Houthi attacks in the Red Sea reduced traffic to the Port of Piraeus

12.7% for SEP Piers II and III while PPA Pier I remains stable - Full confirmation of New Money report

According to the data released by Cosco for piers II and III at the Port of Piraeus, managed by Cosco's subsidiary, SEP SA., there is a 12.7% decline for the first month of 2024, compared to the corresponding month last year, December.

A total of 281,800 containers have been handled this year, compared to 322,800 last year.

As far as pier I of SEMBO, the smallest of the three, managed by PPA, is at the same levels as in 2023 since PPA's major client is MSC, which continues to support Piraeus with its ships.

As port circles have pointed out to New Money at the end of March, there will be a clear picture after the completion of the first quarter. "If the crisis continues for months, then there will be an issue for the port of Piraeus."

However, Cosco has chosen to support the largest investment it has made in a port outside of China. It is also the gateway to Europe, the new Belt and Road Initiative promoted by China.

Ships avoiding the Red Sea circumnavigate Africa and either go to northern European ports or call at ports in northern Africa or the western Mediterranean. From there, they are loaded onto smaller container ships called feeders to be transported to the ports of the eastern Mediterranean.

The cost of transporting a container to Eastern Europe has risen since the beginning of the Red Sea crisis from 1,850 euros to 8,000 euros.

Menas Tsamopoulos is a columnist for New Money.

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