China Cosco Shipping to Win Big on Piraeus


George Xiradakis, Managing Director of Piraeus-based XRTC Business Consultants has commented on how China Cosco Shipping’s recent investment to acquire a majority stake in Piraeus provides multiple advantages for China, Greece and Europe, according to Xinhua.

Mr Xiradakis said: “I think that the Piraeus investment of China and COSCO is a multi-win. China is the one winner, but on the other side there are many other winners. The entire EU is a winner. Saving costs of transportation goods from China to Europe by 10% through the Piraeus Port is a win.

“We must proceed now to develop the logistics centres that were planned ten years ago – develop airports and the railway network. After that we will see development and all of a sudden Greece will become a real developed economy.”

It was recently reported by PTI that Cosco had placed a binding offer for the majority stake in Greece’s Piraeus Port.

Shortly after this offer, Cosco had won the majority stake, and effectively signed an agreement with Greece to be the majority stake holder at a cost of more than US$400 million.

China is also looking to tap into the potential of Greece’s rail network in order to create connections in central and Eastern Europe, as well as the maritime connections along the Suez Canal.

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