An interesting reversal has emerged in the financial performance of Piraeus Container Terminal (PCT). At a time when geopolitical disruptions and changes in maritime trade routes are reducing cargo volumes, the company has managed to significantly increase both revenue and net profitability.
Figures presented in the company’s 2025 Annual Sustainability Report reveal a substantial divergence between container throughput and the financial performance of the facilities it operates at Piers II and III of the Port of Piraeus.
Despite a 5.95% decline in container throughput, turnover increased by 12.5%, reaching €317.9 million, compared with €282.7 million in 2024.
The improvement in net profitability was even more pronounced. Net profits reached €36.1 million, compared with €26.6 million the previous year, an increase of approximately 36%. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to €94.1 million.
This development is particularly significant because it demonstrates that the financial performance of a major container terminal does not depend exclusively on the number of containers it handles.
How geopolitics is reshaping competition among Mediterranean ports
The decline in container throughput cannot be examined independently of the structural changes taking place in international maritime trade.
Disruptions to navigation through the Red Sea and the Suez Canal, adjustments to the service networks of major shipping alliances, and heightened uncertainty across supply chains have altered competitive conditions among Mediterranean ports.
For Piraeus, which has developed a substantial part of its business around container transshipment between Asia, the Mediterranean and European markets, these developments carry particular significance.
The diversion of vessels around the Cape of Good Hope instead of through the Suez Canal is reshaping the geography of maritime transport, affecting voyage times, port call frequency and the distribution of cargo among major port hubs.
However, the decline in PCT’s throughput cannot be attributed exclusively to these developments without detailed data on changes in shipping schedules and individual cargo categories.
The company’s ability to improve its financial results under these conditions suggests greater efficiency in extracting value from its operations, although it does not eliminate the pressures facing Piraeus as an international transshipment hub.
The new profitability equation: revenue up, volumes down
PCT’s financial performance highlights a second, equally important factor. Revenue growth was not accompanied by a corresponding increase in cargo volumes, pointing to changes in pricing conditions, the mix of services provided or revenue generated per unit of cargo.
According to the company, pricing dynamics, cost control and the optimization of terminal operations contributed to the improvement in financial performance.
Indicatively, the average job completion time decreased by 2.77%, a reduction the company associates, among other factors, with digitalization and automation.
This is an important factor in an industry where vessel turnaround times, equipment availability and the reliability of port services directly affect competitiveness.
Nevertheless, higher revenue alone is not sufficient to demonstrate a corresponding increase in productivity. A more reliable assessment would require detailed information on revenue per TEU, handling costs and the composition of services provided.
More capacity, no guarantee of more cargo
PCT, a wholly owned subsidiary of COSCO SHIPPING Ports Limited, operates Piers II and III of the Port of Piraeus under a long-term concession agreement.
Investments undertaken at the facilities have increased their handling capacity from approximately 1.6 million TEU to 6.2 million TEU, creating the conditions necessary to accommodate larger vessels and higher cargo volumes.
However, substantial installed capacity does not automatically guarantee additional container traffic.
In a market where major shipping companies are redesigning their networks, port competitiveness increasingly depends on the overall quality of services, connectivity with inland transport networks and the ability to support complex supply chains.
From this perspective, the improvement in PCT’s financial results represents a positive development, but it does not replace the need to restore momentum in cargo flows.
A smaller carbon footprint, but more electricity per TEU
The company’s environmental figures are also revealing, highlighting both the progress achieved and the contradictions involved in the decarbonization process.
PCT’s total carbon footprint amounted to 57,627 tonnes of carbon dioxide equivalent in 2025, a reduction of 3.94%.
Of this total, approximately 13,826 tonnes related to direct emissions, 12,656 tonnes to indirect emissions associated with electricity consumption, and 31,146 tonnes to emissions generated across the broader value chain.
The latter category accounted for approximately 54% of the company’s total carbon footprint, underlining the importance of activities beyond its direct operational boundaries.
Direct emissions rose 6.03% year on year, which the company attributes to updated national emission factors rather than higher fuel consumption; the overall decline came from value chain emissions, which fell 8.32%.
Electricity consumption declined by 3.33%, reaching 46.06 million kWh. However, electricity consumption per TEU handled increased by 2.79%.
This difference is significant. Although total electricity consumption decreased, the sharper decline in container throughput resulted in a deterioration of this particular efficiency indicator.
Compared with 2022, Scope 1 and Scope 2 emissions were 35.24% lower. The company’s declared targets are a 30% reduction by 2030 and a 60% reduction by 2040, with the ambition of achieving climate neutrality by 2050.
At the same time, total water consumption decreased by 21.21%, while waste generation declined by 17.01%.
A stable workforce, more training, fewer lost working days
PCT maintained an essentially stable number of directly employed personnel, with 349 employees at the end of 2025, compared with 348 in the previous year.
The overall employment picture at Piers II and III is considerably broader, as a significant proportion of port operations is carried out through cooperating companies, including DPort Services, a key operational partner of PCT.
Particular emphasis was placed on training, with total training hours increasing by 44.5% to reach 10,142.
In occupational health and safety, the company reported no high-consequence work-related injuries during 2025, while working days lost due to recordable work-related injuries decreased by approximately 41%.
At the same time, the company is advancing the development of an electronic permit-to-work system for high-risk activities and preparing for ISO 45001 certification.
The real challenge: restoring momentum in cargo flows
PCT’s financial results reflect a company that has managed to maintain strong profitability and increase revenue despite unfavorable developments in container throughput.
At the same time, however, they highlight a broader challenge for the Port of Piraeus.
Improving the financial performance of port facilities is undoubtedly positive, but the long-term competitiveness of an international cargo hub cannot rely solely on stronger financial indicators.
Recovering cargo volumes, retaining major shipping services, developing intermodal transport and strengthening connectivity with European markets are critical prerequisites for the next phase of growth.
The conclusion drawn from the 2025 results is clear: PCT managed to generate higher earnings while handling fewer containers.
The next challenge is to combine this financial efficiency with a recovery in cargo activity, in a Mediterranean region where port competition and geopolitical uncertainty are redefining the balance of power.
George S. Skordilis is Editor-in-Chief of geo-trends.eu.