Privatization fund: All 10 port authorities in Greek portfolio profitable and without loans

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Privatization fund: All 10 port authorities in Greek portfolio profitable and without loansA further distribution of Piraeus port's activities to smaller ports in its wider vicinity is expected to attract investors' interest

A briefing took place on Tuesday at the relevant shipping ministry on the course of 10 state-owned port authorities transferred to the privatization fund's (HRADF) portfolio, with the first highlight reportedly pointing to the fact that all 10 organizations reported profits in 2017.

The briefing was organized in the presence of the ministry's leadership, with a presentation by Hellenic Republic Asset Development Fund (HRADF) president Aris Xenofos and other top fund executives.

HRADF is the only shareholder in the 10 port authorities - Volos, Rafina, Igoumenitsa, Patras, Alexandroupolis, Irakleio (Crete), Elefsina, Lavrio, Corfu and Kavala - and has spearheaded efforts over the past four years to rationalize spending and improve revenues for the entities. The fund itself is a memorandum-mandated obligation that the Greek state established to meet bailout terms.

Another point presented to the ministry's leadership, which included Minister Panagiotis Kouroumblis, was the fact that the 10 port authorities are not burdened with borrowing and loan obligations and receive no subsidization from the state budget.

HRADF executives also stressed the fact that the 10 port authorities have developed five-year business plans and operate with budgets that are monitored on a monthly basis.

In terms of future development, the idea of joint actions to create cruise ship clustering was discussed, as well as joint programs to receive European Union funds.

Of special interest over the coming period is what effect the 2016 privatization of the port of Piraeus will have on other small ports in the wider Athens area, such as Lavrio, Elefsina and Rafina.

Chinese multinational Cosco assumed the management of Greece's biggest and busiest port in August 2016 after winning an international tender and purchasing a majority stake in the Piraeus Port Authority (OLP). Since then, the port of Piraeus has sharply increased turnover and all related indices.

A further distribution of Piraeus port's activities to smaller ports in its wider vicinity is expected to attract investors' interest.

In a statement after the briefing, Kouroumblis reiterated that the future commercial exploitation of the specific port authorities will be attained via the awarding of concessions for specific port activities.

Read more here.

RELATED TOPICS: GreeceGreek tourism newsTourism in GreeceGreek islandsHotels in GreeceTravel to GreeceGreek destinations Greek travel marketGreek tourism statisticsGreek tourism report

Photo Source: Wikimedia Commons Copyright: Hansueli Krapf License: CC-BY-SA

Source: naftemporiki.gr

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