The Piraeus Port Authority (PPA), together with Chinese giant COSCO Shipping, the majority shareholder of PPA, and the world’s largest commercial port of Shanghai signed two Memorandums of Understanding on Monday [12 June 2017] in the Greek capital of Athens to boost commercial ties…Full Article: ECNS.cn June 2017
- The two MoU agreements were signed by the Shanghai International Port Group and Piraeus Port Authority (PPA). The Shanghai International Port Group controls 25.7% of China’s foreign trade (by volume), while the PPA is a subsidiary of China’s COSCO Shipping. The signing ceremony was presided over by the Secretary of the CPC Shanghai Municipal Committee.
- Since 2010, Piraeus Container Terminal, a subsidiary of China’s COSCO Shipping, has been operating Piers II and III at Piraeus port as part of a 35-year concession agreement.
- In June 2017, COSCO Shipping Ports (Spain), a subsidiary of COSCO Shipping Ports, acquired a 51% stake in Spain’s Noatum Port Holdings for EUR 200 million (USD 224 million).
- In May 2017, China COSCO Shipping Corporation and Jiangsu Lianyungang Port purchased a 49% stake (24.5% each) in Kazakhstan’s Khorgos-East Gate Special Economic Zone. The SEZ is located 15 km from China’s Xinjiang Region. Rail freight can reach Europe in roughly 10 days and Jiangsu Province’s Lianyungang Port in 5 days.
- In early January/late February 2017, cargo transported by China COSCO Shipping Group arrived in Budapest, Hungary. The shipment’s sea route runs from China’s Port of Ningbo (near Shanghai) to Greece’s Port of Piraeus (near Athens), while its land route (railway) runs from Athens to Budapest. The route takes a total of 26 days from Ningbo to Budapest.
- In January 2017, COSCO Shipping Ports increased its stake in the Port of Qingdao, Shandong Province, to 18.41%.
- In May 2016, COSCO Pacific, a subsidiary of China COSCO Shipping Corp, signed an agreement to purchase 35% of the terminal from ECT Participations BV, a subsidiary of CK Hutchison Holdings. Euromax Terminal Rotterdam is an automatic container terminal that has an annual capacity of 3.2 million twenty-foot equivalent units (TEUS). In 2015, the terminal processed 2.28 million TEUs.
- In April 2016, China Cosco Holding signed an agreement to acquire a 67% stake in the Port of Piraeus (Athens), Greece’s largest seaport and one of the largest in the Mediterranean Sea.
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