A significant part of the investment program of the Piraeus Port Authority (OLP) is directed toward the expansion of cruise infrastructure, which in the first half of 2026 allocated 106.7 million euros for infrastructure projects and equipment.
As the Organization's management pointed out during the conference call with analysts on the results of the first half of the year, the largest amount is directed to the cruise port expansion project, which provides for the construction of two additional berths capable of serving larger cruise ships. According to management, the project is expected to be completed by the end of 2028.
This concerns the expansion of the passenger port in the South Zone (Phase A), for which the reference amount in the Concession Agreement stands at 136.28 million euros. By the end of June 2026, cumulative expenditures for the project had reached 52.92 million euros.
The new passenger terminal
As regards cruise infrastructure, the plan also provides for the construction of a new cruise passenger terminal, with a budget of 55 million euros. According to OLP's presentation, this specific project concerns the construction of the passenger terminal buildings after the completion of the piers.
The new infrastructure is being added to the existing facilities of Piraeus, where three passenger terminals with a total area of 15,000 sq.m. operate and there are 9 to 11 simultaneous berthing positions, including 2-3 for large cruise ships.
The project is being implemented, however, at a time when cruise figures are showing a decline. In the first half of 2026, the revenues of this specific activity decreased by 10.24%, to 11.74 million euros, while EBITDA fell to 5.15 million euros, from 7.26 million euros a year earlier, with passenger traffic amounting to 555,155 passengers, down by 12.95%.
Overall, 2026 is expected to be completed with approximately 760 cruise ship calls, with management giving an indication for 2027, for which 824 pre-bookings have already been recorded.
The logistics center
The second project that stands out from OLP's additional investments concerns the creation of a logistics center with a total area of 60,000 sq.m., with a budget of 77.5 million euros.
For the development and operation of the logistics center, according to the presentation, a subsidiary company is in the process of being established.
At the same time, the mandatory investment program provided for by the Concession Agreement is underway. The plan includes, among other things, the repair of floors and rails at Pier I, the upgrade and maintenance of port infrastructure, the deepening of the central port, the procurement of equipment and the improvement of the infrastructure of the Ship Repair Zone.
The works at Pier I
The management is also placing particular emphasis on the works being carried out at Container Pier I.
As Nektarios Demenopoulos, deputy director of Public Relations and Investor Relations, explained during the conference call, the mandatory investments being implemented during this period have temporarily reduced storage capacity and, consequently, the operational capability of the pier.
"It is important to emphasize that these specific investments are of strategic importance and are expected to bring about a substantial improvement in the overall operational capacity of Pier I in the coming years, ensuring that it will be ready to handle the increased cargo volumes expected after the full reopening of the Suez Canal," he stressed characteristically.
In the first half of the year, traffic at Pier I declined by 38.74%, to 241,290 TEUs, with revenues decreasing by 30.5%, to 22.57 million euros, and EBITDA amounting to just 0.33 million euros.
Beyond the decline in activity at Pier I, the increase in payroll costs by 10.4%, to approximately 40 million euros, from 36 million euros a year earlier, also weighed on profitability. Management attributed the increase to staff reinforcement, higher executive remuneration and increases based on collective agreements, estimating that for the full year the rate of increase will remain below 10%.
At Piers II and III, traffic decreased by 2.91%, to approximately 2 million TEUs; however, revenues increased marginally to 46.5 million euros, with management attributing the development also to pricing adjustments from mid-April.
In coastal shipping, traffic remained essentially stable at 7.27 million passengers, while revenues increased by 3.42%, to 4.73 million euros. EBITDA, however, declined by 30.53%, to 1.01 million euros, with the half-year results also affected by the 50% reduction in port fees, which was in effect until the end of April 2026.
Investments of 106.7 million in six months
The intensity of the investment program is also reflected in cash flows. In the first half, investments reached 106.72 million euros, while cash and cash equivalents at the end of June stood at 83.06 million euros, from 177.83 million euros in the corresponding period of 2025.
At the same time, OLP's total assets amounted to 750.28 million euros. The half-year presentation also records zero bank borrowing at the end of June.
Asked about this, the deputy CEO of OLP, Angelos Karakostas, stated that the Organization's available credit line has now increased to 130 million euros.