Greece’s Piraeus Port, run by China COSCO Shipping Corporation, posted record-high revenues and profits in 2024, the company announced on Monday.
The Piraeus Port Authority S.A. (PPA), which operates the country’s largest port, announced that total revenue reached 230.9 million euros ($249.82 million), marking a five percent increase from 2023, according to a press statement.
Pre-tax profits rose to 112.9 million euros, reflecting a 17.4 percent increase compared to 2023, while after-tax profits climbed to 87.4 million euros, up by 30.8 percent year-on-year.
The proposed dividend per share also surged by 43.7 percent to 1.92 euros.
These results set new record highs in the company’s history, marking the fourth consecutive year of improved financial performance. They reflected PPA’s continued growth trajectory, enhanced financial stability, and improved operational efficiency, the company said.
The record-breaking performance was attributed to strong results across PPA’s core business segments. Cruise operations delivered another record year, achieving all-time highs in vessel calls and passenger volumes, with revenues rising by 15.5 percent. Strategic planning and targeted collaborations further reinforced Piraeus’ position as a leading cruise hub in the Eastern Mediterranean.
In the car terminal sector, revenue increased by 28.2 percent compared to 2023.
The container terminal business also demonstrated remarkable resilience despite global supply chain disruptions caused by the Red Sea crisis.
In coastal shipping, revenue rose by 6.5 percent, while a marginal increase was recorded in ship repair activities.
“Despite a challenging global environment, our ability to achieve record results while investing in the port’s future demonstrates the strength of our strategy and the dedication of our team,” said Su Xudong, PPA’s CEO.
He added that PPA remains committed to supporting the long-term development of the port and the Greek economy.
In 2016, China COSCO Shipping Corporation (COSCO) acquired a majority stake in PPA, increasing its ownership to 67 percent by 2021. Under COSCO’s management, Piraeus has become a major transshipment hub in the Mediterranean.
COSCO’s investment has significantly upgraded the port’s infrastructure, making Piraeus one of the largest and busiest ports in Europe. This has boosted Greece’s economy by attracting more shipping traffic and creating jobs.
However, concerns exist regarding sovereignty and security. Critics worry about foreign control over critical infrastructure, fearing potential geopolitical influence or vulnerabilities. There are also economic concerns, such as the impact on local businesses and competition, especially given Piraeus’ strategic location as a gateway to Europe.
US officials have expressed concerns about COSCO’s control over the Piraeus port as part of broader worries about Chinese investments in strategic infrastructure across Europe. Washington has warned that Chinese state-owned companies could be used by Beijing to expand its geopolitical influence, potentially compromising NATO and EU security interests.
For example, former US Secretary of State Mike Pompeo warned European allies about Chinese investments in key infrastructure, emphasizing risks of economic coercion.
In January this year the US Department of Defense has blacklisted COSCO over alleged links to China’s military.
Related: China’s COSCO Plans to Make Piraeus the Largest Port in Europe
