Piraeus Port Authority : Piraeus is recovering despite the pandemic

Container traffic in Piraeus reached 1.3 million teu in the first quarter of 2021, from the two piers of Piraeus Container Terminal S.A. (PCT) and one pier of PPA, and is a size slightly lower than last year in the same period, which means that Piraeus recovers.

On Thursday, April 15, Cosco Shipping Ports also announced in China information about the traffic of its ports around the world. For Piraeus, the two piers of its subsidiary, SEP, in Piraeus moved higher in March by 10.1% year on year, while overall in the first quarter the drop was only 5.8% compared to last year. However, with the addition of pier I of the PPA, the reduction of total traffic in Piraeus seems to have fallen to about -3%. In any case, it seems that the port is recovering if we take into account that this year it was also affected by navigators’ strikes.

The presentation at the Hellenic Fund and Management Association

The course of the PPA was discussed via teleconference at the annual briefing of the Hellenic Fund and Management Association on the results for the year 2020 in the presence of Mr. Angelos Karakostas, Deputy CEO and CFO Ms. Li Jin with the participation of 35 analysts and representatives of stock companies.

In particular, the provision of the concession contract for the sale to Cosco of 16% of the shares of the PPA held by the Hellenic Republic Asset Development Fund (HRADF), as well as the construction of the fourth pier were discussed.

On the issue of the 16% transfer, it seems that there is contact between the Chinese and the HRADF, with the aim of finding a modus vivendi in order for the transfer to take place, as the PPA is formally not in line with its investment commitments of 293 million euros. However, as Mr. Karakostas said, the PPA has proceeded with the contracting of investments amounting to € 211.7 million and is intensifying the efforts to accelerate their implementation. It should be noted that € 211.7 million are with 31/12 while additional funds were added (as contracts) in the first quarter of this year, resulting in 225 million euros.

Aiming for the fourth pier

As for the fourth pier, there does not seem to be any progress, but the Chinese side insists that without the fourth pier, the PPA will find it difficult to maintain its fourth position as a port in Europe. However, it should be noted that the expansion of the 4th pier has met with strong reaction from neighboring municipalities that stress that there is no benefit to the local economy and society.

Also at the event in general it was emphasized by PPA that despite the impact of COVID-19 and the negative impact on financial results in specific business sectors, such as Cruise, Shipping and the Car Station, the Company achieved the smooth continuation of port activities in safe conditions without suspending any workers.

It was also noted that the turnover in 2020 amounted to € 132.9 million, profit before taxes amounted to € 36.9 million and profit after taesx amounted to € 26.4 million.

The proposed dividend per share amounts to € 0.40, maintaining the same ratio of net profitability compared to previous years.

Company Management is continuing intense efforts to deal with the special circumstances and to return all activities to a growth trajectory.