Grimaldi Euromed and Minoan Lines were chosen by the Hellenic Republic Asset Development Fund (HRADF) to acquire a 67% share in the Heraklion Port Authority (HPA). The total investment in HPA amounted to € 80 million.
The investment plan submitted by the two companies aims to strengthen Heraklion’s strategic position in the eastern Mediterranean by developing new trade flows for passengers and freight and making port a transit centre.
Further development of Heraklion’s infrastructure is expected to boost Crete’s economy. Higher quality services within the port are expected to increase tourist flow as well as create more jobs and businesses.
In 2023, cruise traffic in the port of Heraklion increased by 50%. A total of 382,981 cruise passengers visited the port in 2023, while cruise ship arrivals reached 253, marking a 27% increase compared to 2022 in passenger traffic. (Please note that the high cruise ship arrivals come after the COVID pandemic when arrivals were low).
The development of the port of Heraklion is part of the broader development plan of the Hellenic Republic Asset Development Fund (HRADF) for the upgrading of the infrastructure of Crete.
In 2014, an international tender implemented by the Hellenic Republic Asset Development Fund (HRADF) also resulted in COSCO purchasing 67% of the operating company of the Port of Piraeus, resulting in the rapid growth of the Port of Piraeus.
Sources:
HRADF: Signing of the share purchase agreement for the acquisition of a majority stake in the share capital of Heraklion Port Authority S.A 18 December 2023.
Record Cruise Ships Arrivals at Port of Heraklion in 2023 8 January 2024.