25 October 2023 (Lloyd's List) - GREECE’s largest port is on course for a record-beating year after posting its best-ever financial results for the first three quarters of 2023.

The Cosco Shipping-controlled Piraeus Port Authority achieved a 13% increase in revenues for the first nine months, reporting €164.7m ($174.4m) in revenues.

Of this, €98m was made by the container terminal, which is split into two areas — Pier I that is directly controlled by the PPA and Piers II and III that are controlled by Cosco under a long-term concession agreement.

Nine-month throughput at the directly-controlled pier fell by 20.4% to just under 400,000 teu, but container activities accounted for €98m of the port’s overall revenue, with the Cosco-operated chunk contributing no less than €63.2m.

For the third quarter alone, revenues increased by 28% to €27.1m.

The decrease in container traffic was attributed mainly to transhipment traffic, which fell year on year by 29.8% to 271,787 teu. Domestic cargo increased by around 11.3%.

Cosco holds a 67% stake in the Athens Stock Exchange-listed port authority.

The port operates major cruise, ferry, container and car terminals, as well as providing services for general cargo, ship repair, logistics and free-zone activities.

The PPA said in its interim results that “almost all” of the company’s operating segments contributing to the increase, with the cruise, container and car terminals, as well as the ship repair side, being “at the forefront.”

“The improved results and benchmark margins reflect not only the improved revenue performance, but also the effective cost management policy,” the PPA said.

Costs had been kept “at a manageable level despite the continuing challenges of the energy crisis and the inflationary economic environment,” it added.