The Port of Piraeus ( Greek : Λιμάνι του Πειραιά ) is the chief sea port of Athens , located on the Saronic Gulf on the western coasts of the Aegean Sea , the largest port in Greece and one of the largest in Europe .
72-443: The Chinese state-owned COSCO Shipping operate the port. The Port of Piraeus served as the port of Athens since ancient times . Until the 3rd millennium BC, Piraeus was a rocky island connected to the mainland by a low-lying stretch of land that was flooded with sea water most of the year. It was then that the area was increasingly silted and flooding ceased, thus permanently connecting Piraeus to Attica and forming its ports,
144-611: A holding company and renamed as China Ocean Shipping (Group) Company in 1993. Two other government owned companies, China Marine Bunker Supply Company ( Chimbusco in short) and China Road Transport Company, which engaged in oil tanker and road transport businesses respectively, became the subsidiaries of the group in 1988 and 1992 respectively. China Road Transport Company was renamed into COSCO Logistics in 2001 (now part of COSCO Shipping Logistics). As of 2003, COSCO Logistics engaged in shipping agency, freight forwarding, third party logistics and supporting services. While Chimbusco became
216-542: A "smart port". At the event, the three companies announced a roadmap for large-scale implementation of 5G technology in ports. On September 25, 2019, the US Treasury Department sanctioned the tanker subsidiary of COSCO Shipping, COSCO Shipping Tanker (Dalian) Seaman & Ship Management, as well as COSCO Shipping Tanker (Dalian), for breaching the United States sanctions against Iran . However,
288-689: A 35-year concession to operate and develop a newly built container terminal in Khalifa Port . In November 2019, the company invested $ 660 million to upgrade the Piraeus container port , Greece's largest port. On May 11, 2020, COSCO Shipping Ports , Dongfeng Commercial Vehicle , and China Mobile successfully transported a shipping container within Xiamen Ocean Gate Terminal using an AGV guided by 5G . The achievement demonstrated an application of 5G technology in developing
360-481: A Chinese government strategy to restructure its state-owned shipping sector. Shortly after, the subsidiary COSCO Shipping Holdings partnered with Shanghai International Port Group to acquire the majority stake of Orient Overseas (International) from Tung Chee-hwa - Chee-chen families. The deal was completed in August 2018. Orient Overseas (International) is the parent company of OOCL . This will make it one of
432-558: A company from COSCO Development. That company was the operator of Boao Forum for Asia . In 1997, Dianne Feinstein and Barbara Boxer , United States senators from California, had asked the Clinton administration to investigate COSCO's leasing on a former naval base in Long Beach. The site was developed into a container port terminal, Pacific Container Terminal. In 2002, another subsidiary, COSCO Shipping Co., Ltd. , became
504-423: A gantry crane staffing dispute. The 35/40 percent government mandated pay reduction ceased to apply as soon as COSCO owned 51 percent, because PPA was no longer a public company. One of the union's expectations of the investment was that COSCO would up the wages to match what they were before the reduction. However, the wages have been stagnant (as of 2017) since the 2012 reductions. This hasn't sat well with
576-586: A joint venture with Hongkong International Terminals Limited, which operates a terminal in Kwai Tsing Container Terminals , Hong Kong since 1991. COSCO Pacific acquired 49% stake of COSCO Logistics from the parent company in 2003. COSCO retained the remaining 51%. COSCO Pacific also owned 20% stake of Hong Kong-based Chong Hing Bank from 1997 to 2007. In 2007 the stake was sold to the parent company, COSCO HK. In 1995, another subsidiary, COSCO Corporation (Singapore) Limited, became
648-501: A joint venture with PetroChina since 2003. COSCO has a Hong Kong division which the division acquired a HK-listed company Shun Shing Holdings in February 1997. Hong Kong was a British colony until June 30, 1997, and has been a special administrative region of China with a separate jurisdiction system since July 1. Another subsidiary of COSCO HK at that time, COSCO Pacific , was a HK-listed company since 1994. COSCO Pacific has
720-512: A letter of guarantee of 29 million euros. In October 2009 Greece leased docks 2 and 3 from PPA to the China Ocean Shipping (Group) Company (in short: COSCO) for a 35-year-period. For its presence at the port COSCO is paying 100 million euros every year. Terminal 1 is operated by PPA S.A. and has a capacity of nearly 1 million TEUs. Terminal 2's capacity is 3 million TEUs and is run by Piraeus Container Terminal PCT S.A. ,
