Piraeus Port Sees 2022 Revenue Soar, Cruise Arrivals Rise

Piraeus port, Greece. Photo source: Piraeus Port Authority.

Turnover in 2022 for Greece’s largest port, Piraeus, increased by 26.2 percent or by 40.4 million euros to 194.6 million euros compared to 154.2 million euros in 2021, announced the Piraeus Port Authority (PPA) this week.

More specifically, according to the PPA’s full-year financial results, profits before taxes came to 74.7 million euros compared to 49.2 million euros in 2021, marking a 51.7 percent rise.

Profits after taxes were up by 43.9 percent to 52.9 million euros compared to 36.8 million euros in 2021.

In its announcement, PPA managers Cosco said the results were the “best-ever achieved” in both revenue and profitability.

Cruise segment

Leading the way in 2022, the port’s cruise segment showed a significant increase in both port calls and passenger traffic. Overall in 2022, passenger traffic increased by 190 percent to 880,416 compared to 303,665 in 2021.

Cruise ship berthing also rose by 79 percent to 677 berths compared to 379 a year earlier, exceeding pre-Covid 2019 levels. Homeporting arrivals also increased by 100.5 percent compared to 2021.

This year, the PPA expects some 800 cruise ships to make port calls at Piraeus.

Ferry travel

Photo Source: EC – Audiovisual Service / Photographer: Yorgos Karahalis

Coastal shipping activity also recorded an increase compared to 2021 with total passenger traffic up by 26 percent to 14.9 million passengers compared to 11.8 million in 2021.

Meanwhile, container handling at Pier I grew by 5.4 percent.

“The results confirm in the best way possible that the strategy of high quality development pursued is effective and leads to the best outcomes,” said PPA Chairman Yu Zenggang.

Zenggang went on to express his satisfaction with the results, adding that the PPA’s strategy, which has included major port upgrade projects and targeted investments, has established Piraeus into one of the most important and competitive ports in Europe.

Earlier this year, the master plan for the upgrade of the port was approved by Greek President Katerina Sakellaropoulou. The 600-million-euro investment for the expansion of the port, which outlines the terms and conditions for the project and includes among others special spatial planning and environmental protection terms, calls for a balanced integration with the surrounding urban area of Piraeus, Drapetsona, Keratsini, Perama and Salamina.