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On April 30, 2019 the Board of Directors of ThPA S.A. approved the Annual Financial Report for the Fiscal Year 2018.

The Annual Financial Report for 2018 is the first full-year Report issued subsequent to the privatization transaction, which was executed in March 2018.

The Annual Financial Report 2018 shows the following highlights:

(€ '000)



Variation (%)




Total Revenue, hereof:




Container Terminal




Conventional Cargo Terminal




Facilities Rentals




Passenger Traffic





Gross Profit




Gross Profit Ratio (%)








EBITDA Ratio (%)




Net Profit




Profit Ratio (%)





The 2018 financial performance of ThPA S.A was based on the following activity levels:




Variation (%)




Container Terminal (TEUs)




Conventional Cargo Terminal (Tons)





Vessel calls, hereof:




Container vessels




Conventional cargo vessels




Passenger vessels




In 2018 the overall activity level of the Port increased considerably over 2017, leading to increased revenues. 

The Container Terminal Revenue increased by 7.2% over the previous year, a result primarily driven by increase in import/export volumes from 348,503 TEUs in 2017 to 363.109 TEUs in 2018, representing an increase of +4.2% and in transit volumes from 52.495 TEUs in 2017 to 60.637 TEUs in 2018, representing a relative increase of 15.5%. The container mix improved in 2018, resulting in Container Terminal revenues increasing relatively more than overall volumes (7.2% vs 5.6% respectively.)

The Conventional Port volumes increased by 4.4% over the previous year, with an improved cargo mix lifting the Container Port revenues by 11.6% from €16.9 million in 2017 to €18.9 million in 2018. 

Revenues from rental of facilities and passenger traffic remained largely at the same levels as in the previous year.

The Gross Profit increased from €21.8 million in 2017 to €27.1 million in 2018, representing a total increase of 24.4%.  The increase is not only due to increased activity levels, but also due to an improvement of operational efficiencies in both the Container Terminal and the Conventional Port, which has resulted in an increase of the Gross Profit Ratio from 40.2% in 2017 to 46.4% in 2018.

In 2017 the Net Profit was negatively impacted by impairment of specific assets and provisions for anticipated losses.  In 2018 such impacts have been largely eliminated, which, together with the increased financial performance from improvements in operations, has led to an overall increase in Net Profit of  around €10,0 million in 2018, lifting the Net Profit Ratio from 13.4% in 2017 to 29.3% in 2018.

Statement of the Chairman of the BoD and CEO of ThPA S.A.

On the occasion of the announcement of the financial results, the Chairman of the BoD and CEO of ThPA S.A., Sotirios Theofanis, stated: “Following to the privatization of the Company in March 2018, the new Management Team has put in significant efforts to improve the operational efficiency and productivity of the port; improve reliability and quality of service to our customers; and unlock the great market potential that we foresee for the Company. The increased activity level and improved financial performance in 2018 shows that we are on the right path, but we still have ahead of us significant efforts to further release the potential of the Port. These efforts include strategic investments to increase the capacity of the Port; unlocking the commercial opportunities that exist in the existing and prospective markets; and continuously improving the productivity and efficiency of the Port, with the aim to further justify the trust of our shareholders; the economic community of the City of Thessaloniki, Northern Greece; and further of the Balkans and South East Europe”

The Port of Thessaloniki was honored to see its Chairman of the BoD and CEO of ThPA S.A., Mr. Sotirios Theofanis, being nominated as Port Professional of the Month, for the month of April, by the European Sea Ports Organization (ESPO).

The European Sea Ports Organization (ESPO), based in Brussels, was established in 1993 and is the representative body of the seaports of the Member States of the European Union and Norway.

The nomination "Port Professional of the Month” by ESPO aims to promote executives of European ports having an important track record in port management and to present the key points of the strategic development and modernization of the ports they have undertaken.

The Port of Thessaloniki is the main Gateway Port to the Balkans and Southeastern Europe due to its location, its facilities, its spectrum of services and its significant clientele both in Northern Greece and the neighboring countries, stated Mr. Theofanis in an interview that he gave, on the occasion of his nomination as Port Professional of the Month. The interview is available on the website of the European Sea Ports Organization (

In the same interview, he mentioned that, according to the traffic of the first quarter, in 2019, container traffic throughput is expected to increase around 450,000 TEUs and conventional cargo throughput is expected to reach 4,500,000 tons, while in 2018 the throughput was 425,000 TEUs and 3,850,000 tons respectively.

With regard to the privatization process of the port of Thessaloniki, which was completed after an international tender and the acquisition of the majority stake of the Company (67%) by a Special Purpose Vehicle (SPV) company South East Gateway Thessaloniki (SEGT) he pointed out that it is, to a certain extent, similar to the model used in a similar case at the port of Singapore. He also highlighted the international and profoundly renewed way of managing and developing the port, which stems from the international experience and the excellent knowledge of business conditions in the Balkans and Southeastern Europe that the new executives of the company have. The company's strategy has three main components:

  • The Port Bound Strategy, focusing on new infrastructure, serving larger ships and implementing a new business philosophy and procedures.
  • The Beyond the Port Strategy, focusing on the development of intermodal transport to and from Southeast Europe and the creation of freight centers in strategic areas.
  • The Management Strategy, aiming at implementing a lean and effective management model.

