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Cosco Shipping increases ownership stake in Greece’s Port of Piraeus

Dalian, China — State-owned Cosco Shipping, has boosted its stake in Greece’s largest port from 51% to 67%. This reinforces its control over an important link in China’s Belt and Road initiative.

“The company aims to help the port of Piraeus strengthen its position as a major port in the Mediterranean and become an important bridge of civilization, economy and friendship between China and Greece under the Belt and Road initiative,” Cosco said earlier this week.

The transaction was valued at 88 million euros (US$102 million). The initial 51% stake was acquired for about 280 million euros (US326 million).

In recent years, Cosco has significantly increased its presence in world ports. As of the end of June, Cosco had invested in 36 ports worldwide.

Total container throughput at the Port of Piraeus between January and September in 2021 amounted to 3.66 million TEUs versus the year-earlier 3.69 million TEUs. But over the same period, container volumes carried on Cosco’s rail subsidiary connecting Piraeus with central and eastern Europe rose by 20%. (Photo Port of Piraeus)