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.

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