Greece examines impact of US blacklisting of Piraeus port owner COSCO

Greece’s biggest larboard Piraeus is operating usually pursuing a US blacklisting this week of its bulk owner, China’s largest shipping radical COSCO, while the Greek authorities is examining its imaginable impact, sources told Reuters connected Friday.

The US Defense Department said connected Monday it had added COSCO Shipping to a database of companies it said worked with China’s military, which the shipping manufacture sees arsenic a step aimed astatine deterring US companies from trading with the Chinese company.

COSCO, 1 of the world’s largest shipping groups, said connected Wednesday that nary of its units connected the database are subject companies, that its planetary operations continued uninterrupted, and that it would clarify the contented with US authorities.

The US blacklisting does not person the weight of a ineligible authorisation for the commercialized sector, but it has alarmed Greece where Piraeus, 1 of the largest ports successful the Mediterranean successful terms of throughput, has already experienced a driblet successful trade arsenic a effect of the Red Sea crisis, where Yemen’s Houthis person been attacking commercialized shipping.

“I don’t spot an interaction connected Piraeus, but it is still early,” a Greek authoritative with cognition of the substance said.

Greece is monitoring the situation and has discussed the contented with different EU counterparts, a 2nd Greek authoritative said. A COSCO subsidiary operates terminals besides successful Spain and Italy.

“There is imaginable for ‘self-sanctioning’ connected the portion of marketplace players retired of fearfulness of moving afoul of US policy,” said Jefferies expert Omar Nokta.

Ulf Bergman, elder economist with freight level Shipfix, said while the blacklisting did not impact immoderate ineligible sanctions, it mightiness enactment arsenic a deterrence for galore importers.

A Greek shipowner, who spoke connected information of anonymity, said the blacklisting was a determination successful a powerfulness crippled betwixt China and the US alternatively than a crippled changer.

Danish shipping radical NORDEN told Reuters that the ruling had not affected its concern so far. [Reuters]