Port of Piraeus: 10 years of cooperation with COSCO SHIPPING

By Antonis Tsimplakis

The port of Piraeus completes ten years of cooperation with COSCO SHIPPING, with the Piraeus Port Authority S.A. noting in a related post that the last decade has marked a period of intense transformation and development for Greece's largest port.

PPA S.A., whose president is Han Chao, stated that during these ten years the port of Piraeus has undertaken significant investments, supported innovation and implemented a long-term strategy aimed at sustainable development and strengthening its international position. The anniversary, according to the company, is not just a milestone, but also reflects a decade of value creation for the Greek economy, the local community and the international connectivity of the port. It also pointed out that the port continues its development path, investing in the future as a global shipping hub.

Fourth-largest container port in Europe

The port of Piraeus has developed into the fourth-largest container port in Europe, the third-largest cruise homeport in Europe, and the largest ferry port in Europe, said Professor Theodoros Syriopoulos of the Port Management and Shipping Department at the School of Economics and Political Sciences, National and Kapodistrian University of Athens.

"The port of Piraeus has directly created 4,300 jobs and indirectly created 12,000 jobs in Greece, boosting the country's GDP by 1.56%. The concession of Pier II and the development of Pier III at the Piraeus Container Terminal (PCT) to COSCO in 2008, and the share sale in 2016, safeguarded a total of €845.8 million in investments and €418.5 million in upfront payments without considering the annual payments throughout the concession period," Professor Theodoros Syriopoulos said.

As a result, the Piraeus Port Authority S.A. is seen to have more than doubled its revenues between 2016–2024 (+123%), with an EBITDA increase of 425%. In the case of the port of Bilbao, in 2016 COSCO acquired a 51% share of the company operating Dock 1 and 2 of Bilbao Container Terminal. The agreement envisaged an investment of €34.0 million in port and railway infrastructure. Despite COSCO's engagement, container traffic is reported to have decreased by 23.1% between 2016–2024. This is partly due to the fact that the port of Piraeus attracts a large number of container ships to dock there. In the case of the port of Valencia, in 2016 COSCO acquired a 51% share of a container terminal in a deal valued at €203.5 million, with compulsory investments of €88.5 million. Between 2016–2024, the container traffic (in TEUs) at the port of Valencia increased by almost 16%.