792-470: A listed company in Shanghai. In 2004, COSCO formed a joint venture with fellow Central Government owned Ansteel Group ( Angang Group). In 2005, the flagship subsidiary of COSCO, China COSCO Holdings , became a listed company. The A share of China COSCO Holdings was listed in Shanghai since 2007. After the post- 2008 financial crisis collapse of global shipping, COSCO began gradually acquiring
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#1732771784320864-549: A listed company in Singapore Exchange. The company was a component of Straits Times Index until 2010. COSCO acquired a Shanghai -listed company in 1997 as a vehicle of backdoor listing . It became COSCO Development , which engaged in real estate. The direct parent company of COSCO Development was sold in 2005, thus COSCO Development was no longer part of the COSCO Group. Also in 2005, COSCO Group acquired
936-511: A private company formerly known as Cosco (Hong Kong) Group Limited. This acquired listed company COSCO Shipping International (at that time, Shun Shing Holdings) as a vehicle of backdoor listing in 1997 and bought the real estate businesses, such as Shun Shing Construction and an office building, from COSCO Shipping International in the 2000s. Cosco (HK) Group itself also purchased a 20% stake in Lai Sun Hotels in 1997. However, after
1008-488: A professor of maritime transport in Athens, in some cases the salaries of workers were $ 181,000 a year with overtime before the 20% general pay-cuts imposed on public employees. Due to union safety rules a team of nine people was required to work a gantry crane . COSCO pays around $ 23,300 and only requires four people at a crane. Economic performance of container handling has greatly improved since 2009. Before COSCO took over,
1080-488: A subsidiary of COSCO. In 2013, PCT finished the construction of Terminal 3 with a capacity of roughly 2.7 million TEU. The total port capacity is 6.7 m TEUs. COSCO's involvement was accompanied by protest. According to trade unionists of PPA, the arrival of COSCO led to reductions in salary and social benefits, exclusion of union members and increased pressures on time and performance at the expense of worker safety. According to an interview in 2012 with Harilaos N. Psaraftis,
1152-400: A total of 30 onshore agency companies from China Shipping Container Lines ("CSCL") and its subsidiary. China COSCO would also enter into a lease agreement with CSCL, under which it would lease the vessels and containers owned or operated by the latter. After the transaction and agreement, China COSCO would acquire the container services-related assets previously owned by CSCL, and become one of
1224-465: Is International Ship and Port Facility Security Code (ISPS) compliant. Terminal A is the main terminal and is open 24 hours. It is within walking distance of the center of the Municipality of Piraeus. It can handle 1,200 passengers an hour. Two medium-sized ships can check in simultaneously. Terminal B was built in 2013 which can handle mega cruise ships, with a draft up to 11 meters. It has
1296-403: Is COSCO which continues to ship to Russia, and was the largest shipping company to do so. In 2005, a smaller Central Government owned company, China Ocean Shipping Tally (known as China Tally in short), was merged into COSCO Group. In 2008, China COSCO Holdings was part of Financial Times Global 500 for the first time. By 2015, after more than 5 decades, COSCO Group expanded into one of
1368-528: Is currently looking into LNG as a bunker fuel, as well as cold ironing for the cruise terminals. It is also conducting a CO 2 footprint assessment. A green roof was installed on the top of one of the new container terminal buildings. COSCO Shipping China COSCO Shipping Corporation Limited (branded as COSCO Shipping ) is a Chinese state-owned multinational marine transportation service conglomerate , headquartered in Shanghai . It
1440-596: Is in Ocean Plaza in the Xicheng District in Beijing . It owns 1114 ships, including 365 dry bulk vessels, a container fleet with a capacity of 1,580,000 twenty-foot equivalent units (TEU), and a tanker fleet of 120 vessels. The fleet calls at over a thousand ports worldwide. It ranks among the largest in both number of container ships and aggregate container volume in the world. In 2012, it
1512-664: Is the largest liner carrier in China. Its container shipping subsidiary – COSCO Container Lines – was one of the world's top 10 container carriers in terms of fleet capacity. COSCO was among China's top 15 brands in 2012. China Shipping (Group) Company was founded in 1997 and was headquartered in Shanghai. The group was a Chinese state-owned multinational transportation conglomerate. By May 2014, China Shipping's container shipping subsidiary – China Shipping Container Lines – operated 156 container vessels with 656,000 TEU capacity. China Shipping Container Lines' container ship CSCL Globe
