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Merger of Chinese multinationals expected to affect Piraeus Port Authority

The merger of Chinese multinationals China Ocean Shipping (Group) Co. and China Shipping Group into China Cosco Shipping Corp. has created one of the world’s largest fleets of ocean-going commercial vessels and reportedly envisions an expansion of activities and possibly the seeking out of “strategic alliances”.

The development is of significant importance for the Greek economy, given that Cosco is by all accounts the next majority shareholder and manager of the Piraeus Port Authority – the country’s largest port facility operator. The Greek government last week approved Cosco’s bid for the majority stake of the port of Piraeus, years after Cosco had assumed the management of Piraeus’ container port.

Cosco president Xu Lirong underlined at events announcing the merger that the new shipping giant will expand its activities in the area of multi-purpose transports, warehousing, shipping insurance, industrial equipment manufacture, as well as management of health centers and hotels.