Cosco inaugurates new car carrier service to Piraeus hub
- Chinese giant has forged partnership with Greek carrier Neptune Lines for feeder service to 21 destinations in Mediterranean, Black Sea and North Africa
- Maiden call on Cosco’s 30-day transit from China discharged 199 cars and 17 buses
- Transhipment traffic through Piraeus’ car terminal was up 12.9% in first quarter
Cosco-controlled Greek port eyes further strengthening of role in automotive trades
COSCO Shipping Car Carriers, the Chinese shipping giant’s fast-growing vehicle transport arm, has inaugurated a new service to Piraeus that is seen as bolstering the Greek port’s credentials as a regional hub.
COSCO Shengshi (IMO: 9454711), that has an overall capacity of 5,276 vehicles, disembarked 199 Geely cars and 17 electric buses at the Piraeus car terminal.
The Greek hub has been added to Cosco’s 30-day transit from China to Mediterranean ports, that is initially operating once a month, but is expected to increase frequency to a bi-weekly service within this year.
The operator has a number of pure vehicle carrier newbuildings on order to support its growth.
Recently, Cosco signed an agreement with Greece-based car carrier owner and operator Neptune Lines to manage finished vehicle shipments from China to Europe via Piraeus.
Neptune’s feeder services out of Piraeus will provide links with 21 ports across 12 countries in the Mediterranean, Black Sea and North Africa, including Koper in Slovenia, Alexandria in Egypt, and Limassol in Cyprus.
The Greek carrier’s logistics affiliate is expected to provide additional services for Cosco including bonded storage hubs for vehicles and pre-delivery inspection services.
Inclusion of the port in the regular rotation underscored its “strategic importance in the global automotive supply chain”, according to the Piraeus Port Authority.
The move “further strengthens PPA’s transhipment potential, confirms the port’s attractiveness, and is expected to generate significant multiplier benefits for the Greek economy”, said the authority’s chief executive Su Xudong.
Cosco has operated the largest portion of Piraeus’ container terminal for the past decade and is now the PPA’s main shareholder with 67% of the management company.
Su said that the PPA is committed to “further reinforcing” the port’s car terminal, through investments in infrastructure, automation and green technologies.
The PPA posted strong financial results for the first quarter of 2025, although the car terminal was not among the sectors that showed the strongest growth.
First-quarter revenues increased by 14.7% to €51.6m, while gross profits grew by 17.7% to €27.9m.
After-tax earnings came to €17.1m, a 23% increase on last year’s net profit for the period.
The container terminal increased throughput by 53% to 195,937 teus for the first three months of the year.
By contrast, the car terminal recorded a “marginal” increase of 1.5%, although this was primarily due to a lacklustre domestic market.
The number of transhipment vehicles discharged at the port increased by 12.9% to 31,836 vehicles.
Revenues from the sector decreased by €1.9m, a reflection of supply chain problems, although most of the issues have now been solved, said the PPA.
