World
By JASON HOROWITZ | Mar 18th 2019
Despite American objections, Italy is set to become the first
Group of 7 nation to participate in Beijing’s vast One Belt, One Road
infrastructure project.
https://en.wikipedia.org/wiki/Piraeus
https://en.wikipedia.org/wiki/Port_of_Piraeus
https://en.wikipedia.org/wiki/Port_of_Piraeus#Under_COSCO_ownership
"Under COSCO ownership
In October 2009 Greece leased docks 2 and 3 from PPA to the
China Ocean Shipping (Group) Company (in short: COSCO) for a 35-year-period. For its presence at the port COSCO is paying 100 million euros every year.
[16]
Terminal 1 is operated by PPA S.A. and has a capacity of nearly 1
million TEUs. Terminal 2's capacity is 3 million TEUs and is run by
Piraeus Container Terminal PCT S.A.,
a subsidiary of COSCO. In 2013, PCT finished the construction of
Terminal 3 with a capacity of roughly 2.7 million TEU. The total port
capacity is 6.7 m TEUs.
COSCO's involvement was accompanied by protest. According to
trade unionists of PPA, the arrival of COSCO led to reductions in salary
and social benefits, exclusion of union members and increased pressures
on time and performance. According to an interview in 2012 with
Harilaos N. Psaraftis, a professor of maritime transport in Athens, in
some cases the salaries of workers were $181,000 a year with overtime.
Due to union rules a team of nine people was required to work a
gantry crane. COSCO pays around $23,300 and only requires four people at a crane.
[17]
Economic performance of container handling has greatly improved
since 2009. Before COSCO took over, the port's container handling record
was at 1.5 million TEUs. These figures rose to 3.692 million containers
in 2017
[18]
As a result revenue and profits soared. In 2017 the Athens stock
exchange listed company (OLP) almost doubled its pre-tax profits from 11
to 21.2 million euros.
[19]
As of 10 August 2016 COSCO owns a share of 51%, the
Hellenic Republic Asset Development Fund 23,14 % and other investors 25,86 % of Piraeus Port Authority.
[3][20]"
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