Piraeus profit stable

Piraeus Port has seen its first half profit hold firm.

It recorded a gain of EUR 3.3m ($4.4m) in the six months to the end of June, down from EUR 3.4m a year ago.

The marginal fall in its bottom line came as revenue retreated by 3.3% to EUR 50.2m.

Cosco Pacific, which owns the Piraeus container terminal, this week logged a first half profit of $146.8m.

Drewry Maritime Equity Research says the Piraeus terminal is a gem for Cosco Pacific.

“The concession agreement at Piraeus has been Cosco Pacific’s best decision in recent times,” it said.

“Piraeus is a key central Mediterranean transhipment hub, which is likely to benefit from the strong volume growth in coming times.

“Large transhipment ports with critical mass (like Piraeus) in the region will be the key beneficiaries, while smaller ports will find it harder to compete unless they can find a niche or a carrier to back them.”