Piraeus Port Authority Reports 21.5% Drop in Nine-Month Profits

The Piraeus Port Authority (PPA) reported that its profits for the first nine months of 2026 fell 21.5%, to €59.7 million. The authority itself and local media attributed the decline mainly to lower container revenue at Pier I and a drop in cruise income.

Revenue from Pier I fell by €12.2 million over the period, even though container throughput at that terminal returned to growth during the third quarter of the year.

The cruise segment also suffered a sharp downturn: revenue fell 17.8%, to €25.8 million, and segment EBITDA dropped to €13.3 million ($14.9 million) from €18.9 million a year earlier. Cruise passenger traffic declined 19%, to 1.26 million, compared with 1.56 million in the same period of 2025, while vessel calls fell 16.3%, to 584 from 698.

The decline was more pronounced in homeporting operations, where passengers dropped 22.1%, to 712,991, and vessel arrivals fell 21.4%, to 431. The port authority attributed the weakness in the cruise business to geopolitical developments in the Middle East, which affected regional cruise deployments.

Despite the decline in its results, the Piraeus Port Authority maintained a positive outlook for its cruise business in the medium term and noted that its investment program remains on track.