Greece seals sale of Piraeus port to China Cosco

We’re not sure who really won this one… it would appear that Cosco, which already managed Piraeus’s second container terminal, was the only operator to bid to for a deal that effectively amounted to the firm buying the remainder of the port. According to Reuters, for the princely sum of $280.5m, it will acquire 51% of the port’s share capital, and the remaining 16% that it doesn’t already own for $88m after five years and once it completes investments of $350m over the next decade. The sale of the port is seen as one way for Greece to reduce its enormous debts, but it has not been a popular in the country. Splash247 today reports that Greek shipping minister Theodoros Dritsas has used it as an opportunity to attack the country’s privatisation body, and claims there are still a number of hurdles to be overcome before ownership is transferred to Cosco.