Independent journal on economy and transport policy
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PORTS
The Greek Parliament has approved the agreement for the privatization of the Port Authority of Igoumenitsa
Ok to the acquisition of 67% of the capital of the institution by the Grimaldi group
Atene
September 8, 2023
On Tuesday, the Greek Parliament approved the agreement.
for the privatization of the Port Authority of Igoumenitsa
with the sale of 67% of the capital of the entity to the shipowning group
Italian Grimaldi
(
of 21
March 2023), contract - said Ioannis Plakotakis, deputy
President of Parliament and former Minister for Maritime Navigation
and the island policy in office when it was signed in March
The agreement - "which provides for a particularly high price of
84 million euros for 67% of the share capital».
The rapporteur of the proposal to ratify the agreement, Vasilios
Giorgiakas, highlighted that the price of about 84.2 million
euro "has exceeded all expectations and is a figure that
equivalent to 12 times the turnover of the Port Authority of
Igoumenitsa and more than 50 times 2022 pre-tax profit
of the Port Authority, price - it has specified - that, as it is
as stated in the Commission, it will increase by two million euros,
figure representing the increase in working capital
of the Port Authority during the financial year 2022.'
In addition, Giorgiakas pointed out that it is a price for
the purchase of the share of the port authority of Igoumenitsa which
corresponds to "a quarter of the stock market valuation
of the Piraeus Port Authority, which realizes 25 times the
its turnover'. 'Another element among the very
Positives of the contract - he added - is that the fee
Concessionaire, equal to 3.5% of the gross revenues of the institution, will be
paid annually to the Greek Government for each of the 40 years of
duration of this agreement, with 85% of this annual fee being
paid to the two municipalities that host the port facilities of the institution
in the municipality of Igoumenitsa and in the municipality of Filiates'.
During the debate Christos Giannoulis, exponent of the
Coalition of the Radical Left - Progressive Alliance, which has
voted against the draft law ratifying the agreement,
The "triumphalist" tones in presenting the
proposal and questioning the positive effects for communities
local, similarly - he explained - to what happened in Thessaloniki
where investments were promised that did not materialize.
Giannoulis said that in the agreement for the institution of Igoumenitsa
'There is no express written undertaking as to any
investment, for example for the navy that you promised to the
electors of Thesprotia'.
Stavros Michailidis of the Panhellenic Socialist Movement,
Announcing the vote against the bill, he denounced
that "the New Democracy government has decided to sell off
basically unconditional this port, so
important in many respects, declaring itself satisfied also for
the sale price of about 84 million euros which, if you remove
The reserve of ten million, drops to 74 million for a concession
forty years'. "The notable difference with the government -
Michailidis pointed out referring to the coalition that
represents - is that PASOK - Movement for Change does not
agrees with the general concession of ports and, in
practice, with the entrustment of the exercise of administration
policy and development of infrastructure of strategic importance,
like the port infrastructure of the country, a country essentially
insular and with various peculiarities, in the absence of strong institutions
public port management'. Remembering that the group
Grimaldi was also selected as bidder
preferential for the acquisition of 67% of the Authority's capital
Port of Heraklion
(
of 12
June 2023), Michailidis stated that the sale of
This port "perhaps another will follow since the
Blatant government policy is the decommissioning of other ports
internationally important as Volos. I will not comment
- he added - if and to what extent this development is coherent and
How does it affect competition, since provider and user
identify in the same person'.
In his speech Konstantinos Boumpas of Greek Solution
strongly criticized the assignment to the Grimaldi group of control
of the port of Igoumenitsa, highlighting that in the hands of the group
"there will be two hub ports, Heaklion and Igoumenitsa, and
all lines connecting Megalonisos and the Cyclades. This is
Very nice! An oligarch - he noted - will fix the price
of tickets, establish working conditions, decide
his own terms, because he is master of them."
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