Tag Archives: China Ocean Shipping Company
China’s Project of the Century
China Establishes Its Silk Road in Greece by Purchasing the Port of Piraeus
Opening a gateway to Europe is a ‘once-in-a-thousand-year opportunity’ for China.
In October 2009, government-owned China Ocean Shipping Company (cosco) took over one of two piers in the Port of Piraeus from its Greek authorities. Since then, cosco worked to increase the annual container volume nearly 10-fold. Finally, after waiting seven years, Beijing’s One Belt, One Road (obor) initiative took a step further when cosco purchased full control of the Port of Piraeus on April 8. Continue reading
One Port, Two Worlds: China Seeks Dominance in Athens Harbor
Russia and China are both successfully putting a wedge between America and Europe. With their tightening grip on Athens, Europe is threatened in its own homeland and will eventually decide to turn their backs on America. The alternative is to risk potential military conflict with Russia. In the future you will likely see a third marriage between Russia and Europe — and Russian military bases in Greece.
A Chinese executive with shipping company Cosco has helped transform part of Athen’s Port of Piraeus into a success story. The multinational firm now has a controversial plan to acquire the whole facility and put it on track to join the ranks of Hamburg and Rotterdam.
One could argue that China’s long path to Piraeus, Greece, began on April 27, 1961. It’s the day Mao Zedong founded the communist state’s first freight company, the China Ocean Shipping Company (COSCO). The Great Leap Forward, Mao’s plan for industrialization, had proven to be a disaster at the time, leaving millions dead or starving. With Cosco, China had its eyes on overseas markets.
Almost 54 years later, the company is steering toward a major prize in Greece. After lengthy wavering, the Greek government– comprised of Prime Minister Alexis Tsipras, his far-left Syriza party and the right-wing populist Independent Greeks — has announced it will be selling the majority of its share in Athens’ Piraeus Port Authority. So far, Cosco is the most promising bidder. Continue reading