Names of domestic companies such as GEK Terna, Hellaktor, Olympic Marine, JetPlan Shipping and others are on the list of interested parties for the tender for the acquisition of 50% (plus one share) of the Lavrio Port Authority.
It may be the first phase—it does not involve a bid—but it shows interest in a port that was previously unmonitored. What has changed and now big names, e.g., a Peristeri (GEK Terna), a Holterman (Ellaktor, Motor Oil/Vardinoyannis is also a shareholder), a Prokopiou (Olympic Marine), or even an Iliopoulos (JetPlan Shipping-SeaJets), as well as GPH Cruise Port Finance-ProMarine, Israel Shipyards, are declaring themselves "present.".
But let's take a closer look at Lavrio. In principle, it is the 3rd largest port in Attica (Piraeus, Rafina). The operator has the exclusive right to use and exploit the land, buildings and facilities of the Port of Lavrio through a concession agreement concluded with the Greek State for a period of 60 years from its entry into force (valid until the year 2062). With the possibility of being extended, and if a decision is made, announced before the Call for Tenders by investors who qualify in the second phase.
For its part, the Hellenic Republic Asset Development Fund announced the tender in early March and is already proceeding with the maturation of a series of studies and permits for the electrification of the port. In addition to the renewable energy supply, the fund is also planning to expand the infrastructure to accommodate an additional passenger ship and install floating jetties in the marina area. The floating piers will add at least 100 additional boat berths, bringing the total capacity of the tourist port to more than 220 berths. This process is expected to enhance the harbour's valuation and draw in more substantial financial offers. This is why the Hellenic Republic Asset Development Fund , in contrast to the policy followed so far with the other port operators, allocating 67% of the m.k. in the case of Lavrio is "taking out" 50% plus.
Could you explain the rationale behind this distinction? Of course, the Fund's staff believes the private party's investments will generate surpluses that it can then reap for the state. What information is available in the PPA's papers? The proximity to popular tourist destinations, to the AIA "Eleftherios Venizelos and to the ports of Piraeus and Rafina, is particularly suitable for tourism development with activities such as cruising and docking of pleasure boats. In fact, an agent (one of the strong contenders) also referred to the economic parameter, i.e., the time and money saved for destinations to the eastern Cyclades, eastern Aegean islands and other destinations, compared to the Saronic-Sunio bypass from Piraeus.
The company is a profitable operator, free from any encumbrances or open debt fronts. According to the last published (annual financial statements/2022), the turnover was €6.096.494,41 (increased 47.8% compared to 2021), which is normal due to the pandemic in the years 2020-2021. Net profit amounted (in the same financial year) to €2,226,022.61.
In conclusion, as the same agent noted, if the above is confirmed, it is obvious that the activity that will grow is the cruise sector, which last year and at a national level, set a record in terms of passengers and calls. An advantage for Lavrion is its proximity to Athens airport, as many cruise passengers from distant destinations come to Greece via the airport.
