In reply to your above letter, we wish to inform you of the following:
1. With regard to the extension of the 6th pier, kindly note that the project includes two construction unities, i.e. the port work and the other embankment, gravelling-coating and equipment works.
- As concerns the port work, the conclusion of the relevant contract work agreement is expected within the next few days
- For the other embankment, gravelling-coating and equipment works, the relevant technical and financial studies are already being drafted while the construction works are expected to start in the course of 2007 and the completion of all the extension works (Port-Gravelling-Coating etc) is anticipated for the end of 2011.
Detailed elements, such as implementation time schedules, financing arrangements, financial analysis etc. will be forwarded to you after the finalization of the negotiations with the EIB.
The overall investment will reach the amount of 100 million euros that will be drawn as to 50% from the European Investment Bank and as to the 50% balance from own equity of the Company or also partly from loans. The conclusion of the agreement with the EIB is expected to take place at the end of August 2006. The completion of the work will enable ThPA SA to increase its container service capacity from 365.000 teu's in 2005 to approximately 700.000 teu's.
2. Concerning the dockers? strike, loading and unloading works have already been normally resumed while the whole dispute over the collective agreement conclusion issue is being taken care of by an ombudsman from the Mediation and Arbitration Organisation (OMED).