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Cabinet announced port investors

25/02/2016 15:31
The cabinet has awarded three contracts for the commercialization of the Limassol Port to two consortiums of five companies.

The consortium of companies consisted of Eurogate International GMBH which is the majority holder, Interorient Navigation Company and East Med Holdings SA, will take over the management of the container terminal.

The consortium consisted of DP World Ltd and GAP Vassilopoulos Ltd takes over maritime services and the management of the retail trade terminal.

The minister of transport Marios Demetriades, in statements after the end of the cabinet meeting, expressed his satisfaction regarding both the procedure and the result.

Despite repeated questions by StockWatch, the minister refused to announce the amounts involved, claiming that he has to inform the parliament, first.

“Through a transparent and proven competitive procedure we have three managers with a specific plan for the development of the commercial activities of Cyprus’ most important port”, he said.

The minister noted that the finalization of concession contracts and approval by the plenary, are expected within the next six weeks.

The implementation of the project, according to Mr. Demetriades is based on the initial schedule set by the ministry of transport.

Investors' profile

Eurogate Group is a leading, shipping line independent container terminal operator in Europe. 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, namely in Germany, Italy, Morocco, Portugal and Russia. It is a joint venture of Hamburg based ECKELMANN-EUROKAI-Group and BLG Logistics Group which is owned by the City of Bremen.

Interorient is a global provider of marine transportation services established in 1979 and its key activities include ship owning, ship management, shipping investments and commercial operations and is ultimately owned by the family of Mr. 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. East Med holds shares in 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 Mr. Demetris Mouskos.

DP World is 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

P&O Maritime was founded in 1968 in Australia for the offshore oil and gas market. It 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.

P&O Maritime is a subsidiary of DP World Limited.

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