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Thursday, 27/06/2024, 09:51 (GMT +7)
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Red Sea diversion significantly reduces Greece's container volumes
Unstable geopolitical conditions in the Red Sea have forced container ships from Asia to bypass Africa to reach Cosco ports in Spain and Northern Europe instead of Piraeus - Greece's largest port..webp)
Piraeus Container Terminal (PCT) (Source: PCT)
The report shows that container volumes at the port of Piraeus decreased in May due to reduced transshipment volumes, but domestic volumes remained at positive levels, maintaining profitable results for the Piraeus Port Authority (PPA).
According to data released by Cosco Shipping Ports, in May, a total of 319,000 containers were operated from piers II and III managed by Piraeus Container Terminal (PCT), compared to 420,000 containers in the same month in 2023, a sharp decrease of 24.1%. In addition, from January to May 2024, container throughput from piers II and III has decreased by 13.5% compared to the same period in 2023.
Overall, in the first 5 months of 2024, 1,591 million TEU were operated at piers II and III, compared to 1,840 million TEU in the same period in 2023. Container capacity decreased significantly by about 13% due to the implementation of the PPA at Pier I were recorded during the same 5-month period.
Meanwhile, total container traffic at the 36 ports controlled by Cosco Shipping Ports continued its upward trend in May, increasing 5.4% to 9.6 million TEUs from 9.1 million TEUs in May 2023. In five months, a total of 44.4 million TEUs were operated by Cosco's 36 ports, compared to 41 million TEUs in the same period in 2023, an increase of 8%.
The Chinese giant's overseas terminals continue to show signs of steady growth and recovery, with traffic increasing 1.9% year-on-year. For Piraeus, Cosco Shipping Ports (Spain) performed very well, with vessel calls increasing by 19.7% in May. Cosco's Spanish terminal handled 341,000 containers compared to 285,000 containers in the same period last year.
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Source: Phaata.com (According to SeatradeMaritime)
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