By Paris Tsirigotis

Piraeus Port Authority (PPA SA) announced that despite volatility in global logistics driven by geopolitical tensions in the Middle East, the company demonstrated significant resilience, maintaining a significant liquidity position and advancing its strategic investment plan.

During the first quarter of 2026, developments in the broader Middle East introduced additional uncertainty in global container shipping and logistics markets. Although the direct impact on the company's overall activity remained limited, market conditions led to softer demand and shifts in trade flows within the container sector, reflecting external factors beyond the company's control.

The company continues to manage ongoing international challenges and maintains solid profitability while focusing on implementing its key investment plans.

The Container Terminal business – Pier I underperformed, which impacted the company's overall result, while the other activities remained largely stable.

Continued operational discipline has supported solid financial performance amid lower revenue levels.

Satisfactory profitability ratios, albeit reduced, compared to the exceptionally strong prior-year quarter.

Significant liquidity – increased investments

Total revenue declined compared to the first quarter of 2025, mainly due to lower revenue in the Container Terminal-Pier I and the Coastal Shipping segment, reflecting external market disruptions, reduced port fees, and a high comparison base from the prior-year period. Despite the decline in revenue and the controlled increase in operating expenses, the company's results and profitability ratios remain positive.

Most of the PPA's operational sectors recorded an increase in volume compared to the first quarter of 2025.

The Cruise sector solidified its position as a leading cruise port in the Eastern Mediterranean, driven both by a 23.1% increase in the number of homeport cruise passengers compared to the same period last year (from 39,165 to 48,216 passengers), and a rise in the number of cruise ships using the port as a homeport by 5.3% (from 19 to 20 ships) compared to the same period last year.

The Car Terminal recorded an increase in total volume of 4.6% compared to the same period last year (from 69,420 to 72,607 vehicles), mainly due to the 13.0% increase in transshipment vehicles (from 31,836 to 35,979 vehicles). The increase in total vehicle volumes, and the maintenance of domestic cargo volumes at nearly the same levels during the current quarter compared to the corresponding period of 2025, led to a 0.3 million euros, or 5.5%, increase in the sector's total revenue for the same period.

The Coastal Shipping sector generally recorded stable indicators, in line with the positive trend of the Greek market and Greek tourism. Effective May 1, 2025, and for a period of one year, the Company reduced coastal shipping vessel and passenger fees by 50% in accordance with the relevant amendment issued by the Ministry of Shipping & Island Policy. This amendment had a material negative impact on the sector's revenue during the first quarter of 2026 and is the principal reason for the yearonyear decline in the segment's financial performance.

A bridge between knowledge and the market in shipping and ports

The utilization of the scientific expertise and know-how of the National Technical University of Athens in fields related to the modern needs of the port and shipping industries, as well as opportunities to connect students with real-world market applications and challenges, were at the center of discussions between the management of Piraeus Port Authority (PPA S.A.) and representatives of the university.

During the meeting, which took place in a particularly positive atmosphere at the company's headquarters, PPA Chairman Han Chao and Deputy CEO Angelos Karakostas welcomed the Rector of the National Technical University of Athens, Professor Ioannis Chatzigeorgiou, as well as Professor Nikolaos Ventikos from the School of Naval Architecture and Marine Engineering.

The discussions explored opportunities for collaboration in areas related to shipping, port infrastructure, innovation and emerging technologies, with the aim of facilitating knowledge transfer and strengthening the connection between the academic community and the real economy.

Particular emphasis was placed on creating the conditions for students to gain access to practical applications, operational data and real market conditions, thereby bridging the gap between academic education and professional experience.

From PPA's side, it was highlighted that the organization continuously seeks to upgrade its services and operations through strategic partnerships with the academic and research community. In this context, discussions also focused on the potential development of joint projects and initiatives, as well as the possibility of PPA acting as a channel connecting the National Technical University of Athens with Chinese shipping companies and institutions, strengthening international outreach and the exchange of expertise at a global level.

The two sides agreed to continue their discussions in the coming period with the aim of establishing a formal cooperation framework through a Memorandum of Understanding and Cooperation.