DP World, P&O Maritime to Operate Limassol Port

The Limassol port privatization process has reached another milestone as the Government of the Republic of Cyprus signed contracts with the new operators of the port’s multipurpose terminal and port marine services.

Namely, DP World and the government entered into two separate concession agreements for the commercialisation of activities within the port.

DP World Limassol has been awarded a 25-year concession for the exclusive right to operate the multipurpose terminal, whose activities include break-bulk, general cargo, ro-ro and the operation of the passenger terminal, while P&O Maritime Cyprus, a wholly-owned subsidiary of DP World Limited, has been awarded a 15-year concession to provide a full range of port marine services including tugs and pilotage at the port.

Both concessions will be awarded to a joint venture between DP World and G.A.P. Vassilopoulos Public Limited, a logistics and services company, listed on the Cyprus Stock Exchange.

Under the agreements, DP World will hold 75 percent of the share capital of each joint venture, as well as the management rights.

A transition phase will follow during which the current Cyprus Port Authority will continue to operate the port while DP World and P&O Maritime Services undertake required activities for a smooth transition.

According to the companies, the takeover date of both concessions is scheduled for January 29, 2017.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Oct 2018 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

5th Mozambique Gas Summit & Exhibition

CWC Group in partnership with ENH and with the support and participation from MIREME and INP…

read more >

Europort 2018

From 15-17 May 2018, the 12th edition of Europort Romania willl take place in the IDU Hall in Constanta…

read more >

Offshore Energy Exhibition & Conference (OEEC)

It is unique in bringing together the oil and gas, offshore wind and marine energy industry…

read more >

Seatrade Maritime Middle East

The three days will include a thought-provoking, educational conference programme…

read more >