August 10, 2026

In 2008, as the global financial crisis unfolded, Greece suffered some of the worst fallout. Piraeus Port, the largest seaport in the country, reported a loss of 13 million euros ($15 million), with outdated facilities, scarce vessel calls and frequent dockworker strikes dragging its operations into a deep crisis.

During this challenging period, when investors worldwide deemed Greece too risky, a Chinese company stepped forward. China COSCO Shipping secured a concession to operate two of Piraeus' container terminals. Eight years later, in 2016, COSCO acquired a majority stake in the port, officially taking over its management and operations.

By bringing in expertise, investment and machinery, the Chinese company successfully breathed new life into the port. Far from replacing local staff, it created thousands of jobs for Greeks. Today, after years of restructuring, Piraeus stands as one of the busiest ports in the Mediterranean.

Read more:

https://www.chinadaily.com.cn/a/202608/10/WS6a79105ea310986e2b469ca8.html