Greek port is top for container handling in Med

In 2019, Piraeus Port Authority’s (PPA) container terminal handled 5,65m TEU. The port authority, majority owned by COSCO Shipping since 2016, said this is the biggest volume of any port in the Mediterranean.

The 2019 turnover amounted to €149.2m compared to €132.9m in the corresponding period of 2018, showing an increase of 12.3%. Profit before tax amounted to €47.6m compared to €42.3m in the year 2018, showing an increase of 12.5%.

Captain Fu Chengqiu, CEO of PPA, stated: “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 in the welfare of the local communities.”

While China has been focusing on domestic investments recently, the Port of Piraeus remains the focus of the country’s vision to create a gateway to Europe as part of its US$126bn Belt and Road initiative.

In October 2019, Greece’s Committee of Planning and Development of Ports (ESAL) approved PPA’s proposed investments in its development plan with the exception of a fourth container terminal.

Earlier this month Greek Shipping and Island Policy Minister Ioannis Plakiotakis said that the development and upgrade of Piraeus is going ahead as expected.