Greece has urged Chinese shipping giant COSCO, which manages the Piraeus Port, to upgrade the passenger facilities at the country’s largest port to enhance passenger services and improve the quality of life in Piraeus city.
Greek Maritime Minister Vasilis Kikilias emphasized the urgent need for the Chinese company to invest in the port’s infrastructure “without delay” during a meeting with the Chinese Ambassador to Greece, Fang Qiu, earlier this week.
“It is critical that the Chinese side moves fast with much-needed investments,” Kikilias said. “[These investments] can happen fast, at a low cost, and can have a major impact on travelers, as well as on the local community of Piraeus.”
According to the Ministry, the infrastructure that needs to be upgraded includes water supply systems, Wi-Fi connectivity, construction of additional passenger terminals and shelters, enhanced security systems, and better route information services.
According to reports, Greece decided to step in and urge COSCO to invest in Piraeus Port’s passenger infrastructure. Since the Chinese company acquired a majority stake in Piraeus Port Authority, which operates the port, in 2016, the company has done very little to improve the port’s passenger side. At the same time, COSCO increased its ownership stake to 67 percent by 2021, and Piraeus has become a vital transshipment hub in the Mediterranean under its management.
“At the height of the summer season, when thousands of cars and passengers use the port every day, the situation is unbearable,” ministry sources said.
Ambassador Qiu supported the needed upgrades, highlighting China’s commitment to strengthen its maritime cooperation with Greece.
On Monday, China’s COSCO Shipping Corporation, which runs Greece’s Piraeus Port, announced record-high revenues and profits in 2024.
The Piraeus Port Authority S.A. (PPA), which operates the country’s largest port, announced in a press release that total revenue reached 230.9 million euros ($249.82 million), marking a five percent increase from 2023.
These results set new record highs in the company’s history, marking the fourth consecutive year of improved financial performance. The company said they reflect PPA’s continued growth trajectory, enhanced financial stability, and improved operational efficiency.
COSCO’s investment has significantly upgraded the port’s infrastructure, turning Piraeus into one of Europe’s largest and busiest ports. However, concerns regarding sovereignty and security remain. Critics worry about foreign control over critical infrastructure, fearing potential geopolitical influence or vulnerabilities. There are also economic concerns, such as the impact on local businesses and competition
US officials have expressed concerns about COSCO’s control over the Piraeus port as part of broader worries about Chinese investments in strategic infrastructure across Europe. Washington has warned that Beijing could use state-owned companies to expand its geopolitical influence, potentially compromising NATO and EU security interests.
The US Department of Defense blacklisted COSCO over alleged links to China’s military this January.
