Boston, MA -- (SBWIRE) -- 03/14/2013 -- Despite the fact that Greece's economy is set to remain in recession for the fifth consecutive year, contracting by 2.7% in 2013, BMI is forecasting growth at Greece's two main ports.

The country's largest container port, Piraeus, is projected to record a double-digit box throughput increase of 60% in 2013, while total tonnage throughput is also expected to go up. The throughput at the country's main port in terms of total tonnage throughput, the port of Thessaloniki, is forecast to post a year-on-year (y-o-y) growth of 2.39%.

BMI highlights that the Greek ports' ability to outperform despite the tough economic climate is in part due to their roles as gateways, a role that offers the facilities some shelter from the country's domestic woes. As the vice chairman and managing director of Cosco Pacific, Wang Xingu, has recently stated 'only a small proportion of containers handled at the Piraeus facility are for the Greek market'. This trend was supported recently by Hewlett Packard's decision to utilise Piraeus as its distribution hub.

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We also note that this growth should not be viewed as expansion, but rather a recovery. The Port of Thessaloniki's 2013 throughput projection forecasts it to handle 16.1mn tonnes, a figure which is still some way off the 18.8mn tonnes, which it catered for in 2007.

Although container volumes are now expanding on their historic highs, with Piraeus making a full recovery in 2011, BMI highlights that this is mainly due to the inclusion of COSCO Pacific, with the Chinese operator streamlining its terminal operations and enticing new clients to the port.

Headline Industry Data

- 2013 port of Piraeus tonnage throughput forecast to grow 4.8%; over the medium term we project a 25% increase.
- 2013 port of Piraeus container throughput forecast to grow 60.0%; over the medium term we project a 156% increase.
- 2013 total trade growth forecast at 3.4%.

Key Industry Trends

Hewlett Packard and Piraeus Deal Offers Upside Risk

A deal between COSCO Pacific and Hewlett Packard to utilise the Greek port of Piraeus as a distribution hub for the computer manufacturer supports BMI's long held view of the port's potential as both a transhipment hub for the EMEA region and a maritime gateway for goods into Europe. The deal offers upside risk to both our port throughput forecasts and our predictions for freight on Greece's railway network.

Piraeus Box Throughput Revised Up

BMI has revised up its forecast of container throughput at the port of Piraeus for 2013. The revision was in preparation for the launch of a third container terminal at the facility. The port continues to be an outperformer in the Greek economy, aided in part by the participation of COSCO Pacific, but mainly due to its role in transhipment, which has sheltered Piraeus from the worst of the domestic downturn.

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