June 13, 2024

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The new CEO from the Netherlands, the story of Pier 6 and the Port of Volos

The new CEO from the Netherlands, the story of Pier 6 and the Port of Volos

A new Managing Director, a Dutchman, comes to Thessaloniki and THPA SA to strengthen the company’s management team, at a time when THPA’s “business” is increasing and in the coming period he will take over the management of the Port of Volos.

It should be noted that since the departure of the previous General Manager, Franco Coppolo, in July 2022, the CEO of THA SA, Athanasius Liagos, He also assumed the duties of director.

As announced by TAIPED, OLTH SA, which has offered 51 million euros, is the preferred investor for 67% of OLB SA... Thus, OLTH SA, which wanted to expand its activities to include other ports as well – anonymous companies, public until recently (Igoumnitsa, Heraklion, Alexandroupolis), finally acquired the port of Volos, until 2062 (until then the concession from ED to Sa), Without even committing to carry out mandatory investments.

OLTH SA’s main shareholder is Belterra Investments, a company for the benefit of the expatriate’s family Businessman Ivan Savvidisthe acquisition of a majority stake in Volos Port Authority SA, guarantees it a A dominant position in a particular category of cargo, dry bulk, although the price to be paid by OLTH SA (not Mr. Savvidis) is negligible €51 million. In addition, OLB SA will annually pay the Greek government a rate of 3.5% on its gross revenues.

Dominant position of OLTH and OLB in dry bulk cargo

OLTH SA, together with OLB SA, has gained a dominant position in the handling of dry bulk cargo (agricultural products, ores, raw materials for industry) having a share of approximately 80% of the identified market.

OLB, in terms of port activities, has it all, so to speak. It has coastal connections with the Sporade all year round, and receives cruise ships, while the five berths at its disposal serve passenger traffic as well as cargo (conventional cargo and containers), while the onshore part of the port extends over an area of ​​650 acres. . This port, with a turnover in 2022 of 5.447 million and pre-tax profits of 716.474 euros, was acquired by OLTH SA, and naturally assumes the costs of maintaining its infrastructure, which is operational and does not require direct investments. Naturally, the development of the port will also require investments, but there are no mandatory or even strictly necessary requirements, directly from the investor.

In addition to, The port has an increasing energy and military role as the armed forces retain the land for their own usewhile there are also allocations for the development of a liquefied natural gas gasification station.

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Investments in the port of Thessaloniki

If OLTH SA, the day after the signing of the OLB contract, does not start implementing investments, it certainly urgently needs to put into operation mandatory investments in the port of Thessaloniki, with the simplest of all, namely the expansion of 6Sh Quayside (transferred to private, March 2018).

Remember that the private investor, It has a period of seven (7) years to implement mandatory investments worth €180 millionwith extension 6Sh The pier belongs to the projects of the first period of mandatory investments.

The project, after the completion of the tender procedures, as of February 2022, has a contractor, the consortium MYTILINEOS SA-ROVER MARITIME SL-HDK SA, but its construction does not say that it will start, because the environmental impact assessment has not yet been approved, so it cannot be issued PD to begin the construction phase that will last about three years and is now estimated at 150 million or more.

In this regard, answers must also be provided by the competent ministry (not the Port Regulatory Authority) which has the responsibility of monitoring the implementation of contracts signed with the Greek government.

However, it should be noted that during the five years that the private administration took over management of THALTH, approximately 67 million euros were invested in cargo handling and handling machinery, in some building infrastructure in the passenger port, and in digital operating systems.

When public works are also delayed

It must be confirmed that OLTH SA will request an extension of time for the implementation of mandatory investments, exercising its contractual right, as interconnection projects 6Sh Pier with PATHE but also directly, with a new line, with the railway network of OSE.

The bridge completion project, implemented by AKTOR, was supposed to be completed at the end of 2023, but will not be delivered before the end of 2024 and… if (due to expropriations associated with contract options), while the ERGOSE tender for the railway connection was in Phase B of the Competitive Dialogue has been around for a year now. In short, both sides, the state and THA SA, are likely to push for a change in the timetable for mandatory investments in the port of Thessaloniki.

