Piraeus Port Authority (PPA S.A) has released its financial results for 2019 marking the ports most successful year in terms of profitability, according to the CEO.
The Port, owned by COSCO Shipping, handled a total of 5.65 million TEU across the three piers of the container terminal, achieving a new record according to the Port. This represents a 15.1% increase on 2018 throughput.
According to PortEconomics, this places Piraeus at forth in Europe, with the Port of Valencia in fifth having achieved 5.44 million TEU throughput in 2019 and the Port of Hamburg in third with 9.26 million TEU.
This is a stark difference from 2007 when the port sat at number 17 in the league of container ports in Europe, according to PortEconomics data.
Total he turnover amounted to €149.2 million compared to €132.9 million in the corresponding period of 2018, showing an increase of 12.3%.
Piraeus has positioned itself as a key gateway to Asia and Russia through the Black Sea as well as being a central hub for access to Eastern Europe.
CEO of PPA S.A. Captain Fu Chengqiu 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.”
Notably, Piraeus was the best performing overseas terminal in COSCO’s 2019 financial results, where year-on-year (YoY) throughput grew by 13%.
In October 2019 COSCO had its investment plan for the Port of Piraeus green lit by Greece’s Committee of Planning and Development of Ports which will see the expansion of the container terminal.