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#17327717843201584-595: The 1997 Asian financial crisis , Lai Sun Development , the parent company of Lai Sun Hotels, scrapped the IPO of Lai Sun Hotels and sold all the assets of Lai Sun Hotels instead. In 2023 the Bulgarian agent of COSCO Shipping lines, Three Stars Ltd, was accused in the local media of racketeering and violating antitrust laws. The company was a shareholder in the Chinese real estate developer, Sino-Ocean Group . The stake
1656-796: The Dodecanese . A direct Airport Express bus route X96 runs 24/7 between the port and Athens International Airport . Other public buses connect Piraeus with various other areas such as southern coastal zone and central Athens. Piraeus Port Authority's (PPA) 2013 environmental flyer calls itself the "Green Port of the Mediterranean Sea". The port is a member of EcoPorts. It is also ISO 14001 Certified by Lloyd's Register and Bureau Veritas . PPA states on its website that it has disposal services for all types of ship-generated waste. The port conducts water quality tests and works with nearby schools. The port has partnered with
1728-531: The Persians in 480 BC. In the following years Themistocles initiated the construction of the port and created the ship sheds ( neosoikoi ), while the Themistoclean Walls were completed in 471 BC, turning Piraeus into a great military and commercial harbour, which served as the permanent navy base for the mighty Athenian fleet. In the late 4th century BC Piraeus went into a long period of decline;
1800-594: The Shanghai Stock Exchange . China COSCO recorded a loss for financial years 2011 and 2012 and could face a delisting from the Shanghai Stock Exchange if it made a loss for the third consecutive year. On 27 March 2013, China COSCO recorded a profit of RMB 235.47 million for the 2013 financial year and avoided the possible delisting. In December 2015, COSCO Group underwent a major reorganisation with China Shipping Group to form
1872-476: The University of Piraeus and Cardiff University to implement a sea water quality monitoring program. Bi-annually, the water and sediment throughout the whole port area is sampled and tested. Some parameters measured include pH , Turbidity , Salinity , Biochemical Oxygen Demand (BOD), Chemical Oxygen Demand (COD), E-Coli, Total Coliforms, TDS , and Heavy Metals. For air quality monitoring,
1944-605: The Yinhe 's civilian GPS, causing it lose direction and anchor on the high seas for twenty-four days until it agreed to inspection. The Yinhe experienced shortages of water and fuel. The inspection, which occurred in Saudi Arabia did not find any improper chemicals and on September 4, representatives of the Chinese, Saudi and United States governments jointly signed a certification that the ship's cargo did not contain materials related to chemical weapons. The company became
2016-690: The metro station is the Suburban Railway Station of the Athens Suburban Railway (Proastikos) to Acharnes Junction and other regional destinations as well as Intercity Connections via transfer to Athens Central Railway Station . Free shuttle buses inside the port run from across the Metro Line 1 Terminal Station, around the north side of the port to the ships sailing for Crete , the Eastern Aegean and
2088-795: The COSCO subsidiary pays each year to the PPA for use of dock 2 and 3 ends up back in COSCO's hands, not those of the Greek government or people, as originally intended. The Dockworker's Union represents 350 workers in Piraeus and is a member of the General Confederation of Greek Workers (Greek) and a founding member of the International Dockworkers Council (International). With about 18.6 million passengers Piraeus
2160-606: The Cyclades, Crete, the islands on the Northern Aegean Sea and the Dodecanese, among others. A full list can be seen here . Piraeus metro station is located next to the port ( 37°56′53″N 23°38′35″E / 37.94806°N 23.64306°E / 37.94806; 23.64306 ) and is an interchange station between Line 1 and Line 3. Is also the southern terminus of Athens Metro Line 1 . North of
2232-445: The Greek port of Piraeus . Under COSCO, Piraeus has become a busy port, rising from traffic of 400,000 containers in 2008 to nearly five million containers in 2018. Most European trade with China occurs via Greek ships, including through Piraeus. During the 2022 Russian invasion of Ukraine , most shipping companies halted all container shipping to Russia, except for basic food products, medicine and humanitarian aid. The exception
