Official signing of agreement for the sale of 67% of Heraklion Port Shares to Grimaldi Group

By | 2023 Newsletter week 51 | No Comments

On December 18, 2023, GRIMALDI EUROMED – MINOAN LINES officially signed the concession agreement with the Hellenic Republic Asset Development Fund (HRADF) for 67% of the Port of Heraklion’s shares. The Hellenic Parliament is expected to ratify the agreement in early January 2024, while the transfer of the shares is anticipated to occur at the end of January 2024 in Heraklion, Crete.

Grimaldi Euromed S.p.A. – Minoan Lines secured the international tender last June with a bid of EUR 80 million, and the total investment by the Italian consortium is projected to reach EUR 100 million.

This specific agreement focuses on the green transition of the Cretan port through the electrification from renewable energy sources and the installation of a system for electrifying docked ships (cold ironing), along with the modernization of infrastructure and mechanical equipment. Furthermore, it aims to develop the cruising sector and facilitate the offloading of electric vehicles from China.