BRIEF

The sale process for Elefsis Shipyards officially started yesterday with KPMG (acting on behalf of the creditor bank) inviting potential investors for consultations. Non-binding bids can be tabled from end-December to mid-January. Italy’s Cantieri Group and Greek-American ONEX Shipyards appear interested. dent the City of London’s leading position in financial markets. The sources, who declined to be identified, citing sensitivity, said Cosco Shipping Holdings Co, which is Shanghai and Hong Kong listed, was examining the possibility of issuing GDRs in London. No decision had been taken yet, partly as it would also require Chinese regulatory approval. Cosco, which is the world’s No. 3 container shipping line, is still contending with pressured markets and has been looking at expanding its activities globally. The Cosco group acquired a 51 percent stake in Greece’s Piraeus port in 2016 and finance sources say the company has looked at other shipping assets in Europe since then. Earlier this year it completed its $6.3 billion acquisition of Hong Kong’s Orient Overseas International Ltd, helping to strengthen its leading position in global shipping and also as China’s top sea transportation arm.