China COSCO

China and Greece agreed on Monday to push ahead with a 600 million euros investment by Cosco Shipping into Greece's largest port, Piraeus, as part of efforts to boost its role as a hub in rapidly growing trade between Asia and Europe.

Greek Shipping Minister Panayiotis Kouroublis praised on Thursday the Sino-Greek cooperation at Piraeus port, speaking to Xinhua on the occasion of the launch of new projects to upgrade Greece's largest harbor.

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.

"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 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.

Greece is to sell its biggest port Piraeus Port Authority to shipping group China COSCO Shipping Corporation, marking the second major privatization for the country since late last year.

Two Chinese port companies, China Merchants and China Ocean Shipping Company (COSCO), and the country?s largest state fund, China Investment Corp. (CIC), have signaled their intent to buy Turkey?s largest private port, Kumport, according to sources familiar with the issue. 

By Sharon R Smyth, Nikos Chrysoloras and Paul Tugwell

Greece will proceed with the sale of stakes in strategic assets such as the port of Piraeus and 14 regional airports this year, according to Greek officials with direct knowledge of the matter.

By Nikos Roussanoglou

A total of 2.987 million containers were handled last year by Piraeus Container Terminal, Chinese company Cosco?s local subsidiary, at the second and third container terminals of Greece?s largest port, according to figures released yesterday at the Hong Kong Stock Exchange, where Cosco Pacific is listed.