Piraeus Port Authority announced that despite volatility in global logistics driven by geopolitical tensions in the Middle East, the company demonstrated significant resilience, maintaining a significant liquidity position and advancing its strategic investment plan.
During the first quarter of 2026, developments in the broader Middle East introduced additional uncertainty in global container shipping and logistics markets. Although the direct impact on the company’s overall activity remained limited, market conditions led to softer demand and shifts in trade flows within the container sector, reflecting external factors beyond the company’s control.
The company continues to manage ongoing international challenges and maintains significant profitability while focusing on implementing its key investment plans.
- The Container Terminal business – Pier I underperformed, which impacts the company’s overall result, while the other activities remain more or less stable.
- Continued operational discipline supporting the positive economic performance amid lower revenue levels.
- Satisfactory profitability ratios, albeit reduced, compared to the exceptionally strong prior-year quarter.
- Significant liquidity – increased investments.
Total revenue declined compared to the first quarter of 2025, mainly due to lower revenue in the Container Terminal-Pier I and the Coastal Shipping segment, reflecting external market disruptions, port fee reduction, and a high comparison base from the prior-year period. Despite the decline in revenue and the controlled increase in operating expenses, the company’s results and profitability ratios remain positive.
Most of the PPA’s operational sectors recorded an increase in volume compared to the first quarter of 2025.
- The Cruise sector solidified its position as a leading cruise port in the Eastern Mediterranean, driven both by a 23.1% increase in the number of homeport cruise passengers compared to the same period last year (from 39,165 to 48,216 passengers), as well as the increase in the number of cruise ships using the port as a homeport by +5.3% (from 19 to 20 ships) compared to the same period last year.
- The Car Terminal recorded an increase in total volume of +4.6% compared to the same period last year (from 69,420 to 72,607 vehicles), mainly due to the 13.0% increase in transshipment vehicles (from 31,836 to 35,979 vehicles). The increase in total vehicle volumes, and the maintenance of domestic cargo volumes at nearly the same levels during the current quarter compared to the corresponding period of 2025, led to a 0.3 million euros, or 5.5%, increase in the sector’s total revenue for the same period.
- The Coastal Shipping sector generally recorded stable indicators, in line with the positive trend of the Greek market and Greek tourism. Effective May 1, 2025, and for a period of one (1) year, the Company reduced coastal shipping vessel and passenger fees by 50% in accordance with the relevant amendment issued by the Ministry of Shipping & Island Policy. This amendment had a material negative impact on the sector’s revenue during the first quarter of 2026 and is the principal reason for the year‑on‑year decline in the segment’s financial performance.
- The decline in activity at the Container Terminal is primarily due to the comparison with the increased local traffic during the first quarter of 2025, amid fears, at that time, of potential tariffs on global trade, along with the decline in local volumes in the first quarter of 2026. However, it should be noted that in March, the Container Terminal recorded increased activity compared to the same period last year in transshipment cargo (+4.9%), demonstrating the port’s resilience, and taking advantage of certain changes and diversions of routes and cargoes to Piraeus in the context of developments in international shipping and trade flows in the broader Eastern Mediterranean region.
- The Concession revenue collected by Piraeus Container Terminal S.A. for the operation of Piers II & III shows a stable trend, declining marginally by approximately 0.4 million euros (-1.9%) during the current quarter of the year compared to the corresponding period last year, due to the decrease in cargo volume.
Source: Naftemporiki