Since our June update, Piraeus Port has a) reported Q2 showing continued weakness at Pier 1 (-35% yoy) but confirming stabilization at Piers 2 & 3 (-0.2% yoy); b) recorded weak cruise revenues (-10% yoy); c) accelerated capex with E110m spent in H1; d) seen further improvement at Piers 2 & 3, with volume +2%…
The most important development since our last assessment has been the decline in container volumes, with TEU throughput falling 13.6% yoy in Q3 2025, 16.5% in Q4 2025, and 11.6% in Q1 2026 across all Piers, affecting both domestic and transit cargo. We attribute this to the Middle East disruption and a challenging comparison base,…
Avoiding EU maritime emission costs means the TEU drop in Piers 2 and 3, operated by Cosco, continued in November. This time it was a milder -17% yoy drop vs the ones witnessed in August to October. But big enough to make us revisit our H2/FY 2025 numbers given that Piers 2&3 contribute 35% of…
We knew traffic in Piers 2&3 (monthly throughput reported by Cosco) was down -15% yoy in Q3 (Aug -20%, Sep -18% yoy). The results announced today showed traffic in Pier 1 was also down -5% yoy (local -6%; transit -4%), bringing the total TEU decline to -13.6% yoy. We are mostly puzzled with the steep…
H1 2025 revenues/EBITDA/net grew +15%/+13%/+16% at E123m/E69m/E47m with the heavyweight container and cruise businesses offsetting weakness in ferry, car and ship repair segments. Adjusting for the latter, and even though July-September Cosco/PCT traffic is down yoy, we see upside risk to our 2025 estimates.