Greece’s largest port reveals the highest revenue and profit in the company’s history, marking the third consecutive year of improvement.
Piraeus Port Authority, Greece’s largest port and a major European maritime center, reported stellar financial performance for the fiscal year 2023.
Total revenues for the year reached EUR 219.8 million, up by 12.9% compared to 2022.
Pre-tax profits reached €96.2 million, reflecting a robust 28.8% increase from €74.7 million in 2022. Additionally, profits after taxes increased to €66.8 million, representing a significant 26.3% rise y-o-y.
The port has seen a notable surge in domestic car demand, surpassing initial projections. The latest statistics reveal a 31.4% increase in imported car registrations standing at 153,381 units. This uptick in demand underscores a robust appetite for automobiles within the local market.
Conversely, the cargo handling sector witnessed a significant downturn, experiencing a sharp decline of 30.0%. Cargo units handled dwindled from 234,238 to 163,920 units, reflecting challenges within the broader logistics landscape.
The three container terminals maintained growth, with a 2% increase in total throughput to 5,100,920 TEUs, solidifying the port of Piraeus’ fourth position among Europe’s top ports.
Amidst these record-breaking financial outcomes, the cruise sector emerged as a key driver of growth for the port in 2023, witnessing remarkable expansion in both approaches and passenger traffic. Total passenger traffic surged to 1.4 million representing a substantial 68.6% increase from 2022. Furthermore, cruise ship calls saw a notable uptick of 12.4%, with 761 calls.
The Chairman of Piraeus Port Authority, Yu Zenggang, expressed his satisfaction with the company’s continued upward financial trajectory, praising the dedication of its employees for their contribution to the port’s performance. He emphasized the importance of adhering to the company’s plan and strategy in yielding such results and underlined the company’s commitment to further investments to maintain Piraeus’ status as one of the premier ports in the Mediterranean and Europe.
The port, backed by a 67% ownership stake Cosco Shipping, offers a range of services encompassing cruise, ferry, container, and car terminal operations, along with general cargo handling, ship repair, logistics, and free zone services.
China’s state-owned freight giant acquired a major stake in the port back in 2016 as part of its Belt and Road Initiative for EUR 280 million and committed to invest about EUR 294 million over five years to buy an additional 16% stake. The company increased its stake in the Greek port in 2021.
The Piraeus Port Authority and Thessaloniki Port Authority were privatized as part of the country’s bailout plan.
In March 2023, a joint venture led by Italian shipping major Grimaldi signed a deal to acquire a majority stake in the Igoumenitsa Port Authority (IPA S.A.). According to Grimaldi, the joint venture will secure 67% of the port’s share capital for a sum totaling EUR 84.17 million.
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