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The “rent” of piers I and II supported the profitability of the OLP

Total revenues for the first half amounted to 66.5 million euros, reduced by 5.8%

The revenues secured from the “rent” of piers I and II of the Container Station kept the profitability of the Port of Piraeus SA at high levels for another period, despite the crisis caused by the coronavirus pandemic in the market.

OLP, which is jointly controlled by the Chinese Cosco, has ceded two of the three piers of SEMPO to SEP SA, which is another subsidiary of the Chinese group. For the use of S.EMPO in the first half of the year, the port recorded revenues of 34.4 million euros, increased by approximately 2.6 million euros compared to last year. Revenues amounting to 32.26 million euros from the Piraeus Container Station (SEP SA) are related to the fixed and variable consideration according to the concession contract of piers II & III and 2.15 million euros relate to revenues from unloading and docking.

However, the total revenues of the first half amounted to 66.5 million euros, where compared to the corresponding half of 2019 (70.6 million euros) decreased by 4.1 million or 5.8%. This change is mainly due to the significant decrease in revenues from the cruise sector, revenues of the coastal shipping sector, as well as revenues from car traffic by 83.9%, 32.8% and 28.3% or by 3.7 million. EUR 1.6 million and approximately EUR 2.2 million respectively.

By Antonis Tsimplakis