A contract expanding Pier 6 was signed on Wednesday between the Thessaloniki Port Authority (ThPA) and Metka SA-Tekal SA (Pier 6), signaling the largest upgrade project for the strategic port of northern Greece, a statement by the port authority said.

The contract was signed at ThPA’s facilities by CEO Ioannis Tsaras, Metka ATE Vice-Chairman and CEO Dinos Benroubi representing the Joint Venture, and Tekal Vice-President Argyro Psaltakou.

According to ThPA, Pier 6’s expansion is part of the mandatory enhancements in the Concession Agreement between the Hellenic Republic and ThPA SA. The project consists of expanding the pier with an additional length of 513 metres, a width of 306.5 meters. It will also significantly deepen (dredge) the navigation channel and the vessels’ maneuvering area, for the safe mooring of even the Ultra Large Container Vessels (ULCV), the statement said.

The signing of the contract also signals the start of the main construction phase, with an implementation period of 40 months and a total budget of 195.6 million euros. “The expansion of Pier 6 is a pivotal investment, not only for the Port of Thessaloniki but also for the port ecosystem of Greece as a whole,” the port authority statement said. “At the same time, from the initial phase of construction, the project will have a significant socio-economic impact at both local and national level, contributing substantially to GDP, public revenues, and employment,” it underlined.

Upgrade features

Upon completion of the project, the Port of Thessaloniki will:

– Serve simultaneously a higher number of container vessels
– Be able to accommodate ULCVs of up to 24,000 TEU, a unique feature for Northern Greece.
– Increase the total capacity of the Container Terminal from 650,000 TEU today to 1,500,000 TEU, strengthening its competitiveness towards the destinations of Southeast Europe.
– Enhance its position within the port industry as well as the country’s connectivity.

The financing of the project will be covered from the own existing capital of ThPA SA, as well as from bank loans, with the terms of the latter to be determined shortly.

With the launch of the expansion of the Container Terminal, ThPA SA said, it “sets the most important milestone in the development trajectory it has been recording since 2018, transforming the Port of Thessaloniki into a leading transit hub in Southeast Europe and creating substantial added value for the economy and society of the wider region.”

Commenting on the event, ThPA head Ioannis Tsaras noted that the expansion of Pier 6 “creates the conditions for Thessaloniki to strengthen its role in the Mediterranean as a strategic trade hub for Southeast Europe. This is not just an important piece of infrastructure, but a project that increases the operational capacity of the port, empowers the regional logistics ecosystem, and generates varied and multiplier benefits at both the local and national level.”

Representing the Joint Venture, Vice Chairman and CEO of Metka ATE Dinos Benroubi said, “Our joint venture is ready to fully deliver on the vision embodied in this project-a vision of growth, international connectivity, and long-term prospects for the decades ahead, both for Thessaloniki and Northern Greece, as well as for our country’s role on the European transportation map.”