The impact of the Piraeus Port Authority (PPA) on Greece’s GDP stood at 0.78 percent in 2020, the Cosco-managed organization announced on Thursday.

Five years after the Chinese shipping and port operations multinational assume control of Greece’s largest and busiest port authority, by submitting the highest bid in an international tender, PPA on Wednesday that it now ranks as the foremost port in the Mediterranean for container traffic, and has also gone from 93rd place in 2010 to 26th worldwide in terms of ports.

In a press release, PPA said its parent company, Cosco Shipping Corp. Ltd, has sunk more than one billion euros in investments at the Piraeus port.

The Shanghai-based company now owns 67 percent of PPA shares, having submitted a winning bid of nearly 369 million euros.

At present, more than 7.2 million TEUs in cargo capacity is handled by the port.

In terms of the entire group, Cosco said nearly 4,000 dockings by its vessels have been recorded at the PPA since 2010, with ships’ provisions (water, fuels, non-durable goods) supplied exclusively by local providers.

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