Cosco Eyes Port of Limassol

China’s port operator Cosco Group (Hong Kong) Limited has turned its attention to the port of Limassol on the island of Cyprus in an attempt to expand its presence in the Mediterranean Sea, according to China Daily.

The company has now joined a group of 13 bidders for the port, as it aims for the port’s container terminal and the multipurpose terminal.

DB World of Dubai and Phillipines-based International Container Terminal Services Inc, also expressed interest for the Limassol port.

The move comes only a couple of weeks after the company secured a 67 percent stake in the largest port in Greece, the port of Piraeus.

Cosco was the sole bidder in the tender which brought the company a controlling stake in the Greek port. After Cosco upped its bid, the total amount to be payed for the stake reached EUR 368.5 million (USD 402 million).

World Maritime News Staff

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