Government aid to Greek port is against EU rules

The largest and most significant Greek port, Piraeus, has received too much financial aid from the Greek government, says the EU Commission. The port, along with port operator Cosco Pacific Limited, must now pay the money back to the state.

Photo: APM Terminals

The biggest port in Greece - Piraeus - has been granted too much state aid in the form of, for example tax exemptions. Specifically this concerns the two companies: PCT - Piraeus Container Terminal SA, and its parent company Cosco Pacific Limited, which have been granted financial help. The government aid has meant, that the competition was distorted in Greece and for this reason, the money must be paid back to the state, according to the EU-Commission's decision Monday.

"The companies now need to pay back the advantage received to the Greek state. To avoid further distortions of competition, the Greek authorities are also expected to cease granting these advantages to PCT from now on," the EU-Commission writes in the decision.

Read the whole article

Get 14 days free access.
No credit card required.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Chinese coal shortage endures and boosts earnings in dry bulk market

Coal is in high demand in China, and by all appearances, the appetite for coal will not abate in the coming months, benefiting dry bulk operators. Norden and Lauritzen note how the Chinese coal policy – in addition to its import ban from Australia – serves to strengthen an already strong market. Clarified.

Further reading

Related articles

Latest news

See all jobs