COSCO SHIP HOLD(SH:601919) Sou Hu Cai Jing·2025-12-01 20:00Core Points - The Greek decision on November 27 allows the American company Onex to acquire 40 hectares of land at Elefsina Port, expanding its operations from shipbuilding to logistics and defense, which is strategically located near the Chinese-operated Piraeus Port [1][2] - Greek Development Minister Takis' statement about strengthening strategic cooperation with the U.S. is seen as a move to counter China's influence in the Mediterranean, indicating a geopolitical calculation behind the economic transformation [1][2] Group 1: Economic Implications - Greece's economy has been struggling due to a debt crisis, and the Elefsina shipyard was on the brink of bankruptcy before Onex's acquisition, which brought in $125 million in financing [2] - The expansion aims to transform the port into an energy hub and create jobs through defense and logistics operations, reflecting Greece's strategy to leverage foreign investment for development [2][4] Group 2: Strategic Risks - The competition and security risks posed by Chinese operations at Piraeus Port are highlighted, as Elefsina Port's proximity to military bases could allow the U.S. to monitor Chinese activities, creating potential operational challenges for Chinese investments [2][3] - The U.S. aims to establish a network of Mediterranean ports, including Elefsina, Volos, and Alexandroupolis, to limit Chinese influence in Southern Europe, which could complicate future Chinese acquisitions in Europe [3][5] Group 3: Geopolitical Dynamics - The U.S. strategy involves using capital to gain control over Greek port resources while simultaneously establishing military and logistics capabilities to counter China in the Mediterranean [5][6] - The Greek parliament's unanimous support for the port deal reflects the political pressure from the U.S., as Greece, being a NATO member, relies heavily on American military and security support [5][6] Group 4: Comparative Analysis - In contrast to Greece's cautious approach, Italy has embraced Chinese investment in its ports, leading to significant growth in port throughput, showcasing a different strategy in handling foreign investments [5][6] - The U.S. port strategy in the Mediterranean not only targets China but also aims to replace Russia's energy influence, particularly in the context of the Alexandroupolis port [6][9] Group 5: Future Considerations - The key for China lies in deepening cooperation with Piraeus Port and other Mediterranean countries to avoid being encircled by U.S. port investments, emphasizing the importance of strategic partnerships [6][9] - The ongoing geopolitical maneuvering in the Mediterranean reflects broader global power dynamics, with implications for the Belt and Road Initiative and regional economic cooperation [9]