Container throughput at the Port of Piraeus fell 38.7% year on year in the first half of 2026, as weak commercial activity, an exceptional prior-year comparison and construction works at Pier I combined to strip volumes from Greece's largest box gateway.

Piraeus Port Authority (PPA), in which COSCO Shipping holds a 67% stake, handled 241,290 TEU at Pier I in H1 2026, down from 393,876 TEU in the same period of 2025. The decline hit both sides of the business. Domestic container traffic dropped 33.1% to 91,967 TEU from 137,379 TEU. Transhipment throughput fared worse, falling 41.8% from 256,497 TEU to 149,323 TEU.

The transhipment slump carries the sharpest commercial signal. Piraeus has built its Mediterranean hub strategy on attracting mainline-to-feeder relay cargo, and a drop of more than 107,000 TEU in relay volumes in six months points to carriers reallocating connections — and their feeder networks — to rival hubs. For forwarders routing via Greece into the Balkans and Central Europe, thinner transhipment capacity means fewer sailing options and potential schedule flexibility loss at a time when Mediterranean routing choices are already in flux.

Why the volumes fell

PPA attributed the decline mainly to weaker commercial activity across both domestic and transhipment cargo. It also flagged an unusually strong base period: in H1 2025, shippers brought forward product movements ahead of tariffs that affected global trade, inflating the comparison. The half-year figures therefore partly reverse a freight pull-forward rather than reflect a structural collapse in demand through Piraeus alone.

Construction is the third factor. PPA is executing Mandatory Investment 5.5 and 5.7 projects at Pier I, which have temporarily reduced available storage capacity in the terminal's container stacking areas and limited the tonnage the terminal can work. PPA stressed the constraint is temporary. Once completed, the projects are designed to raise Pier I's capacity, productivity and operational efficiency, and to position the terminal for higher volumes — including cargo PPA expects to return after the full reopening of the Suez Canal.

Car terminal bucks the trend

The container slide contrasts sharply with performance at Piraeus' vehicle terminal. Total vehicle throughput rose 8.0% year on year to 149,587 units from 138,517. Transhipment drove much of the gain, climbing 12.4% to 65,117 vehicles from 57,939. Domestic vehicle traffic also grew, up 4.8% to 84,470 units from 80,578.

The divergence suggests the port's problems are specific to Pier I's box operations rather than a demand shock across all cargo types. Vehicle logistics customers evidently retained confidence in Piraeus even as container lines and consignees pulled back.

Financial hit and spending counter-cycle

The volume decline flowed straight into PPA's accounts. Revenues fell 8.9% year on year to €111.9m, while net profit after tax dropped 24.4% to €35.4m. PPA blamed the weaker financial performance primarily on Pier I's reduced output.

Rather than retrench, PPA is spending through the downturn. The company invested €106.7m in infrastructure and equipment during the half — nearly matching its half-year revenue — accelerating its investment programme. PPA also reported improved throughput at Piers II and III in recent months, with the positive trend strengthening from July and expected to feed into third-quarter results.

The investments form part of a broader programme to build out the port's operational capabilities and support future cargo growth. PPA is also accelerating development of a logistics centre, which it expects to generate additional revenue streams and value for the local economy — a move that would deepen Piraeus's inland offering beyond pure port handling and strengthen its hold on Mediterranean-borne cargo bound for southeast Europe.

For shippers and carriers, the near-term calculus is straightforward: Pier I's stacking capacity will stay constrained until the works finish, but Piers II and III volumes are already trending upward, and management expects the upgraded Pier I to add capacity precisely when Suez Canal rerouting could push additional Asia–Europe flows back through Mediterranean transhipment hubs.