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Vehicle throughput at the Greek port of Piraeus was down in 2024 but the port authority has recorded an increase in revenue and will benefit from a new joint venture between Cosco Shipping and Neptune Lines.
Piraeus Port Authority (PPA) has reported that a 33% drop in transhipments has contributed to a decrease in the volume of finished vehicles processed through its car terminal last year. Figures for CY2024 also show a 10% drop in domestic volume.
The port handled 247,600 vehicle units in 2024, down -22% on the previous year. A spokesperson for PPA said the decline in volumes was because of “changes in the commercial landscape”.
At the same time, however, PPA has posted a 28% increase in revenue at its car terminal, equal to €6m ($6.8m), “primarily driven by higher storage revenues and a pickup in domestic activity”. The port authority said that growth offset the decline in vehicle volumes, “underscoring the sector’s ability to generate higher value through operational efficiency”.
Last month PPA’s majority owner, China Cosco Shipping, set up a new transhipment hub at Piraeus with Greek short-sea finished vehicle logistics provider Neptune Lines. Cosco Shipping will move vehicles from China to Piraeus from where Neptune Lines will provide a feeder service to other ports in the Mediterranean. PPA said the new venture would streamline Chinese vehicle imports to Europe and make Piraeus port “a central gateway for vehicle distribution in the region”.
PPA has prepared for additional vehicle volumes. In its annual financial report for 2024 the authority states it has recently completed the 40,000-sq.m expansion of Herakleous Pier in the ro-ro terminal bringing the overall area to 110,000 sq.m, with capacity for 5,100 CEUs.
In the report PPA says it recognised the need for technology-driven modernisation, particularly in areas such as terminal automation, cargo handling optimisation and real-time data analytics, which were needed to improve operations.