10 July 2023 (Lloyd's List) - PIRAEUS Container Terminal, the Cosco-controlled entity that operates the larger part of the container handling facility at Greece’s largest port, has underlined the port’s increasing importance in east-west trade.

Since the China-based shipping and ports group won the concession to operate the container terminal 13 years ago, capacity has quadrupled to 6.2m teu for PCT-operated piers II and III, bringing Piraeus’ total box capacity to 7.2m annually.

“This surge has put [Piraeus] at the top of Mediterranean ports and among the four most important sea trade hubs in Europe,” said PCT managing director Zhang Anming.

Cosco has so far invested about €600m ($659.2m) in the port and another €43m is being invested by PCT for 2023-2024.

A further €20m to be invested by the Piraeus Port Authority, which is 67%-owned by Cosco, is awaiting approval from the authorities. Funds are being applied to health and safety in the workplace as well as on upgrading infrastructure and equipment, Zhang said.

“Over the past 13 years, PCT has systematically been investing in the pillars of people, society, infrastructure, technology and environment, which constitute the very existence of a modern, attractive and competitive port.”

PCT was ambitious, not only to maintain Piraeus as the leading box port in the Mediterranean, Zhang said, “but to go one step further.” The aim was to transform Piraeus into the southern gateway of import-export trade in Europe, as well as into the logistics centre for the wider region, providing solutions to global customers, he said.

The Greek port had already become a “critical link” of the trade route connecting the Far East to Europe and Africa, Zhang maintained.

He was speaking on July 10, at a ceremony to mark the arrival of the newly built, 24,188 teu OOCL Piraeus (IMO: 9908097) on its maiden call at the vessel’s namesake port. The presence of the vessel underlined the increased importance of the port today, he said.

Last year, Orient Overseas Container Line (OOCL) contributed more than 250,000 teus to the port’s throughput, around a fourfold increase since 2017, the year before OOCL merged with the Cosco Shipping Group.