Decline in cruise shipping causes fall in revenue at Piraeus Port Authority

Tough conditions for cruise and coastal shipping were largely responsible for an 11% fall in revenue at Piraeus Port Authority (PPA) last year, although container volumes at the Greek hub showed some resilience.

The port handled 5,437,477 teu in 2020, representing a 4% drop in container volumes, mainly due to a 5% decrease at the COSCO-operated Piraeus Container Terminal (PCT), which handles the majority of the container traffic in Piraeus.

At the PPA’s Pier I facility, volumes increased by 11% to 540,591 teu, benefiting from a significant increase in transhipment, primarily from COSCO Shipping, following a strategic synergy agreed between the PPA and PCT.