COSCO

Piraeus Port Authority (OLP) and Guangzhou port in China, signed on Saturday morning in Piraeus a memorandum of understanding meant to enhance their cooperation.

A spokesperson for Belgian Interior Minister Annelies Verlinden has confirmed media reports that Piraeus, Greece's largest port, has been excluded from the European Ports Alliance due to significant ownership by the Chinese shipping group Cosco.

One of the most important IKEA supply centers worldwide, that which will supply Eastern Mediterranean countries with the products of the Swedish giant, will start operating about a year from now, in Aspropyrgos, West Attica. 

The Suez Canal crisis has started to cause significant delays in the smooth supply of the Greek market with durable consumer goods imported from Asia, such as refrigerators, televisions, computers and cars.

In the early 2010s, Greece, burdened by debt and facing bankruptcy, had to agree to an intensive schedule of privatizing critical infrastructure, especially its ports.

Growth in container traffic at the port of Piraeus has slowed down. The fast pace at which it expanded since Chinese state-owned Cosco Shipping leased two docks in 2009 - before eventually becoming the port's majority shareholder - appears to be a thing of the past.

One of the largest container ships in the world, and one of the two largest that have so far docked in Piraeus, was welcomed on its maiden voyage by the Piraeus Container Terminal (PCT).

This is the OOCL Piraeus, a mega container vessel owned by Orient Overseas Container Line Europe, a subsidiary of the COSCO Shipping Group.

Greek and Chinese officials and business representatives explored ways of boosting bilateral cooperation in shipping and trade during an investment event held in Piraeus on Tuesday.

The event was organized by Shanghai's Pilot Free Trade Zone Lingang Special Area at the premises of Piraeus Port Authority (OLP), a member of China's Cosco Shipping group.

How things have changed in 15 years! In 2008, a Chinese state company, Cosco, bought the port of Piraeus, outbidding a Hong Kong-based multinational. No Western firm showed an interest in Greece's biggest port.

Prime Minister Kyriakos Mitsotakis on Tuesday lauded the investment of Chinese company Cosco as an "example of mutually beneficial cooperation."