Piraeus reported that in June it experienced a decrease of 10.1% in containers handled, contributing to a broader 12.9% downturn for the first half of the year source Seatrade Maritime
Challenges in Global Shipping Routes
The decline at Piraeus is mainly attributed to challenges in global shipping routes through the Red Sea. Houthi rebel attacks have caused major shipping companies to circumvent the Red Sea and Suez Canal on routes from Asia to Europe, opting instead for the longer journey around Africa. This redirection has resulted in shipping lines dropping calls at Mediterranean ports.
Meanwhile, Cosco-managed terminals in Spain, including Valencia and Bilbao, experienced a contrasting trend with a significant 31% increase in June and a 13.2% rise for the first six months of 2024.
Piraeus Terminal Performance
The two Cosco terminals at Piraeus (Piers II and III) handled 366,500 TEU in June, down from 407,600 TEU a year ago. For the first half of the year, they processed 1.95 million TEU, compared to 2.25 million TEU in the same period last year.
In Spain, Cosco managed 344,200 TEU in June, up from 262,800 TEU the previous year. For the first half of 2024, they handled 1.75 million TEU, compared to 1.54 million TEU in the first half of 2023.
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Source: SeaTrade Maritime
