COSCO Plans to Invest an Additional 500 million Euros in Greek Port

COSCO Plans to Invest an Additional 500 million Euros in Greek PortCOSCO Shipping Co. the largest shipping company based on fleet size in China, announced that it will be investing another 500 million euros in Greece’s Piraeus Port after it officially became the major shareholder of the Greek Port earlier this week. The plan consist of COSCO Shipping to build a port to berth cruise liners and large scale passenger transport center which can handle up to 10,000 people and to further diversify the port’s business services. The port will become the world largest cruise home ports in both passenger capacity and service infrastructure..

Furthermore COSCO will be investing in building new ports that will be used for container ships and vehicle ro-ro carriers. Shipbuilding and maintenance facilities will also be constructed soon. COSCO Shipping chairman XU Lirong stated that the investment create up to 31,000 jobs in Greece and raise that country;s output value from the logistics industry from the previous 400 million euros up to 2.5 billion euros for the long term. Other facilities such as new docks that will be used in building ship and offshore engineering products and new parking areas will help Greece to improve their manufacturing ability and turn Piraeus Port into a major vehicle transfer terminal in the Mediterranean region.

Piraeus Port is already a strategic partner with several multinational giants such as Hewlett-Packard and the Chinese network equipment manufacturer Huawei Technologies in the maritime distribution of products in northern African countries, Europe and the Middle East. Running a big port in Greece will further ensure COSCO Shipping sailing schedules, expand business networks and cut shipping costs of the company’s port business in Southern Europe and to further promote the trade between European nations and China.

Looking to gain a bigger market share, COSCO Shipping set a target to enlarge the port’s handling capacity from 3.36 million 20 foot container vans to 10 million a year in the future.

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