In recent years, the global maritime landscape has seen a significant shift, with Greece's Piraeus Port rising to prominence as the seventh-ranked international port according to the latest International Shipping Connectivity Degree Index (ISCDI). This elevation reflects not just the superb performance of Greece's shipping sector but highlights Piraeus's increasing importance as a pivotal node in the global shipping chainFactors contributing to this ascent include the robust international competitiveness of Greek shipping, the strategic geographical position of Piraeus, and a well-developed network of shipping-related businesses both domestically and internationally.

The ISCDI evaluates port cities through three primary dimensions: port conditions, shipping services, and the overall environmentAs outlined in the recent report, Greece continues to wield substantial influence in the global maritime industry, notably through the fact that more than 1,000 shipping offices are located in the Athens and Attica regions

As of 2022, Greece boasted an impressive fleet of over 5,500 vessels, accounting for approximately 22% of the global shipping fleetWithin the European Union, Greek shipping carries a staggering 60% of the EU's total fleet tonnage, far surpassing Germany, which holds a mere 12%. Beyond ownership, Greece is rapidly emerging as a center for innovation and technology in Southeast EuropeThe report highlights how Athens is increasingly involved in shaping the future of maritime technology, hosting numerous innovative start-ups that collaborate closely with Greece's extensive community of shipowners to develop modern solutions, enhancing fleet management capabilities and efficiency.

Piraeus Port stands as Europe's gateway to the East, serving as a vital transshipment hub for vessels heading to the Atlantic, Indian Ocean, and the Black SeaIt acts not only as a key maritime junction in international trade but also exemplifies the collaborative efforts between China and Greece under the Belt and Road Initiative

• Gold Slumps Over 2%: Bull Run in Question
• Nurturing Ground for Business Model Innovation
• How Rising Energy Prices Impact the Economy
• The Future of Quantitative Investing
• Impact of Commodity Price Fluctuations

Since China COSCO Shipping seized the opportunity to invest in and manage Piraeus, the port has experienced remarkable growth, transforming into the largest port in the Mediterranean and the fourth largest in EuropeThe report underscores the series of investments made by COSCO in recent years to modernize the port's infrastructure significantlyIts advantageous strategic location has attracted an increasing volume of transshipment, bolstered by efficient management, ample storage facilities, and a robust trade network, essential for the industry's expansionIn 2023, the port's total revenue reached €219.8 million, reflecting a 12.9% increase year-on-year, with net profits soaring to €66.8 million, marking a 26.3% growth, and a return on equity of 19%, an increase of 2 percentage points compared to the previous year.

The cruise terminal operations at Piraeus Port have observed remarkable growth in 2023, with total passenger flow climbing to 1.49 million, an impressive 68.6% increment

The number of cruise ship calls also rose by 12.4%, with Piraeus serving as the home port for 571 cruise liners, leading to a staggering 110.4% spike in passenger receptionThis performance clearly demonstrates Piraeus's status as a leading home port for cruises in the Mediterranean, significantly contributing to Greece's tourism sector recovery and providing substantial economic benefits to the local communityThe container terminal has maintained growth, with a total throughput of 5.1 million twenty-foot equivalent units (TEUs), marking a 2% year-on-year increase, thus strengthening Piraeus's position as the fourth-largest port in EuropeThe ro-ro (roll-on/roll-off) terminal also saw business volumes increase by 31.4%, attributed to the rising demand for automobiles within GreeceThe newly expanded ro-ro terminal now features ten berths and can accommodate the world's largest car carriers, signifying a new milestone for Piraeus's port functionalities and trade capacity

Additionally, the ferry terminal recorded a 7.9% increase in passenger traffic, reaching 16.15 million, and the number of vehicles increased by 3.8% to 2.88 millionThe ship repair sector also showed positive growth with 154 vessels entering dry dock, a 15.8% increase from the previous year.

Beyond these remarkable achievements, COSCO Shipping Piraeus is deeply engaged in supporting Greece's energy transition and development, focusing on green and digital innovationThe company is committed to minimizing the environmental impact of engineering projects, ensuring the health and safety of employees, and contributing to the local community's welfareOperationally, Piraeus strives to uphold energy efficiency and reduce emissions throughout its processesInitiatives such as installing photovoltaic systems and formulating shore power supply project plans have helped establish Piraeus as a low-carbon, environmentally friendly hub