COSCO

Greece's potential to become an international trade hub remains untapped, as despite the spectacular performance of the port of Piraeus in recent years in terms of container transit, and to a lesser extent the port of Thessaloniki, there is a shortage of infrastructure for combined transport, such as major highways and a modern rail network, according to a study published yesterday.

Xu Lirong, head of China Cosco Shipping Corporation, holder of a controlling stake in Piraeus Port Authority, is the man with the greatest influence in global shipping, according to the annual rankings of Lloyd's List. The top 100 includes 15 Greek shippers.

China's State Grid Corporation (SGCC), the world's biggest utility, on Friday signed the purchase of a minority stake in Greece's power grid operator ADMIE, China's second big investment in the debt-laden country in a matter of months.

ADMIE was fully owned by Greece's state-owned power utility Public Power Corporation (PPC).

Chinese shipping giant Cosco and Trans-it, a Copenhagen-based logistics and transport provider, announced on Monday they are joining forces to offer Greek shipowners VAT-free spare parts delivery.

The prospect of the merger of three Japanese shipping companies with regular container ship lines, creating the third biggest force in the sector, bodes well for the port of Piraeus.

Now that Cosco Shipping has secured a foothold in Piraeus, China is expected to activate plans to route the new Silk Road through the country's largest port, making Greece the gateway to the rest of Europe and setting the Greek logistics sector on the path toward expansion.

"The Chinese people are getting better acquainted with Greece, which is now an attraction for thousands of Chinese tourists and has become fashionable in China following the news coverage on Cosco's strategic cooperation with Piraeus Port Authority," stated Xu Lirong, the head of China Cosco Shipping Corporation Limited, at the opening of the new cruise terminal at Aghios Nikolaos in Piraeus on

China's Cosco wants to more than double the number of cruise passengers using Piraeus by extending facilities for bigger ships, its chairman said on Monday.

"The movement of cruise passengers is around 1.1 million a year at present," Cosco Shipping chairman Xu Lirong said during a ceremony at the port launching new docking space for cruise ships.

The upcoming visit to Athens by the chairman of China Cosco Shipping Corporation Ltd, Xu Lirong, will signal the start of the Hong Kong-listed firm's strategic planning and investment in Piraeus.

China's biggest shipping company, Cosco Shipping, plans to ramp up container volume at Greece's biggest port in Piraeus by 35 percent by 2018, the port's new managing director, Fu Cheng Qiu, told Reuters on Thursday.