China Ocean Shipping Company is interested in taking part in possible plans to buy shares in the Piraeus Port Authority (PPA), giving it increased access to European markets.
COSCO president Wei Jiafu discussed port investment when he met Greek Prime Minister Kostas Karamanlis, who was visiting China, in January this year. PPA handles almost 60 per cent of all Greek shipping. The Greek Government owns 74.1 per cent of PPA at the moment. The Thessalonica Port Authority said COSCO Hellas has also expressed an interest in developing co-operative ties with the northern Greek port. China Shipping Group (CSG), China's second-largest shipping company, is also seeking facilities in the Greek port of Crete. The COSCO president said earlier that port investment is a priority for the company's future expansion. In December 2007, the group was involved in a joint venture formed by AP Møller-Maersk and Hutchison Whampoa to buy and develop the second phase of Shanghai's Yangshan port. COSCO Pacific, a port investor affiliated to the Group, took 10 per cent of the venture.
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