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COSCO considers stake in Greek Piraeus Port Authority

COSCO considers stake in Greek Piraeus Port Authority

Piraeus is responsible for almost 60% of all Greek shipping traffic, so a stake in the port would afford Cosco significant access to Europe.

Cosco is amidst an aggressive expansion strategy – in December it joined forces with AP Moller Maersk and Hutchinson Whampoa to develop the second phase of the Yangshan deepwater port in China, and in the same month made its presence felt in Egypt when it signed a deal to purchase 20% of the Suez Canal Container there.