articles | 19 June 2019 | ServPRO Accountants & Consultants

Limassol Port: significant source of revenue for Cyprus

Recently addressing a ceremony held for the conclusion of the first phase of investments by Eurogate at Limassol port, President of Cyprus Mr. Nicos Anastasiades, said: “the Limassol port is one of the most advanced ports in the Eastern Mediterranean region and constitutes an important source of revenue for Cyprus.”

Eurogate was appointed as the ‘Container Terminal Operator’ back in 2016, turning a new page in the history of the Cypriot economy, Mr. Anastasiades said.

He further noted: “the agreements do not only provide an important source of revenue for the country, but constitute one of the largest commercialization projects in Cyprus, aiming at upgrading our regional role in the Eastern – Mediterranean as regards tourist, maritime and trade commerce”.

The first round of investments by Eurogate amounted to more than 30 million euros, allowing the purchase of 2 new “Super Post Panamax” cranes as well as 17 new straddle carriers, which allowed Limassol port to serve the largest container ships and attract transshipment business.

According to the President, three older cranes have been upgraded, including equipment passed on by the Cyprus Port Authority. At the same time, the company completed a series of construction projects aiming to improve the terminal`s infrastructure, including installing an innovative IT system.

“And I am pleased to assess that the modernization of the container terminal’s operating systems and infrastructure, as well as the adoption of best international practices, have turned the Limassol port into one of the most advanced ports in the Eastern Mediterranean, with the customers of the port served in a timely and efficient manner”, said the President.

According to Mr. Anastasiades, the second round of investment will cost Eurogate 32 million euros which will be used to increase the terminal’s container handling capacity from 450 thousand containers to one million containers annually. The investment plan also anticipates the purchase of two additional “Super Post Panamax” cranes, as well as additional yard equipment such as Straddle Carriers, Empty Handlers and Terminal Tractors.

Mr. Anastasiades assured of the Government’s continuous support in the company’s future development plans.

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