He referred to the complexity created by the different regulatory authorities involved in ports and he pointed out that the existence of a separate regulatory authority is necessary not because of the magnitude of the port industry in Greece but because of the multitude number of small ports, especially in the country’s Island Complex.

With regard to future investments, Mr. Theofanis highlighted that the focal point is the expansion of the Container Terminal by 460 meters and with an effective depth of -17.6m. This project is included in the Obligatory Investments undertaken by ThPA S.A. and its completion, which is expected by the end of 2022, will allow the servicing of Super Post New Panamax ships of a capacity of 180,000 TEUs and will increase the capacity of the Container Terminal to 1,300,000 TEUs, thus providing a significant comparative advantage to the Port of Thessaloniki.

Besides these Obligatory Investments, ThPA S.A. is planning to implement two major investments in the Conventional Cargo Terminal, amounting to a total of 120,000,000 euros. These investments concern: The expansion of Quay 24 by 410m (depth -16.5m.), enabling the servicing of Panamax ships and the unification of the 4th and 5th Piers, creating a new deeper Quay of 600m. Completion of these projects is expected to increase the capacity of the Conventional Cargo Terminal to 4,000,000 tons.

The port of Thessaloniki belongs to the Orient-East Med Core Network Corridor of the Trans-European Transport Network (TEN-T) and, according to Mr. Theofanis, a Mini Land Bridge can be developed towards the port of Burgas at the Black Sea, as well as access to Central Europe. All of the above are within the same spirit that the company has regarding the creation of dry ports in neighboring countries, creating the conditions for the port gate to be open to the new target markets.

Mr. Theofanis referred to the importance, at a global level, for the port industry, but also to the perspective that exists within the framework of the historic project on New Silk Roads, marine and terrestrial, i.e. the well-known "Belt and Road Initiative”. He considers this project to be important for the port of Thessaloniki, since he believes that the location of the port of Thessaloniki is strategic and the investments that will be made will greatly enhance the port's role in the new conditions that are being shaped.

With regard to the challenges in the sectors of cruise and passenger traffic, Mr. Theofanis referred to the company's strategy of attracting cruise companies to the port of Thessaloniki, to the cooperation that has begun with the local authorities at local and regional level, but also with the involved professionals in order to develop a "cruise product" that would be appealing to companies. According to him, the key points will be the exploitation of the emblematic building of the Old Customs Office and the development of non-port activities within the harbor.

Mr. Theofanis pointed out that the new investment scheme has a long-term strategic goal to reduce the environmental footprint of the company's port activities and, in this context, he referred to the unanimous decision of the shareholders to participate in the Green Award Network as an Incentive Provider, offering a 15% discount on port charges to Green Award-certified ships visiting the Port of Thessaloniki.

Finally, he mentioned the implementation of new technologies at the port of Thessaloniki, noting that the executives of ThPA S.A. are following the trends in the field of digitization at global level, while at the same time ThPA S.A. participates in many research projects, regarding the application of new technologies, funded by the European Union. A plan to implement new technologies at the Container Terminal is expected to be drafted in the near future and the company's immediate plans include the creation of an Innovation Hub for Ports, Freight Transport, and Logistics inside the Port of Thessaloniki. 

Over the past few days, the Chairman of the BoD and CEO of ThPA S.A., Mr. Sotirios Theofanis and the Chief Investment Officer and Executive Member of the Board of Directors of ThPA S.A., Mr. Arthur Davidian, met with the Deputy Prime Minister of the Republic of North Macedonia, Mr. Koco Angjushev, responsible for economic affairs and coordination with the economic sectors.

The main topic of the discussion was the Development Plan of ThPA S.A. in the Balkan area and, in this context, the potential investment for the creation of a Dry Port in the neighboring country. The meeting was held in a very good spirit and both sides agreed to continue contacts for the further maturity of this prospect.

It is noted that most of the imports and exports of the neighboring country, using containers, are made through the port of Thessaloniki. At the same time, for ThPA S.A., the major industries of the Republic of North Macedonia are key customers of the Conventional Cargo sector of the Port, as the raw materials and the final products are transported through the port to these industries.

The Administration of ThPA SA, following the strategic objectives of the investment group that acquired the majority percentage of 67% of the company’s shares in March 2018, implements the company’s Investment Plan to upgrade the port infrastructure and equipment and, at the same time, continuously explores the possibilities for cooperation in the Balkan countries, with the aim of making the port of Thessaloniki a major shipping and logistics hub in the Balkans and Southeastern Europe.

