China's Acquisition of Piraeus Port a Booster for Greek Economy?
Greece has formally signed an agreement to sell a 67% stake in the Port of Piraeus to Chinese shipping company China Cosco Holding Co. Under the deal, COSCO, the fourth-largest container shipping firm and second-largest port operator in the world, will pay the cash-strapped country 368.5 million euros (418.8 million U.S. dollars), and also promises to invest another 350 million euros (398.9 million dollars) over the next decade in infrastructure work at the port. In five years of operation, COSCO aims to make the Piraeus port the south gate of the China-Europe land-sea express to speed up transportation between China and Europe, said Xu.
Greek Shipers Disagree with EC on Tax Issues
The European Commission recently published Decision (C(2015)9019 final / 18-12-2015) alleging that some provisions of the Greek shipping taxation regime are in breach of EU state aid provisions and, in particular, the conditions set out in the current Community Guidelines on State Aid to Maritime Transport (SAG). In response, the Union of Greek Shipowners issued a statement expressing its disagreement with the decision. “As the official representative of the Greek shipping sector, the Union of Greek Shipowners (UGS) has the duty to point out that there is no effective distortion of competition in the maritime field in the EU and that any fundamental changes to the institutional and fiscal framework in which the Greek shipping community is presently operating…
Posidonia 2012 Opens
The Greek Prime Minister Panagiotis Pikramenos presided today, Monday June 4th over the official opening ceremony of the international shipping exhibition Posidonia 2012. Many government officials, foreign diplomats and representatives of Greek and international maritime organizations attended the inauguration ceremony of Posidonia, the premier event of the global shipping industry. In his address, the Greek Premier said: “The participation of so many exhibitors at this year’s Posidonia…
Greece's Troubled Economy Looks to Shipping for Lifeline
With the participation of 1,870 exhibitors from 87 countries and regions, which sets a new record in the four decade history of the biennial exhibition, and 17,000 visitors expected to go through the gates of Metropolitan Expo Centre, next to the Athens "Eleftherios Venizelos"International Airport, until June 8, the 23rd Posidonia projects a positive image of Greece and a message of optimism in times of major challenges, organizers stressed. "More than ever before Greece needs new investments and job positions. The shipping industry can make a significant contribution in this direction," Greek caretaker Prime Minister Panayiotis Pikrammenos said, inaugurating the event, noting that despite the negative economic climate in 2011 the Greek maritime industry posted satisfactory results.
