Port of Piraeus posts earnings, volumes for 2016

The Greek port’s box volumes declined in 2016 from a year prior amid increased volumes at the car terminal, while revenues ticked up 3.6 percent.    The Port of Piraeus recorded an 11 million euro (U.S. $11.7 million) profit before income tax for 2016, a 13 percent increase from 2015, according to the Piraeus Port Authority’s (PPA) annual report for 2016.
   However, net profit after tax for 2016 tumbled 20 percent year-over-year to 6.7 million euros.
   Revenues for the year rose 3.6 percent from 2015 to 103.5 million euros, fueled by the concession of Piers II and III, and increased revenues in the cruise and car terminal segments, partially offset by a decline in revenues in the ship repair sector.
   In terms of volumes, container throughput sank 20.3 percent year-over-year to 203,658 TEUs. The PPA attributed the sharp decline in box volumes to MSC, Pier I’s main customer, moving some of its cargo to Asyaport in Turkey. Thirteen fully cellular container services currently call the Port of Piraeus that connect the port to regions outside the Mediterranean, three of which MSC supplies vessels for, according to BlueWater Reporting’s Port Dashboard tool.
   Meanwhile, the car terminal handled 361,912 vehicles in 2016, a 6 percent increase from 2015, despite the port strikes and the ongoing crisis in the Greek economy. Dockworkers held several strikes during the year in reaction to the Greek government agreeing to privatize the port. In August 2016, China COSCO Shipping officially completed its purchase of a majority stake in the port.