Chinese multinational Cosco, which owns a majority stake of the Piraeus Port Authority (PPA) and holds its management, remains the global port operator leader, according to Lloyd’s List. Another three Chinese companies are also in the top 10, worldwide.
By A. Tsimplakis
Chinese multinational Cosco, which owns a majority stake of the Piraeus Port Authority (PPA) and holds its management, remains the global port operator leader, according to Lloyd’s List. Another three Chinese companies are also in the top 10, worldwide.
China Merchants Port Holdings, a minority partner in the consortium that recently won the concession for the Thessaloniki Port Authority, is in second place, followed by Hong Kong-based and privately owned Hutchison Port Holdings.
Shanghai International Port Group is in fourth place, according to Lloyd's.
Cosco's assumption of the port authority in Piraeus, which runs the biggest and busiest port in Greece, marked the state-run Chinese multinational's first major investment in European port facilities. The development opened the way for projected investments of several hundred million euros by Cosco along its "Belt&Road" sea route from China to Europe, with its latest investment coming in Abu Dhabi.
Cosco Shipping Corp. purchased 51 percent of PPA in August 2016, with an option for another 16 percent, which it will acquire by implementing outlays foreseen in 1.5-billion-euros concession contract, which may reach two billion euros with the investments.
Piraeus, specifically, is continuously rising on the global list compared to its competition, finishing this year in 37th place, according to the Lloyd’s List special edition "One Hundred Ports 2018" - one place higher than its 2017 ranking.
As Cosco has repeatedly stated, the goal is for Piraeus to become the pre-eminent port in the Mediterranean by 2020, as it is currently in third place.