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    A ChinaCosco Holdings Co. (Cosco) container is loaded onto a ship at the Yangshan Deep Water Port near Shanghai, China, in a file photo. Cosco, China’s biggest container line, said it bought 16 vessels for a combined $1.95 billion to expand capacity and meet demand. --Bloomberg

    Cosco and Hutchison
    submit bids for Piraeus Port

    ATHENS—China Ocean Shipping Group Co., known as Cosco, and Hutchison Port Holdings submitted bids to take over container operations at the Piraeus Port Authority SA, Greece’s biggest port.

    Cosco, which has its headquarters in Beijing, and Hong-Kong based Hutchison submitted the bids to the Piraeus Port Authority, Greece’s Merchant Marine Minister George Voulgarakis said Friday. The deadline for the bids was Friday.

    “I would like to believe that the same interest will be shown for the Thessaloniki Port Authority,” said Voulgarakis. The deadline for bids at the Thessaloniki Port Authority is May 14.

    The Greek government, which controls the authority, wants private investors to take over some container operations to help finance improvements to its cargo-handling capacity.

    Dock workers opposed the plan by abstaining from overtime and weekend work since January.

    The walkouts have cost Piraeus Port weekly revenue losses of €1.5 million, or $2.3 million, chief executive officer Nikolaos Anastasopoulos said on April 14 at a press conference.

    Greece plans to have chosen private managers for Piraeus and for Thessaloniki Port Authority, the country’s No. 2 port, in July, with a view to sign concession contracts by the end of the year. (Bloomberg)

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