DOCK strife over the privatisation of the Port of Piraeus ended with China Cosco Shipping taking over in August and it posting net 2016 profit decline of 20 per cent to EUR6.7 million (US$7.06 million) in 2016 despite revenues rising 3.6 per cent year on year to EUR103.5 million.
Revenues rose because of improvements in the cruise and car terminal segments, partially offset by declines in ship repair revenues, reported American Shipper.
The main Greek port of Piraeus' container throughput plunged 20.3 per cent 203,658 TEU in 2016 from a year earlier, after Pier I's top customer, Mediterranean Shipping Company, switched some of its cargo activities over to Asyaport in Turkey.
In 2016, the car terminal handled 361,912 vehicles, up six per cent year on year, despite the port strikes and the ongoing crisis in the Greek economy.
Performance was plagued by strikes during the year in reaction to the Greek government agreeing to privatise the port.
