In the background of US President Donald Trump’s government is to weaken China’s influence on the global network portaccording to sources citing Reuters. The Piraeus port is also targeted to Cosco.
This initiative has been part of the most ambitious effort to expand US maritime influence since the 1970s and aims to face Washington’s growing fears that it will be at a disadvantage against China in the event of a conflict.
Trump government officials believe that the US Merchant Fleet is not sufficiently equipped to provide military support in times of war and that Washington’s dependence on foreign ships and ports is excessive, according to the same sources.
The options considering the White House include the support of private US or Western companies for the purchase of Chinese shares in ports, says Reuters. It does not mention specific companies except Blackrock’s proposal for the purchase of CK Hutchison’s port assets in 23 countries, including the Panama Canal, as a good example.
In addition to Panama, US officials and legislators are concerned about Chinese investments in maritime infrastructure in countries such as Greece and Spain, the Caribbean and the ports of the West Coast of the US.
Interest in the port of Piraeus
The US intends to consider Chinese interests in the Greek port of Piraeus, according to Reuters sources. Piraeus is a focal point on the route connecting Europe, Africa and Asia. Cosco, one of China’s largest port and shipping groups, holds 67% of Piraeus’s shares Port Authority.
Some Chinese investors are concerned that Washington may target COSCO’s activities in Greece, according to a source close to Chinese investors active in the Greek shipping sector.
Greek officials have told Reuters that they have not been informed of any plans to change Piraeus control. Washington has already targeted Cosco.
The US government has announced measures to strengthen the limited presence of the US Merchant Navy worldwide, including encouraging the domestic shipbuilding industry, seeking to expand access to US registered registries and also considering the world.
China owns or rents an extensive network of ports through companies such as COSCO and other government businesses such as China Merchants and SIPG in Shanghai.
According to a report published last year by the Foreign Relations Council, a US thought tank, China had invested 129 port projects worldwide through various companies until August 2024.
China’s shipbuilding industry is also estimated to be 230 times higher than the capacity of US Shipyards, which means it will take decades to cover the difference, according to estimates by the US Navy.