PRLog (Press Release)– Apr 16, 2011– Throughput at one of Greece's largest ports, Thessaloniki, is forecast to post another year of unimpressive growth in terms of container volumes and small negative growth in tonnage in 2011 following successful 2010, which, however, did not allow the port to recover from the global downturn.
Latest figures (January-December 2010) show that tonnage volumes at the port of Thessaloniki increased 7.78% y-o-y reaching 16.13mn tonnes and box throughput at the port amounted to 273,282TEU, a y-o-y growth of 1.15%.
The published results present a firm foundation for BMI's forecasts in port throughput at Thessaloniki for 2011 and for the rest of the mid term.
We predict that port's tonnage will reach 17.5mn tonnes in 2015, increasing by 9.51% on projected 2011 handling figure. Container volumes for the same period will increase 12.1% to reach 309,466TEU in 2015.
Headline Industry Data
?? 2011 port of Thessaloniki tonnage throughput forecast -0.65% following a growth of 7.78% in 2010 ?? 2011 Piraeus container throughput forecast -0.9% following an estimated growth of 4% in 2010 ?? 2011 total trade growth forecast -1.61%
Key Industry Trends
Piraeus Port Authority to Take Part in the Tender for Intermodal Terminal - In February 2011 the Piraeus Port Authority ( corsa OLP) for the first time officially announced that it will take part in the tendering process for the construction and management of an intermodal terminal close to the Greek port of Piraeus. OLP is to compete through its wholly owned subsidiary OLP Logistics, which will participate in a bidding consortium. The end of February 2011 was the latest known date for the bidding process to begin. The terminal was due to be operational in bmw 2007, highlighting just how far behind schedule the project is. While construction work has begun on the rail link connecting the port to the terminal, this too is likely to face delays, with reports emerging that the link will not be ready until 2012 or after.
COSCO Joins Sea-Air Initiative - China's COSCO Pacific is increasing its exposure to Greece's freight transport market, having signed an agreement to work with Athens International Airport (AIA) in order to develop links between the country's sea and air freight transport. COSCO aims to speed up the transfer freight between the container terminal it operates at the port of Piraeus and AIA. BMI believes that the links will increase the airport's cargo throughput, which has fallen for two consecutive years. The sea-air initiative between the OLP and AIA was first agreed in 2006, with a plan to create a 'seamless' sea-air link via a 'direct truck-shuttle service at favourable cost and handling terms'.
Risks to Outlook
Potential upside risks to BMI's throughput forecasts might arise when COSCO, now operating at the port of Piraeus, plans to increase the port's box throughput start becoming reality. Boosting transhipment might be one of the options if demand is not forthcoming from the domestic market as Piraeus is one of the main European ports closest to the Suez Canal. Second, the port of Thessaloniki has already outlined plans to diversify its customer base, suggesting a plan to develop into a maritime gateway to cater for trade to and from the Balkans, which could help lift throughput.
Country's continuing austerity drive, the fact that BMI's Country Risk desk has ruled out a quick recovery for the country's economy, as unemployment levels surge and the export sector is weakened, add downside risks to our port throughput forecast for Greece.
For more information or to purchase this report, go