Greek terminal investments boost capacity

Piraeus Port Authority (PPA S.A.), majority owned by COSCO Shipping since 2016, has made equipment investments that will increase the capacity of Pier I of the container terminal by 30% to 1.3m TEU/year.

PPA has ordered five electric rubber tyred gantry E-RTG) stacking cranes, which will be installed in Pier I of the container terminal.

These “new electric E-RTGs are more environmentally friendly than conventional ones and their use will improve the environmental footprint of the port of Piraeus,” said PPA.

The port authority said this summer it plans to take ownership of a new Super Post Panamax Crane for loading and discharging container operation, which can handle 20,000 TEU mega container vessels.

It is also currently engaged in a project to repair pavements and rails for RMG Cranes, as part of the upgrade of Pier 1.

Financial results

PPA’s 2020 results show despite the impact of COVID-19 and the negative effects on financial results in specific business units, like the cruise, ferry and car terminal the company achieved the uninterrupted continuation of safe port activities, without placing any employee on temporary suspension. Additionally, the company proceeded with the contracting of investments amounting to €211.7m and has strengthened its efforts to accelerate their implementation.

Turnover amounted to €132.9m, profit before taxes amounted to €36.9m and profits after taxes amounted to €26.4m.

The Port of Piraeus is part of China’s US$126bn Belt and Road initiative.