Chinese port operator Cosco Pacific’s $6.65bn bid makes it the frontrunner for the 35-year concession to run the container terminals at Piraeus. The privatisation and accompanying investments could make Piraeus a leading hub for container movements around the Mediterranean. Cosco Pacific has promised to invest $966.55m to upgrade and expand facilities over the life of the concession, compared to $551.77m from rival bidder Hutchison Port Holdings of Hong Kong.

The bidding process has been postponed several times due to labour disruption by Greek unions, who are opposed to the privatisation.