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2304-635: The Greek state and operated by Piraeus Port Authority (PPA) which is majority owned by China COSCO Shipping (the successor of China Ocean Shipping (Group) Company (COSCO)), the 3rd largest container ship company in the world. In 2003 the port had its IPO , after which the port was majority owned by the Greek state (74.5%), while the rest was held by investors. In 2009, Greece leased the land of dock 2 and what would become dock 3 (both container berths) to COSCO's subsidiary COSCO Pacific for 35 years. COSCO paid 100 million Euros each year as part of this arrangement. "The port's geographic advantages and
2376-545: The TEU volume down to 450,000 for the whole port. In 2014 The Hellenic Republic Asset Development Fund (HRADF), the Greek government's privatization agency, sought to sell a majority stake of the port to finance debt. In 2016, COSCO bought 51% of the port from the HRADF for 280.5 million Euros. As per an escrow , COSCO will pay 88 million more Euros for an additional 16% stake by 2021, contingent on COSCO making certain investments in
2448-551: The air. The purposes of the monitoring initiatives so far has just been for data collection. In 2004 for the Athens Olympic Games , a permanent sewage network was built for the cruise ships that were docked in Piraeus as floating hotels. The sewage travels to the Wastewater Treatment Plant of Athens. This development allows all cruise ships to be able to discharge sewage at
2520-621: The commercial sea routes between the United States and the People's Republic of China. In the same year, COSCO became the Chinese side representative to collaborate with International Telephone and Telegraph on repairing the communication facilities in the coastal cities of China. In 1981, COSCO won a contract from the Pakistani Government owned National Tanker Company of Pakistan, for crude oil transport. In 1991 COSCO
2592-683: The company was awarded $ 26.1 billion by the China Development Bank to participate in the Belt and Road Initiative . The funding would run through 2021. COSCO has used the finances to invest in its ports and infrastructure projects. In May 2017, the company signed a deal with Kazakhstan's national railway company to take 24% stake in an inland port in the Khorgos Eastern Gate Special Economic Zone. In December 2018, COSCO Shipping Ports secured
2664-494: The container terminals since 2009, and promised to keep investing. COSCO's container terminals had set records for the port at this time. A dockworker, Constantinos Tsourakis, said at the time "This is not a concession, it’s a giveaway of property belonging to the Greek people. Why should China be masters of the game at Piraeus and not the Greek state?" COSCO and the union reached an agreement early on that established work environment concerns, including safety, working hours, and
2736-443: The eastern Mediterranean". About a third of cruise sailings in Piraeus are home ported in Piraeus. In 2018, there were 524 ship arrivals, while there were 622 in 2019. Piraeus Cruise Port has 11 vessel berths, with a total quay length of 2,800 meters. It can dock vessels with a draft of 11 meters. Each berth has environmental/waste services available. PPA operates three cruise terminals, "A", "B", and "C" . Its security
2808-483: The eve of 2015 merger, COSCO Group has a few listed companies : Moreover, China International Marine Containers is an associate company of the group, which COSCO indirectly owned 22.77% shares of that listed company as of December 2015. The stake was owned by COSCO Pacific until 2013. As of 2000, COSCO also owned 30% stake of China Cargo Airlines . COSCO also had an unlisted business unit in Hong Kong, which
2880-590: The harbours were only occasionally used for the Byzantine fleet and the town was mostly deserted throughout the Ottoman occupation of Greece . In 2002 the Piraeus Port Authority (PPA) and the Greek government signed a concession agreement. The Greek government leased the port zone lands, buildings and facilities of Piraeus Port to PPA for 40 years. In 2008 the duration of the concession agreement
2952-540: The largest integrated shipping company in China and the second largest in the world. China COSCO Holdings provides a wide range of container shipping , dry bulk shipping, third party logistics , freight forwarding , Terminal and container leasing domestically and internationally. It is headquartered in Shanghai . On 30 June 2005, its H shares were listed on the Hong Kong Stock Exchange . On 26 June 2007, its A shares were listed on
