By Antonis Tsimplakis

 

Piraeus Port has the best network availability in the framework of Belt and Road Initiative, according to an international study, presented by the Port Authority (PPA).

 

In fact, the second largest port in the world, that of Singapore, is in third place on the relevant list. At the same time, PPA is in eighth place with the ports located on the Belt and Road line in terms of the best final destination location. In fact, it is the second European port after that of Rotterdam, while the first is that of Singapore.

 

In terms of revenue by activity category, rent receipts from the concession of Prominents II and III to a Cosco subsidiary reached 82.7 million euros, up from 70.1 million euros in 2021 and 66.5 million euros in 2020. In fact, the increase of 1267 million euros takes place in a year when container traffic at the two piers declined compared to 2021.

 

A particular increase was noted in the revenues from the operation of pier I of the Container Terminal, which is managed by the PPA. In particular, they reached 40 million euros for 2022, compared to 29.6 million euros a year before, and 24.3 million euros in 2020.

 

Revenues also followed an upward trend at the Car Terminal, reaching 17.5 million euros from 14.1 million euros a year ago. In more detail, revenues are up 24% compared to 2021 and 58% compared to 2020 mainly due to the increase in tariffs and the increase in local cargo. As the company pointed out the start of the CSSC project (cars in containers & custom racks) is expected to continue within 2023. Also the completion of the expansion of the car terminal within 2023 will significantly improve the space constraint.

 

The increase in cruises was impressive, which, however, is logical since due to the pandemic, 2020 and 2021 were particularly difficult for the specific shipping industry. However, the year ended with an increase of 5 million euros in revenue than in 2019, a total of 17.6 million euros, i.e. before the pandemic broke out. For this year bookings for cruise ship calls so far have already reached 829 a 22% increase compared to 2022 levels.

 

Revenues from coastal shipping amounted to 11.35 million euros, almost two million euros more than in 2021, while receipts from the shipbuilding sector reached 15 million euros (14.998 million euros).

 

As pointed out during the presentation, PPA had a new increase in turnover, marking its highest performance in history, in terms of revenue and profitability.

 

In fact, high performances are recorded not only overall but also in each individual activity of the port, such as in cruises, in coastal shipping, in the container terminal. After the presentation of the results, a discussion followed with the representatives of the institutional investors and questions were answered regarding developments in the Company's activities, the course of investments, areas of future development, challenges and prospects, etc.

 

Specifically, the turnover amounted to 194.6 million euros compared to 154.2 million euros in the 2021 financial year, showing an increase of 40.4 million euros or a percentage of 26.2%. Profits before taxes amounted to 74.7 million euros compared to 49.2 million euros in the 2021 financial year, showing an increase of 51.7%. Profits after taxes amounted to 52.9 million euros, marking an increase of 43.9% compared to 36.8 million euros in 2021. Finally, the proposed dividend per share amounted to 1.04 euros, increased by 65% compared to 2021 where it was 0.63 euros.

 

"The management of the company continues to implement at an unabated pace its planning for the port of Piraeus whose ultimate goal is to ensure the conditions that consistently lead to its international recognition as one of the most important and competitive ports in Europe, creating added value for all interested parties of the Port of Piraeus," it was noted by PPA.