China promises to make Piraeus Port largest in the world

China’s COSCO has officially acquired the largest stake in the Piraeus Port Authority and promises to invest and develop it into one of the largest container transit ports in Europe and one of the biggest home ports for cruise operators in the world.

At the opening of the Athens Stock Exchange session on Wednesday, a total of 12,750,000 shares were sold to COSCO at 22 euros per share, totalling 280 million euros, making it the majority stakeholder with 51% stake.

“COSCO will invest in a 300,000DWT dock and improve supporting facilities, so as to boost the ship repairing capacity and seek opportunities for repairing offshore equipment,” said COSCO’s general director Wan Min at the opening of the ASX session on Wednesday.

“The Group will leverage on the construction of logistics and warehousing, respond to the ‘Belt & Road’ initiative and further expand the advantage of the port as a bridgehead of sea-land intermodal to forge it into the logistics distribution centre in the Mediterranean, as well as the south gate to Central and Eastern Europe and the Balkans,” COSCO said, adding that these investments will hopefully create more job opportunities and a better development platform for the younger Greek generation.

"We will improve the port's international position with aim to contribute in the development of the Greek economy, the strengthening of competitiveness and the creation of job positions" said Wan Min.

According to COSCO’s general director, the company will invest in a series of projects in the short term which will include the expansion of the cruise port to allow for greater capacity, and also upgrade the ship-building area.