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3024-643: The local market and 330,000 transhipments. The Port of Piraeus is the largest passenger port in Europe and one of the largest passenger ports in the world. It has a total quay length of 2.8 km and draft of up to 11 m. Vehicle traffic reaches 2.5m while in 2017, passenger traffic reached 15.5m. Total cruise traffic in 2019 was 1,098,091 passengers, compared with 961,632 in 2018, a 14.2% increase. Ferry Shipping News attributes this significant increase to "PPA SA’s outward focus and dedication to cruise attraction policy coupled with increased demand for cruises in
3096-583: The main port of Cantharus and the two smaller of Zea and Munichia. In 493 BC, Themistocles initiated the fortifications of Piraeus and later advised the Athenians to take advantage of its natural harbours' strategic potential. In 483 BC, the Athenian fleet left the older harbour of Phaleron and it was transferred to Piraeus, distinguishing itself at the battle of Salamis between the Greek city-states and
3168-432: The major shipping company of the country. It also had a few listed subsidiaries: COSCO Pacific, COSCO International Holdings , China COSCO Holdings , China International Marine Containers , etc., . Real estate developer, Sino-Ocean Group , was an associate company of COSCO until 2010. In December 2015, COSCO Group merged with fellow Chinese Government owned China Shipping Group to form China COSCO Shipping. COSCO Group
3240-496: The new China COSCO Shipping Corporation Limited . As part of the reorganization, China COSCO would sell 100% of equity interest in China COSCO Bulk Shipping (Group) Co., Ltd. to COSCO Group , representing the disposal of its dry bulk shipping business. After the reorganization, China COSCO would focus on the container shipping business. In addition, China COSCO would buy certain amount of equity interest of
3312-613: The number two position of all Mediterranean ports. As of April 2016 the port ranks 39th globally in terms of container capacity. In 2007 the Port of Piraeus handled 20,121,916 tonnes of cargo and 1,373,138 TEUs , making it the busiest cargo port in Greece and the largest container port in the country and the East Mediterranean Sea Basin . The container part of the port is made up of three terminals: As of 2021
3384-477: The parent company of the aforementioned companies were not sanctioned. The US lifted the sanctions against COSCO Shipping in January 2020. In July 2020, the company entered into an agreement with Alibaba and its affiliate Ant Group, to jointly promote the cooperation on and application of shipping blockchain. COSCO Shipping and its predecessor COSCO, has a Hong Kong division, COSCO Shipping (Hong Kong) Limited,
3456-614: The port partnered with the National Technical University of Athens School of Chemical Engineers. An air quality monitoring station was installed to take measurements of BTEX , CO , NO x , SO 2 , O 3 , and PM2.5 and PM10 , 24 hours a day. PPA has also collaborated with the Agricultural University of Athens to enhance the greenery around the port for aesthetic purposes, as well as to remove pollutants from
3528-456: The port stalled while the controlling federal political party changed, but that was short lived. Negotiations between the Greek government and COSCO soon resumed while the resistance to foreign control of the port started to decline. The port is sometimes known as the gateway to Europe due to its location relative to Europe, Asia, and northern Africa. As such, the union wanted to keep the port under Greek control. However, at that point
3600-468: The port's container handling record was at 1.5 million TEUs. These figures rose to 3.692 million containers in 2017. As a result, revenue and profits soared. In 2017 the Athens stock exchange listed company (OLP) almost doubled its pre-tax profits from 11 to 21.2 million euros. In 2012, the Greek government passed a law reducing the pay of all government jobs by 35 to 40 percent. At the time, Piraeus Port Authority (PPA) (the company legally allowed to operate
3672-589: The port) was considered a public company because it was majority held by the Greek State. Consequently, the port was subject to the wage reduction. In 2014 the Greek government sought to sell equity of the port as part of an agreement with the EU to recover from debt. This was met with criticism and resistance by the port's local union as well as a significant part of the Greek population. The Dockworker's union went on strike several times. The push to sell
