Greece examines impact of US blacklisting of Piraeus port owner COSCO - sources

COSCO SHIPPING Ports

10/01/2025 14:40

By Jonathan Saul, Yannis Souliotis and Renee Maltezou
       ATHENS/LONDON, Jan 10 (Reuters) - Greece's biggest port
Piraeus is operating normally following a  U.S. blacklisting
this week of its majority owner, China's largest shipping group
COSCO, while the Greek government is  examining its potential
impact, sources told Reuters on Friday.    
    The U.S. Defense Department said on Monday it had added
COSCO Shipping to a list of companies it said worked with
China's military, which the shipping industry sees as a step
aimed at deterring U.S. companies from trading with the Chinese
company. 
    COSCO, one of the world's largest shipping groups, said on
Wednesday that none of its units on the list are military
companies, that its global operations continued uninterrupted,
and that it would clarify the issue with U.S. authorities.
    The U.S. blacklisting does not have the weight of a legal
sanction for the commercial sector, but it has alarmed Greece
where Piraeus, one of the largest ports in the Mediterranean in
terms of throughput, has already experienced a drop in trade as
a result of the Red Sea crisis, where Yemen's Houthis have been
attacking commercial shipping.
    "I don't see an impact on Piraeus, but it is still early," a
Greek official with knowledge of the matter said. 
    Greece is monitoring the situation and has discussed the
issue with other EU counterparts, a second Greek official said.
A COSCO subsidiary operates terminals also in Spain and Italy. 
   "There is potential for 'self-sanctioning' on the part of
market players out of fear of running afoul of U.S. policy,"
said Jefferies analyst Omar Nokta.
    Ulf Bergman, senior economist with freight platform Shipfix,
said while the blacklisting did not involve any legal sanctions,
it might act as a deterrence for many importers.
    A Greek shipowner, who spoke on condition of anonymity, said
the blacklisting was a move in a power game between China and
the U.S. rather than a game changer.
    Danish shipping group NORDEN told Reuters that the ruling
had not affected its business so far.
    "We are constantly monitoring developments and will adjust
accordingly," it said.
    In 2019, the U.S. imposed sanctions on two COSCO
subsidiaries, which prompted shipping companies to briefly
suspend chartering their vessels until the sanctions were
lifted.

 (Reporting by Renee Maltezou, Jonathan Saul and Yannis
Souliotis. Editing by Jane Merriman)
 ((renee.maltezou@thomsonreuters.com; +30 210 3376439; Reuters
Messaging: renee.maltezou.reuters.com@reuters.net))