NEWS

Greek appeal over Cosco funding rejected by European Court

TAGS: Justice, Shipping

The European Court has rejected Greece’s appeal against the decision it reached in March 2015, whereby it deemed that state funding to Piraeus Container Terminal SA (SEP), the local subsidiary of China’s Cosco Shipping, was not compatible with European legislation.

The court had ruled in 2015 that state funding to the company contravenes EU laws regarding the internal European market.

Piraeus Port is the operator of Greece’s biggest port and is majority-owned by Cosco.

The Chinese company has been managing two of the port’s cargo piers since 2009. It has vowed to turn Greece into a transshipment hub for the rapidly growing trade between Asia and Eastern Europe.

Cosco Shipping owns the world’s fourth-largest container shipping fleet.

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