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A new Managing Director, a Dutchman, comes to Thessaloniki and THPA SA to strengthen the company’s management team, at a time when THPA’s “business” is increasing and in the coming period he will take over the management of the Port of Volos.

It should be noted that since the departure of the previous General Manager, Franco Coppolo, in July 2022, the CEO of THA SA, Athanasius Liagos, He also assumed the duties of director.

As announced by TAIPED, OLTH SA, which has offered 51 million euros, is the preferred investor for 67% of OLB SA... Thus, OLTH SA, which wanted to expand its activities to include other ports as well – anonymous companies, public until recently (Igoumnitsa, Heraklion, Alexandroupolis), finally acquired the port of Volos, until 2062 (until then the concession from ED to Sa), Without even committing to carry out mandatory investments.

OLTH SA’s main shareholder is Belterra Investments, a company for the benefit of the expatriate’s family Businessman Ivan Savvidisthe acquisition of a majority stake in Volos Port Authority SA, guarantees it a A dominant position in a particular category of cargo, dry bulk, although the price to be paid by OLTH SA (not Mr. Savvidis) is negligible €51 million. In addition, OLB SA will annually pay the Greek government a rate of 3.5% on its gross revenues.

Dominant position of OLTH and OLB in dry bulk cargo

OLTH SA, together with OLB SA, has gained a dominant position in the handling of dry bulk cargo (agricultural products, ores, raw materials for industry) having a share of approximately 80% of the identified market.

OLB, in terms of port activities, has it all, so to speak. It has coastal connections with the Sporade all year round, and receives cruise ships, while the five berths at its disposal serve passenger traffic as well as cargo (conventional cargo and containers), while the onshore part of the port extends over an area of ​​650 acres. . This port, with a turnover in 2022 of 5.447 million and pre-tax profits of 716.474 euros, was acquired by OLTH SA, and naturally assumes the costs of maintaining its infrastructure, which is operational and does not require direct investments. Naturally, the development of the port will also require investments, but there are no mandatory or even strictly necessary requirements, directly from the investor.

In addition to, The port has an increasing energy and military role as the armed forces retain the land for their own usewhile there are also allocations for the development of a liquefied natural gas gasification station.

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Investments in the port of Thessaloniki

If OLTH SA, the day after the signing of the OLB contract, does not start implementing investments, it certainly urgently needs to put into operation mandatory investments in the port of Thessaloniki, with the simplest of all, namely the expansion of 6Sh Quayside (transferred to private, March 2018).

Remember that the private investor, It has a period of seven (7) years to implement mandatory investments worth €180 millionwith extension 6Sh The pier belongs to the projects of the first period of mandatory investments.

The project, after the completion of the tender procedures, as of February 2022, has a contractor, the consortium MYTILINEOS SA-ROVER MARITIME SL-HDK SA, but its construction does not say that it will start, because the environmental impact assessment has not yet been approved, so it cannot be issued PD to begin the construction phase that will last about three years and is now estimated at 150 million or more.

In this regard, answers must also be provided by the competent ministry (not the Port Regulatory Authority) which has the responsibility of monitoring the implementation of contracts signed with the Greek government.

However, it should be noted that during the five years that the private administration took over management of THALTH, approximately 67 million euros were invested in cargo handling and handling machinery, in some building infrastructure in the passenger port, and in digital operating systems.

When public works are also delayed

It must be confirmed that OLTH SA will request an extension of time for the implementation of mandatory investments, exercising its contractual right, as interconnection projects 6Sh Pier with PATHE but also directly, with a new line, with the railway network of OSE.

The bridge completion project, implemented by AKTOR, was supposed to be completed at the end of 2023, but will not be delivered before the end of 2024 and… if (due to expropriations associated with contract options), while the ERGOSE tender for the railway connection was in Phase B of the Competitive Dialogue has been around for a year now. In short, both sides, the state and THA SA, are likely to push for a change in the timetable for mandatory investments in the port of Thessaloniki.