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Piraeus Becomes Top Container Port in Entire Mediterranean

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Greece’s port of Piraeus has now become the Mediterranean’s top container-handling port, it was reported on May 19.

The port, located just outside Athens, handled the equivalent of 5.65 million 20-foot long containers in 2019, rising to become the top performing port in the Mediterranean in 2019, according to officials from the Piraeus Port Authority.

Additionally, concession fees payable to the nation of Greece from the port of Piraeus rose to €5.4 in 2019, compared to €4.8 million for 2018.

The Port Authority reported its 2019 figures to the Hellenic Fund and Asset Management Association on May 19.

Of note, the company managing the port, which is majority-owned by China’s giant Cosco Shipping conglomerate, reported a 2019 turnover increase of 12.3 percent year-on-year to 149.2 million euros.

Piraeus’ pre-tax operating profits grew 12.5 percent to €47.6 million, and net earnings increased a staggering 27 percent, to €35.4 million.

Commenting on the growth, the Port Authority’s chief executive officer, Captain Fu Chengqiu, said “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 to the welfare of local communities.”

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