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Port of Piraeus Announces Record Profits for 2021

The Port of Piraeus reported on Monday the highest level of profitability in its history during 2021, with profits after taxes surpassing $40 million (€36.8 million).

According to the Piraeus Port Authority (PPA), that profit represents a significant increase of 39.4% compared to 2020.

During the same period, the COSCO-owned Greek port’s profits before taxes also grew by 33.3% year-on-year to $54.1 million (€49.2 million), while the annual profit margin came to $169.5 million (€154.2 million), representing a rise of 16% over the previous year.

Moreover, the proposed dividend per share amounted to $0.69 (€0.63), representing an increase of 57.5% over 2020.

Compared to the previous year, Pier I at the Container Terminal had an increase of 13.9% in TEU handling, the Car Terminal had an increase of 40.6% in vehicle throughput, the Cruise Terminal achieved a significant recovery by facilitating a total number of 379 cruise vessels and the number of vessels at the Ship Repair docks had an increase of 16.5%.

“The continuous increase in the company’s turnover despite the difficulties we have all faced in the past due to the pandemic, reveals a highly resilient company built on solid foundations,” stated PPA Chairman Yu Zenggang.

“We are responsibly implementing our strategic plan for the Port of Piraeus, already placed among the leading Ports in the Mediterranean and Europe,” he said adding:

Cosco’s ambition to make Port of Piraeus biggest harbor in Europe

“With the same dedication and high sense of responsibility, we will continue our dynamic sustainable growth path, while staying true to our vision of expanding Greece’s Piraeus port into the biggest harbor in Europe and one of the most important ports in the world in environmental, digital, societal and governance terms.”

Last August, a Greek court gave the go-ahead for China’s Cosco to increase its stake in the Port of Piraeus by 16% and extend its contract by five years for the company to complete the investments it has undertaken to make.

The ruling by the Greek Court of Audit means that the Chinese multinational increased its stake in the Piraeus Port Authority (OLP) from 51 percent to 67 percent.

Greece can act as China’s “gateway to Europe”

Greece can act as China’s gateway to Europe, Foreign Minister Nikos Dendias said in October after meeting his counterpart from the People’s Republic of China, Wang Yi, in Athens.

He said that Greece hopes to further strengthen ties with China after the pandemic, especially as 2022 will be the 50th anniversary since the two countries established diplomatic relations.

Dendias had said Greece was keen to see further investment projects in the greatest port of the Mediterranean, which was one of the biggest and most historic ports of the world, with a spreading of economic activity for the benefit of the local community.


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