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#17327717843203744-484: The port, including passenger and cruise expansions, dredging, and expansion of the car terminal. As of 2020, the operating company of the Port of Piraeus is majority owned by COSCO with 67% of shares (16% in escrow shares). The HRADF has 7.14% of shares. The rest (25.86%) is held by non-institutional investors. In October 2021, the HRADF transferred the 16% escrow shares to COSCO. COSCO paid 88 million euros for it, and 11.87 million euros in accrued interest as well as
3816-504: The port. PPA is a member of EcoPorts. As part of EcoPorts, the port has been continuously Port Environmental Review System (PERS) certified since 2004. PERS is a standard for port environmental management. One of the requirements of EcoPorts is an environmental management system. The port has an oil and Hazardous and Noxious Substances (HNS) contingency plan. In 2016, PPA was independently tested to make sure pollution levels were within legal limits, which they were. The port
3888-408: The privatization efforts of the government were inevitable as Greece struggled to raise money to finance debt. The Greek government went ahead with the decision to sell 51 percent of the PPA to COSCO in 2016, and hand over another 16 percent by 2021. Chinese state news agencies report that the negotiation was easy for COSCO because it had already invested more than 300 million Euros into upgrading
3960-401: The quality services offered by us, have helped deliver rapid progress, in a crisis era" said Fu Chengqiu, managing director of Piraeus Container Terminal in 2012. With COSCO's investment, the port had broken their 2006 record of 1.5 million TEUs handled by 2011, with dock 2 (COSCO) handling 1.18 million TEUs and Dock 1 (Greek) handling 500,000 TEUs. In 2009 the financial crisis had brought
4032-524: The same amenities as Terminal A; however, there is space for 120 tour buses, and it can handle 1500 passengers an hour. Terminal C is the smallest. It was built in 2003, but expanded in 2016. It can handle 700 passengers an hour, and features customs and a check in/departure hall. Free shuttle bus service is offered to bring passengers to the other terminals (to exit/enter the port). For the 2004 Athens Olympic Games, 13 cruise ships were docked in Piraeus to serve as floating hotels. Piraeus consistently ranks in
4104-635: The same year, a subsidiary was formed in Guangzhou, Guangdong Province. The Guangzhou subsidiary purchased a British vessel and renamed it as Guanghua ( Chinese : 光华 ). Guanghua made its maiden voyage to Jakarta for the People's Republic of China in April 1961. After the US resumed diplomatic relations with China in the 1970s, China Ocean Shipping Company signed an agreement with American company Lykes Brothers Steamship Company in 1979. The agreement opens
4176-724: The top 10 cruise destinations in Europe and the Mediterranean. Piraeus has been the top cruise destination in Greece for the tenth consecutive year, beating Santorini, Mykonos, Rhodes, and Crete. In 2019 the port was awarded "Best Cruise Port in the Eastern Mediterranean Region" by MedCruise. A plethora of destinations in Greece can be reached by ferry from the harbour, including islands in the Saronic islands,
4248-403: The total capacity is hence now standing at 8,3m TEUs. The cargo terminal has a storage area of 180,000 m and an annual traffic capacity of 25,000,000 tonnes. The Port of Piraeus has two car terminals of approximately 190,000 m, storage capacity of 12,000 cars and a transshipment capacity of 670,000 units per year. In 2017 the automobile terminal handled 430,000 automobiles, 100,000 for
4320-421: The union, which is currently in negotiations regarding pay. COSCO maintains that they did not reduce the pay of any workers. The union Gen. Secretary, Giorgios Gogos, agrees with that assessment, but says the expectation of COSCO to remove the 35/40 percent reduction remains a problem. He also points out that the 51 percent stake (which will increase to 67 percent in 2021) means that the 100 million dollars that
4392-556: The world's largest container shipping company with a fleet of over 400 vessels. In April 2016 the company agreed to buy 51% of Piraeus Port Authority , which is listed on the Athens Stock Exchange ( Athex : PPA ) and is a constituent of the FTSE/Athex Large Cap index. Its subsidiary Piraeus Container Terminal ( PCT ) has been operating two Piers at Piraeus Port since 2009. In January 2017,
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#17327717843204464-537: The world's leading container shipping and terminal service providers. COSCO China Ocean Shipping Company (abbreviated as COSCO ) was a former shipping corporation from 1961 to 2016, owned by the State Council of China. The company merged with China Shipping Group Company to form China COSCO Shipping Corporation in January 2016. COSCO was founded in 1961 as a state-owned shipping and logistics services supplier company. COSCO headquarters
