The port of Piraeus shows impressive growth rates, three years after the Cosco deal, according to a National Bank report issued on April 4. In particular, container traffic in Piraeus, which represents 90% of the overall traffic in the Greek market, skyrocketed to 2.7 million TEUs in 2012, compared to 850,000 TEUs in 2010.

Overall, Greek ports absorbed 5.5% of container traffic in the Mediterranean last year, compared to a meagre 2.0% in 2008-2010.

Transshipment and transit are the two primary drivers of Piraeus dynamics.

Innovative infrastructure will allow the transhipment traffic to increase to 2.5 million TEUs by 2015, whereas respective investments in transit traffic could result to 1.2 million TEUs for both Piraeus and Thessaloniki by 2015, compared to 42,000 TEUs in the previous year.

According to the study, in order for Greece to reach its potential, ports are in need of further privatisations and intermodal transport upgrade, mainly via EU funding.

In a parallel development, the Production and Trade Parliamentary Standing Committee is expected to conclude processing a new omnibus bill tabled by the Shipping ministry.

This will create the requisite legal framework for an organisational restructuring of the port authority structure, focusing on investments, economic growth and employment.

Addressing the committee, Shipping & Aegean Minister Kostas Mousouroulis noted that the aim of the new legislation is to restructure the institutional framework in order to ensure that port infrastructure can be used to the benefir of the public, create new jobs and contribute to economic growth. The bill is to be voted on during a plenary session on April 16.

National Bank of Greece: Sectoral Report- April 2013; Kathimerini: Piraeus Port Set to Boost GDP & Greek News Agenda: Piraeus Turns into a Major Cargo Shipping Hub & HP, Cosco & TrainOse: A Landmark Deal Sealed