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Cosco's master plan for Piraeus suffers setback

The Greek authorities have shelved a planned tender for a new facility in the Port of Piraeus, which is owned by China's Cosco. The case marks the latest example of the Chinese shipping group's challenges related to the massive port acquisition.

Photo: Thanassis Stavrakis/AP/Polfoto

Chinese Cosco is struggling to complete its master plan for the Port of Piraeus two years after buying the major Greek port, reports Seatrade Maritime.

Most recently, Greek authorities have shelved a planned tender for construction of a new cruise terminal in Piraeus – a terminal that is otherwise part of Cosco's master plan for the port, which the Chinese state-owned shipping group has tapped as key port for Chinese cruise tourists. Previously, Cosco's plans to build a shipyard in Piraeus, to handle 450 ships annually and to target large cruise ships in particular, also ran into problems with authorities.

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