Crete’s Heraklion Port Concession Deal Approved

The concession agreement for the utilization of Heraklion Port on Crete was finalized in Greek Parliament this week.

Deputy Maritime Affairs & Insular Policy Minister Stefanos Gikas announced that Grimaldi Group (Grimaldi Euromed SpA – Minoan Lines) had acquired a 67% share of the port for a total price of 80 million euros.

Greece’s public assets body, the HRADF (Hellenic Republic Asset Development Fund), will hold the remaining 33%. The HRDAF will also serve as the responsible Port Planning Authority working with the Grimaldi Group to maximize the investment.

Under the concession deal, Grimaldi Group is granted the right to utilize specific areas and infrastructure within the port for a set period of time including the management of the central port, which includes its cruise terminal, general and bulk cargo and container handling areas.

According to Gikas, “the new investor will contribute 3.5% of its combined sales annually to the state and will be required to invest in new infrastructure and maintenance of existing facilities, including the adoption of green technologies”.

Additionally, a port fund will be set up which will oversee Heraklion’s Venetian Port, among others.

With regard to passenger shipping services, the concessionaire will be able to increase fees only once a year following the approval of the relevant government body.

Founded in 1972, Minoan Lines is one of the largest passenger ferry companies in Europe and main transport services provider for Crete.

Source: tovima.com