China Cosco Shipping Corporation has completed the acquisition of a 51 percent stake in the Piraeus Port, the largest port in Greece.
Cosco Shipping Hong Kong has officially become the controlling shareholder of the port, and now takes over its management and operation.
Cosco has operated two container terminals in Piraeus since 2009 under a 35-year concession agreement. It has paid $311m for the 51 percent stake in the port and is set to increase its stake to 67 percent over the next five years.
“The Piraeus project represents a key milestone in the Belt and Road initiative, and the port’s growth and prosperity will boost economic development both in China and Greece, ushering in a new era of trade cooperation and cultural exchange between east and west,” said Wan Min, president of Cosco Shipping.
According to Wan, Cosco Shipping will make a new series of operational investments that will streamline the port’s performance as well as improve its international position, and help the port reach its full potential to become one of the leading ports in Europe.