15.6mln tonnes of bulk/gen­eral cargo; 28mln tonnes of liq­uids (oil and am­mo­nia); al­most 1mln RoRo units; and some 800,000 pas­sen­gers in 2014.

P&O Mar­itime was founded in 1968 in Aus­tralia for the off­shore oil and gas mar­ket and is a global provider of mar­itime so­lu­tions to gov­ern­ments and lead­ing port oper­a­tors, com­mod­ity traders, min­ing com­pa­nies and oil and gas ma­jors. The com­pany op­er­ates a fleet of 140 ves­sels across the EMEA re­gion, South Amer­ica and Aus­tralia.

G.A.P Vas­silopou­los Pub­lic Ltd. G.A.P was es­tab­lished in Cyprus in 1964 and is listed on the Cyprus Stock Ex­change. G.A.P is a di­ver­si­fied ser­vice group with sig­nif­i­cant ex­per­tise in the trans­port and lo­gis­tics sec­tor. G.A.P. is con­trolled by the Vas­silopou­los fam­ily.

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