Our Friday itinerary had us down by the water for most of the day, starting off at the New Port, which is home to DP World, P&O Maritime, and Eurogate. The port of Limassol used to be publicly owned and operated, but in the early 2010s the country ran into some financial issues. When the EU stepped in to bail out the country, one of the stipulations was Cyprus privatized the port, and the three previously mentioned companies were given the rights to operate.
The first visit we had was with DP World, a company that operated out of Dubai and signed a 25 year concession agreement with Cyprus to operate on the port. They are a multipurpose company, responsible for handling cargo ships and passenger ships/cruised coming into the island. They run their business through 3 divisions, all of which are located on different parts of the port. The divisions are the Passenger Terminal, Cargo, and Oil and Gas station. The passenger terminal was a recent addition as the country looks to increase its tourism. Although handling cruises is not profitable for DP World, it has a very positive impact on the economy, and so they are working on an incentive-based deal with the government to upkeep the terminal. Going forward, they are planning on implementing objectives focused on creating valuable career opportunities for women and students.
After a quick presentation by P&O Maritime, a company that assists in bringing in the ships that enter the port for DP World, we traveled across the port to the other main player, Eurogate. Eurogate is responsible for handling the majority of containers that arrive on the island. On a yearly basis, they handle 500 thousand containers, and plan to have that number up to one million in the future. They have spent much of their early years on the Limassol port reinvesting in themselves. They have bought 5 cranes since opening, with the newest models being able to go through 45-50 containers each hour. They also have bought straddle carriers and tractors that efficiently transport containers and materials across their plot. These investments have reduced process and throughput times. Both Eurogate and DP World did not seem worried about competition between each other, as they tend to handle different types of ships and customers.
After the visits, we we welcomed with a surprise when we learned we were getting to go on a very nice catamaran boat for lunch. We enjoyed the sun and food, before going back inside to have a Q&A session with some port authorities of the Limassol port. The speakers were very knowledgeable of all things relating to the Mediterranean, and provided us a good ending to our port day. Being an island country, the ports are necessary for providing almost all cargo that enters the country, and them running efficiently is essential to the country as a whole. With that said, it was very interesting to learn about how the ports are run.