Lavrio Port Authority: Record revenues in 2022

The revenue of the Lavrio Port Authority-LPA reached a record high in 2022, according to a relevant announcement by the Organization. At the same time, after the addition of the connection with Thessaloniki and Limassol, the Authority is discussing the connection of Lavrio with a port in Turkey, while it expects in 2027 the connection with the Suburban Railway, which will give new development possibilities to the port.

Regarding 2022, the revenues of the Organization reached 6,325,172.00 euros, against the 3,800,000.00 euros foreseen in the budget, showing an increase of 47% compared to 2021.

Accordingly, the balance (income-expenditure) amounted to 2,325,184.00 euros against the projected 975,700.00 euros, showing an increase of 89.5% compared to 2021.

The management of the Authority emphasizes that according to the existing data for the period January – November 2022, ALL SA showed the best balance (income-expenses) of all the state ports of the country.

This result comes from 100% business activity since LPA has not received any grant or other support.

At the same time, the Management of LPA points out that the liquidity of the company has increased as in the three-year term of the present Management (2020-2022), the value of the issued invoices was 16.17 million euros, while the collections reached the amount of 21.57 million euros, which means that the amount of 5.42 million euros was collected from bad debts before 2020.

In this way, it became possible for the dividend to the Shareholder to rise to a percentage of 50% of the profits, compared to 35% in the past, while a policy of paying all suppliers and partners of ALL SA within thirty days was implemented, supporting in this way the liquidity of private entrepreneurship.

By activity sector, the growth of cruise lines stands out, and the further internationalization of the port by adding new connections with foreign ports.

Cruiseships

Especially in the cruise sector, LPA has been preparing its activity in the sector since 2020, focusing on small and medium-sized ships due to the limited capabilities of the port.

Since it was able to handle a small number of ships, it was chosen to prioritize homeporting in order to maximize revenue.

To this end, the almost inactive Passenger Terminal was gradually transformed into a beautiful, functional and modern cruise terminal.

Within the spring of 2023, the new modern and higher capacity X-RAY scanners will also be received.

The result of this strategy was to have 86 cruise ship arrivals and departures in 2022 and handle 84,000 homeporting passengers and 10,600 transit passengers.

Tourist boats

The cruise ship sector even with restrictions on international passenger traffic due to COVID, performed at its best showing 100% occupancy.

The most important event was the maximization of the berthing of passing vessels, which by definition bring additional revenue to the Agency, given that all existing positions have been contracted.

It is no coincidence that while LPA has less than 200 berths, there is a waiting list of hundreds of boats.

Towards the further development of this Sector and partial satisfaction of the pressing demand, the Management of LPA worked intensively in cooperation with the Shareholder to promote the project “Supply and Installation of Floating Breakwaters and Floating Piers”, in order to add an additional 200 berths.

All the required studies and procedures have already been completed and the approval of the implementation of the project is expected from the YNANP.

The specific project, upon its completion, is expected to generate additional annual revenue for ALL SA of more than 2 million euros, as well as an additional annual turnover in the local economy of the order of 35 million euros, while it will also trigger the creation of at least 200 new jobs .

Commercial sector

The contribution of the Commercial Sector to the results of the Authority was also special. It is characteristic that in 2022 the volume of trafficked goods increased by 47% compared to 2021.

It should be emphasized that through the Commercial Sector ships approaching the Lavrio anchorage are also served. LPA has no income from this activity, but considers that it has an obligation to support ocean shipping, as well as Greek entrepreneurship.

International shipping sector

In 2022, the Authority added two additional routes per week, which connect the port of Lavrio with the ports of Limassol and Thessaloniki, shaping the number of Ro-Ro approaches of international ships to 12 per month against 4 in the past. The Administration is already consulting on the connection of Lavrio with a port in Turkey.

Infrastructure

Within 2022, LPA completed the approval of the operation of a water landing strip, which is to be used for up to 6 seaplane approaches per company per day.

Also, the inclusion of the widening of the eastern finger pier in the NSRP was completed and given that the project is already licensed by the relevant ministry, the announcement of the implementation tender is expected in the first months of 2023.

In 2022, the tender for the supply and installation with an energy performance contract of an important solar system on the Passenger Station was completed, reducing the energy footprint of ALL SA, while the demolition of the former KORALLI restaurant was completed and the construction of a new health store will begin immediately.

Finally, within 2022, the Strategic Environmental Impact Study and the MASTER PLAN of the port were completed, which in collaboration with the Shareholder will be promoted for the issuance of the Presidential Decree provided for by the new legislation.

Based on the above, the Management reasonably believes that 2023 will be an equally productive year for the Authority.

The increase in Cruise activity with already agreed ship approaches, the stronger activity in the Pleasure Boat Sector mainly due to the return of Russian-speaking visitors, the increase in Coastal Shipping itineraries and the involvement of the Commercial Sector in the transport of dry cargo related to the major redevelopment projects, but also the general increase in investments and exports, ensure the course of the Organization for the coming years.

In this way, the increase in the added value of the port for the Shareholder is also ensured.

The milestone year is set in 2027 with the connection of the port with the Suburban Railway.