Red Sea crisis hits volumes at port of Piraeus

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.

The decline at Piraeus is mainly caused by challenges in global shipping routes through the Red Sea, where Houthi rebel attacks have redirected 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 has resulted in lines dropping calls at Med 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.

The two Cosco terminals at Piraeus (Piers II and III) handled 366,500 teu in June, down from 407,600 teu a year ago, while processing 1.95 million teu for the first half of the year 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, and handled 1.75 million teu in the first half of 2024, compared to 1.54 million teu in the first half of 2023.