ThPA S.A. announces that on Monday 18th of March 2019, a Notice of Commencement of the First Investment Period was sent to the Greek State, confirming the Company' s intention to initiate processes of the First Mandatory Enhancements, pursuant the provisions of the Concession Agreement between the Greek State and ThPA S.A.

Within the First Investment Period, ThPA S.A. will implement Mandatory Enhancements, amounting to 180 million euros, which will include the following individual enhancements:

  • The expansion of the marine works infrastructure of Pier 6 and specifically:
  • The construction of a new additional Quay, with a length of at least 440 m, out of which at least 400 m providing a minimum effective depth of -16.50 m.
  • The construction of additional yard area, at least 300 average wide, alongside the above new Quay.
  • The construction of all additional infrastructure, necessary for the operation of the new quay and the related land area.
  • The provision of equipment of the Container Terminal equipment and Bulk Terminal at Pier 6.
  • General Port Development enhancements, including the Remedial Works for Old Custom’s building.

The commencement of the Investment Period follows a series of preparatory actions regarding the maturity of the Mandatory Enhancements, including the signing of a Contract for the Procurement of Independent Engineer Services, in order to undertake the monitoring of the First Mandatory Investments and the issuance of an Additional Performance Guarantee by ThPA S.A., amounting to 20 million euros.

ThPA S.A. continues to consistently meet all of its obligations in a timely manner, aiming at the strategic development of the Port of Thessaloniki, in order to transform into the major shipping and logistics Hub in Southeastern Europe and the Balkan area.

The participation of ThPA S.A. in the Green Award network was announced on Friday, March 9th 2019, during a meeting held in Thessaloniki.

ThPA S.A. participates in the network as Incentive Provider of the Green Award, offering a 15% discount on port charges to Green Award-certified vessels visiting the Port of Thessaloniki.

The Green Award Certificate is a certificate for vessels and shipping companies that exceed the statutory obligation relating to environmental terms and constraints. The Green Award certification process is carried out by the Bureau Green Award, the executive body of the Green Award Foundation, a non-profit institution founded in 1994.

The Green Award Foundation’s philosophy is to promote high standards of environmental performance and maritime safety by identifying, recognizing and encouraging environmentally responsible shipping through the operation of a non-profit certification scheme that assesses safety and environmental performance.

The Chairman of the BoD and CEO of ThPA S.A., Mr. Sotirios Theofanis, during his speech, mentioned that: “The shareholders of ThPA S.A. unanimously decided to participate in the Green Award network as it fully meets both the commitment of the new investment scheme to the emergence of practices and synergies with the aim of reducing the environmental footprint of the company’s port activities and implementing a Corporate Social Responsibility project, focusing on the principles of the shipping industry and focusing on informing and raising awareness of all those involved in environmental issues. We will continue all together to support every effort aimed at preserving the marine environment”.

The President of the Green Award Foundation, Mr. Dimitrios Matthaiou, gave an honorary plaque to Mr. Sotirios Theofanis, stating the following: "As the President of the Green Award Foundation, as an experienced executive of the shipping industry, but above all as a Greek who comes from a nation that holds a leading position in Shipping and is the homeland of marine workers worldwide, I feel very proud to welcome the first Greek port as our new Incentive Provider at the Green Award Foundation. The Port of Thessaloniki, as a member of this global environmentally aware community, unites its forces with 36 other ports from all over the world and 75 other Incentives Providers. I believe that the initiative of the Administration of ThPA S.A. will act as a trigger for the local and regional shipping community and will draw the attention of the administrations of other ports, in order for them to follow the remarkable example of ThPA S.A.”.

ThPA S.A. participated in the 4th Delphi Economic Forum, presenting the main points, perspectives and challenges of the implementation of its investment program.

In the session under the title “Planning For Growth: Connectivity and Infrastructure, the Chairman of the BoD and CEO of ThPA S.A., Sotirios Theofanis, highlighted the need to create a One Stop Shop for the licensing of Investment Plans and the monitoring of their implementation, in order to make the role of the State, in relation to the implementation of these Plans, be essential.

At the same time, he pointed out the need to complete the projects of road and rail link of the Port of Thessaloniki with the corresponding Trans-European Networks, so as to optimize the use of the mandatory enhancements, which ThPA S.A. intends to complete by the end of 2020.

Concluding, Mr. Theofanis expressed the commitment of the new investors to the timely and effective implementation of the Development Plan of the Port of Thessaloniki.

The same session was attended by the CEO of ELLAKTOR SA, Mr. Anastasios Kalliitsantsis, the CEO of Fraport Greece, Mr. Alexander Zinell, the Chairman of the BoD of Athens International Airport, Mr. Dimitrios Dimitriou, the Deputy CEO of PPA SA, Mr. Angelos Karakostas, as well as the CEO of the HRADF, Mr. Richardos Lampiris.