4536-519: Was the busiest passenger port in Europe in 2014. Since its privatization in 2009 the port's container handling has grown rapidly. Piraeus handled 5.65 million TEUs in 2019 According to Lloyd's list for top 100 container ports in 2015 Piraeus ranked 8th in Europe and 3rd the Mediterranean sea. The port of Piraeus was expected to become the busiest port of the Mediterranean in terms of container traffic by 2019. Piraeus handled 4.9 million TEUs in 2018, an increase of 19,4% compared with 2017 climbing to
4608-451: Was among China's top 15 brands. It was the largest dry bulk carrier in China and one of the largest dry bulk shipping operators worldwide. In addition, the Group is the largest liner carrier in China. COSCO division COSCO Shipping Port Company manages the company's port operations. China Ocean Shipping Company, or COSCO in short, was founded in 1961 as a Chinese government agency . In
4680-483: Was anchored off the coast of Oman . US government alleged that the ship carried material exported to Iran, which could be used to make chemical weapons. COSCO claimed that the ship only contained "paper goods, hardware and machine parts". In what became known as the Yinhe incident , United States military vessels and aircraft followed the Yinhe, disrupting its normal travel route. The United States unilaterally disabled
4752-525: Was asked by the US Federal Maritime Commission (FMC) to submit information regarding Chinese Government restricting U.S.-flag carriers on doing business in China. COSCO asked FMC to drop its probe instead. FMC also investigated COSCO for its pricing behavior in 1997, but stated there was not enough evidence to launch a formal probe on alleged under-pricing its service to eliminate competitor. In August 1993, COSCO's ship Yinhe ,
4824-408: Was established in January 2016 by the merger between China Ocean Shipping Company and China Shipping Group Company . China Ocean Shipping (Group) Company, founded in 1961 and headquartered in Beijing , was a Chinese state-owned multinational transportation conglomerate. It was the largest dry bulk carrier in China and one of the largest dry bulk shipping operators worldwide. In addition, the Group
4896-603: Was known as COSCO (Hong Kong) Group Limited. COSCO (H.K.) Group was the direct parent company of COSCO Pacific (valid until December 2004 ) and COSCO International . COSCO (H.K.) Group bought the 20% stake of Chong Hing Bank and the entire stake of Shun Shing Construction from COSCO Pacific and COSCO International respectively in 2007. On 31 July 2009, the Panama -flagged bulk carrier , Full City , operated by COSCO Group's HK division, experienced engine failure and ran aground near Langesund , Telemark , Norway , during
4968-406: Was modified from 40 to 50 years. With this modification the lease is ending in 2052. Since the Greek government-debt crisis started in late 2009 the Greek government planned to privatize several state-owned assets. These assets are believed to be worth around 50 billion euros. One of these assets is the Piraeus Port Authority (PPA). The port is a major employer in the region. The port is owned by
5040-629: Was retained as an intermediate holding company . In December 2017, COSCO Group (China Ocean Shipping (Group) Company) was re-incorporated from "An industrial enterprise owned by the whole people" to simply a limited company . The name of the company, also changed to China Ocean Shipping Company, Limited ( Chinese : 中国远洋运输有限公司 ). COSCO contains several listed companies and has more than 300 subsidiaries locally and abroad, providing services in freight forwarding , ship building , ship repair, terminal operation, container manufacturing, trade, financing, real estate , and information technology . On
5112-546: Was sold in 2010. It was reported that the SASAC of the State Council has ordered Government owned companies to sell real estate development unit if it is not their main businesses. COSCO Shipping Holdings Co., Ltd. , formerly China COSCO Holdings Company Limited was established in the People's Republic of China in 2005. It is the listed flagship and a subsidiary of China Ocean Shipping (Group) Company ("COSCO Group"),
5184-487: Was the world largest in 2014. China Shipping's other subsidiaries operated oil tankers , tramps, passenger ships, and car carriers . In January 2016, the Chinese State Council approved the merger of COSCO and China Shipping, forming COSCO Shipping. The merger – which occurred during a downturn in the marine transportation industry – sought to achieve economies of scale . The merger was also part of
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