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Chinese owned Port of Piraeus in Greece becomes Med’s top container port

PHOTO: Greece's Port of Piraeus is majority owned by Chinese shipping company Cosco

PortandTerminal.com, May 20, 2020

Greece’s Port of Piraeus, which is owned by China’s COSCO, has become the top container-handling port in the Meditterannean and a critical key piece of China’s Maritime Silk Road Initiative

ATHENS, GREECE – Piraeus port handled a total of 5.65 million 20-foot equivalent units (TEUs) in 2019, becoming the top port in the Mediterranean, Piraeus Port Authority (OLP) has announced.

OLP presented its financial figures for last year to the Hellenic Fund and Asset Management Association on Tuesday in a teleconference with the participation of the authority’s chief executive officer Captain Fu Chengqiu.

Asian man in dark jacket seated in front of large painting of a port.
COSCO’s chief executive in Piraeus, Capt. Fu Cheng Qiu (PHOTO: Alkis Konstantinidis/Reuters)

The company, which is majority-owned by China’s Cosco Shipping, said its turnover rose 12.3 percent year-on-year to €149.2 million ($163.8 million) in 2019, while operating profits before tax grew 12.5 percent to €47.6 million ($52.3 million) and net earnings increased 27 percent to €35.4 million ($38.9 million).

“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 the local communities,” Captain Fu said.

Greece stands to collect €5.4 million ($5.9 million) in concession fees for 2019, up from €4.8 million ($5.3 million) for 2018.

The growth of the port’s business is continuing this year despite the problems in international trade due to the Covid-19 pandemic, according to OLP spokesman Nektarios Demenopoulos.

Map of Europe and Asia
Greece’s Chinese owned Port of Piraeus is a key component of China’s Maritime Silk Road Initiative

He told Xinhua that “the container handling capacity of the port’s three piers has grown by more than 2 percent on an annual basis in the January-April period, while in May figures seem similar to those of last year.”

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