Piraeus Containers Terminal shows an increase in profits due to the increase of invoices

A large increase in profits and revenues was recorded in the first half of 2021 compared to the corresponding period of 2020 by the subsidiary of Cosco Shipping Ports, Piraeus Containers Terminal SA, which operates two piers in the Port of Piraeus. The increase in profits and revenues took place at a time when maritime trade has been affected by the pandemic and the volumes of cargo transported to the port of Piraeus decreased slightly compared to a year ago. However, the changes in the freight and the increase in the charges incurred by the PCT led to more revenue and higher profits.

In particular, as stated by the parent company Cosco Shipping Ports in the financial report of its half-year results, Piraeus Terminal during the first half of 2021 recorded profits of $ 15,216 million compared to profits of $ 8,102 million a year earlier, an increase of 87.8% which is mainly due to the increase in the percentage of local cargo and the increase in tariffs.

Also despite the reduction by 1.6% of moving Teu at the two piers of the port of Piraeus in the first half of 2021 compared to the corresponding period of 2020 (2,370,862 Teu against 2,409,403), however, the Piraeus Terminal recorded a satisfactory Revenue increase of 16.2% to $ 138.845 million from $ 119.477 million a year earlier, as Cosco Shipping Ports points out, with more local cargo and higher tariffs, as well as rising storage revenue. The increase in revenue also contributed to the increase in PCT expenses by 12.9% to $ 108.596 million as the consideration provided for in the concession agreement between PCT and Piraeus Port Authority increased.

It should be noted, however, that in the first seven months of 2021 the picture regarding the moving cargo of the PCA was further improved as the handling fell by only 23,000 “boxes” or 0.8% compared to the corresponding seven months of 2020 and amounted to 2,815.6 thousand teu against 2,838.7 thousand boxes in the seven months of 2020.

Revenue

Cosco Shipping Ports’ total revenue for the first half of 2021 was $ 564.872 million, up from $ 452.676 million a year earlier (+ 24.8%) with most terminals reporting revenue growth. Profits rose to $ 197.458 million from $ 171.535 million in the first half of 2020. These performances are attributed to the revitalization of the international economy and the reduction of the effects of the pandemic.

In the first half of 2021, China’s foreign trade showed signs of strong recovery, according to the Group’s semi-annual report. According to China’s General Administration of Customs, its imports and exports amounted to RMB 18.07 trillion in the first half of 2021, up 27.1% year on year. In particular, exports of goods increased by 28.1% to RMB 9.85 trillion and imports of goods increased by 25.9% to RMB 8.22 trillion.

Out of the Chinese subsidiaries, the Spanish subsidiary (COSCO SHIPPING Ports (Spain) Holding, S.L.) stood out with its performance, which recorded a revenue increase of 26.4% to 153,226 million dollars compared to 121,244 million dollars a year ago. Also Belgium (CSP Zeebrugge Terminal NV) which showed a revenue increase of 46.6% to $ 21.630 million compared to $ 13.408 million a year ago and of course the PCA.

In general, the international terminals of Cosco Shipping Ports recorded in the first half of 2021 an increase of moving cargoes by 4.7% to 14,239,304 TEU compared to 13,596,650 TEU a year ago and constitute 22.7% of the moving cargoes of the Cosco Shipping Group Ports. Continued congestion at some port terminals in northwestern Europe led to an ad hoc increase in cargo at the CSP Zeebrugge Terminal by 48.1% to 433,150 TEU, up from 292,531 TEU in the first half of 2020, while pandemic reduction and new routes maritime trade benefited from the performance of the companies of COSCO SHIPPING Ports (Spain) Holding, SL which traded in the first half of 2021 1,779,480 TEU against 1,548,548 TEU in the corresponding period of 2020, recording an increase of 14.9%.

Finally, regarding the prospects for the next period, Cosco Shipping Ports emphasizes, among other things, that as the global economy has begun to show signs of recovery, commercial and economic activities are expected to grow further. The Group will utilize its abundant cash resources to maintain a stable financial position and facilitate sustainable development and will support its dividend policy for 2021.

The company will also continue to optimize the global terminal network to provide support to the parent company’s container fleet and further leverage synergies from the parent Cosco Group and the OCEAN Alliance, enhance ship calls from other shipping alliances, and promote new sea voyages and enhance the approach of ships to the company’s port stations in order to achieve an increase in moving cargo. Finally, it will focus on the development of 5G technology and artificial intelligence.