Narrative
Full Description
Project narrative
On January 5, 2012, Piraeus Container Terminal S.A. (PCT) — a special purpose vehicle (SPV) incorporated in Greece and wholly owned by Chinese state-owned enterprise COSCO Pacific Limited — entered into a $6,049,000 USD (€4.5 million EUR) shareholder's loan agreement with Piraeus Consolidation and Distribution Centre S.A. (PCDC) — a Greece-incorporated SPV 50% owned by PCT and 50% owned by COSCO Pacific — for the construction of a distribution center at either Container Terminal No.2 or No.3 at the Port of Piraeus. This loan was secured by (i.e. collateralized against) a pledge agreement of the cash in PCDC's bank accounts; additionally, PCDC could not distribute dividends or profits to its shareholders without written consent of PCT. This project was completed.
Staff comments
1. PCT was established to manage Container Terminals No. 2 and No. 3 at the Port of Piraeus that COSCO Shipping took control over on October 1, 2010, per the concession agreement in 2008 (see "希腊比雷埃夫斯港成为“一带一路”上的耀眼明珠" and "比雷埃夫斯港的“神话”"). Piraeus Port is the largest port in Greece and for the Balkans and Black Sea countries (see "比雷埃夫斯港的“神话”"). COSCO Pacific is leasing and operating the Piraeus Port container terminals for 30 years under a build-operate-transfer (BOT) lease agreement with the Piraeus Port Authority S.A. (PPA), with an extendable five-year term (see pg.25 of "ΣΤΑΘΜΟΣ ΕΜΠΟΡΕΥΜΑΤΟΚΙΒΩΤΙΩΝ ΠΕΙΡΑΙΑ Α.Ε. ΕΤΗΣΙΑ ΟΙΚΟΝΟΜΙΚΗ ΚΘΕΣΗ 01 ΙΑΝΟΥΑΡΙΟΥ ΕΩΣ 31 ΔΕΚΕΜΒΡΙΟΥ 2019"). CDB and COSCO Pacific provided loans for the Container Terminals, as captured by Record ID#90730 and #92226. 2. AidData has surmised that this project was completed because PCDC would go onto operate a consolidation and distribution center in a warehouse in the Free Zone of Piraeus Container Terminal by 2022, but the specific implementation dates are unknown (see "Piraeus Consolidation and Distribution Center S.A. - Company Profile").