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Piraeus aims to be top container port in the Mediterranean

GREECE's port of Piraeus has now become the Mediterranean's top container-handling port, according to officials from the Piraeus Port Authority (PPA)

03 June 2020 - 19:06

GREECE's port of Piraeus has now become the Mediterranean's top container-handling port, according to officials from the Piraeus Port Authority (PPA).

The port, located just outside Athens, handled the equivalent of 5.65 million TEU, rising to become the top performing port in the Mediterranean in 2019.



Piraeus' pre-tax operating profits grew 12.5 per cent to EUR47.6 million (US$53.4 million), and net earnings increased a staggering 27 per cent, to EUR35.4 million.



The company managing the port, which is majority-owned by China's giant Cosco Shipping conglomerate, reported a 2019 turnover increase of 12.3 per cent year on year to EUR149.2 million. The port's pre-tax operating profits grew 12.5 per cent to EUR47.6 million, and net earnings increased a staggering 27 per cent, to EUR35.4 million.



Despite the Covid-19 pandemic the number of containers being handled in Piraeus is holding up. In April, a decline of 3.3 per cent was registered at Cosco Shipping's concession terminals II and III and they moved 392,900 TEU compared with 406,100 TEU in April 2019.



Commenting on the growth, the Port Authority's chief executive officer, Captain Fu Chengqiu, said '2019 was the most successful year, in terms of profitability. The successful financial management also brings additional revenue to the Greek state, due to increased concession fees, dividends, insurance contributions, etc., and contributes to the welfare of local communities'.



Greece stands to collect EUR5.4 million in concession fees for 2019, up from EUR4.8 million for 2018, according to media reports.



Meanwhile, Shanghai Zhenhua Heavy Industry (ZPMC) has recently inked a contract for three gantry cranes with Cosco Shipping Port (CSP) for Piraeus Container Terminal (PCT) via an online meeting in Shanghai, Hong Kong and Greece.



The cranes are some of the world's biggest capable of handling demands 22,000 TEU box ships and they will also be equipped with the remote operation control systems.



CSP and ZPMC have established a long-term cooperation relationship. The first crane manufactured by ZPMC was delivered to Piraeus port in 2010, including four gantry cranes. After CSP acquired the equity of the port, PCT ordered another 19 sets of cranes from ZPMC. Eight cranes from the recent order had been delivered and commenced operation in 2018.


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