Piraeus Port Authority (PPA) recorded strong investment momentum in the first nine months of 2026, with capital expenditure rising 84.5% to €126.6 million, while maintaining high profitability and reporting the first signs of a recovery in container traffic, despite pressure from geopolitical developments and disruptions to international trade.
Net profit fell 21.5% to €59.7 million in the nine-month period, as geopolitical developments in the Middle East affected cargo flows, although the company reported early signs of a recovery in container handling.
According to the company’s financial results announcement, revenue declined by 8.2% to €178.8 million, compared with €194.7 million in the same period of 2025, while pre-tax profit fell 20.7% to €76.8 million, from €96.9 million. Despite the decline in financial performance, management stressed that profitability remained at high levels, while implementation of the investment programme continued.
Geopolitical developments in the Middle East continued to cause uncertainty in international container shipping and the global supply chain. The direct impact on the company’s overall activity remained limited, but it did affect demand and trade flows at the Container Terminal, particularly during the first half of the year.
However, in the third quarter, throughput at Pier I increased by 0.3%, or 524 TEUs, compared with the corresponding quarter of 2025, marking the first positive quarterly performance of the financial year.
The company also concluded new container-handling agreements with Piraeus Container Terminal (PCT S.A.) and its main customer in the sector, effective retroactively from July. The agreements provide for improved rates and handling volumes. In October, under the agreement with PCT, Pier I handled five additional container ships, with a total throughput of 7,843 TEUs.
Revenue from the concession of Piers II and III rose by 3.2% to €70.7 million, with growth reaching 9% in the third quarter.
Cruise activity declines, while coastal shipping grows
The Cruise Sector recorded a significant decline in activity, as geopolitical developments in the Middle East continued to affect cruise ship arrivals.
During the nine months of 2026, cruise ship arrivals amounted to 584, compared with 698 in the corresponding period of 2025, marking a decrease of 16.3%. Cruise passengers decreased by 19.0%, to 1.264.350 from 1.561.854.
The Car Terminal recorded a slight increase in total cargo volumes of +0.1% compared with the same period last year, due to an increase in the number of vehicles being transshipped. Despite this increase, the decrease in domestic cargo and the significant decrease in storage revenue (€ -2.4 million or -27.7%) due to the stabilization of the supply chain and the return of cargo dwell times to normal levels- are the main reasons for the decline in the sector’s revenue.
The Ferry Shipping sector recorded generally stable operating indicators in line with the positive performance of the Greek market and the tourism sector. Revenue increased by 32.9% to €9.5 million, from €7.1 million in 2025, Profit before tax increased by 83.3% to €2.2 million, from €1.2 million. The 50% reduction in ship and passenger fees was in force from 1 May 2025 to 30 April 2026. Following the expiry of the temporary measure on 30 April 2026, the applicable charges reverted to their previous levels.
Investments reach €126.6 million
PPA’s investment activity recorded a significant increase, with total investment reaching €126.6 million, up 84.5% from €68.6 million in the corresponding period of 2025.
The company raised new short-term borrowing of €80.0 million compared with no new loan proceeds in the corresponding period of 2025, through credit facilities with an open current account. As of 30 September 2026, cash and cash equivalents amounted to €82.7 million, reduced by 44.8% compared to €149.8 million as of 31 December 2025
Total borrowings increased by 129.1% to €139.2 million, from €60.8 million, and the net cash position changed to a net borrowing position of €56.4 million, from a net cash position of €89.0 million as of 31 December 2025.
Suez Canal reopening raises recovery prospects
PPA’s management attaches particular importance to the gradual resumption of container ship transits through the Suez Canal.
In any case, the resumption of container ship routes through the Suez Canal is consolidating during the fourth quarter of 2026, and transits are expected to increase over the coming months, with a full recovery of traffic estimated by May 2027. This development is expected to have a substantial positive impact on PPA S.A.’s main revenue and profitability driver, namely container handling.
Source: Naftemporiki