COSCO Shipping invests in Piraeus

China COSCO Shipping Co, the country's largest shipping company by fleet size, on Wednesday announced it will invest another 500 million euros ($553 million) in Greece's Piraeus Port after officially becoming the port's majority shareholder earlier this week.

Under the plan, COSCO Shipping will build a port to berth cruise liners and a large-scale passenger transport center that could contain up to 10,000 people, to diversify the port's business services.

It will become one of the world's largest cruise home-ports by both passenger capacity and service infrastructure.