In 2021, over 98 million TEUs of containers were processed in EU ports, the highest volume register in the last ten years and a four percent increase compared to the previous year. In 2022, ports in Europe had a significant amount of port arrivals; particularly, Italy had 237,195 port calls.
China’s interest in the Mediterranean Ports – Example of Port of Piraeus
The ports of the Mediterranean Sea established themselves as crucial points of intersection in global shipping routes, and even gained more popularity with China’s Belt and Road Initiative (BRI) projects in the last decade. The Belt and Road Initiative, commonly referred to as the "Modern Silk Road," is China's comprehensive global infrastructure development strategy. It aims to establish connections between more than 150 nations, thereby enhancing the volume of commerce and trade relations between the East and the West. Hence, the Mediterranean seaports have become increasingly crucial for this plan.The Port of Piraeus, situated near Athens, serves as a noteworthy illustration of the strategic significance of ports for BRI due to its geographical location, which serves as a natural entry point for Asian vessels to European ports. More than a decade ago, the Port of Piraeus was an emasculating port amidst the Greek sovereign debt crisis. During that period, COSCO SHIPPING stepped in and commenced the management of the port's container terminals. Since then, the port has been widened, upgraded, and connected to trains to meet the BRI goals. This has helped the port become more active again. The Chinese shipping giant COSCO SHIPPING holds all the shares in the terminal port in Piraeus at the moment. The Greek port is not the only one in which COSCO SHIPPING holds the majority of the shares. The company holds 90 percent of the CSP Zeebrugge Terminal in Belgium, 51 percent of the CSP Valencia Terminal in Spain, and the Euromax Terminal in the Netherlands.
In 2022, COSCO SHIPPING handled 5.3 million TEU of containers in the Port of Piraeus. This was more than double the volume registered in 2012, but 16 percent less than in 2019, before the coronavirus pandemic. Since the global outbreak, ports have had to deal with closures, which led to port congestions, labor shortages, and blank sailings. Moreover, freight rates went up, which put pressure on industries that depend on exports and imports of commodities and goods. These were the factors contributing to the decline in the cargo volume of the Port of Piraeus.
