Being Greek’s one of the leading commercial port, Piraeus has led to the economic development of the region. The streets of Akti Miaouli are full of commercial operations of ship-owners where large scale shipping activities take place on a day-to-day basis.
Piraeus with its geographical location and beautiful neoclassical architecture has become the frequently visiting tourist destination also. One of them which continue to ornament the present town is the ‘Municipal Theater'.
Piraeus in its capacities as a host to Greek shipping has been affected largely by the various Governments of Greece. For example, after World War II, the Greek government attempted to nationalize the proceeds of the insurance payments given to Greek ship-owners who had lost vessels as a result of those vessels having been commandeered by the Allied Forces.
The insurance had been provided by Lloyd's of London and guaranteed by the coalition of the allied forces. Although the Greek ship-owners ultimately won their case against the Greek government in the British courts, most were uninterested in continuing to base their headquarters in Piraeus. Reasons behind it were mere distrust of the Greek government and the fact that the war had left the greater Athens area in a state of severe poverty.
As a result, the Greek ship-owners left Piraeus en masse in favour of operations in London, New York, Alexandria and other major shipping cities.
Nevertheless, Piraeus is still a major centre for Greek and international shipping where bi-annually there occurs a major shipping convention in the city, called 'Posidonia' that attracts maritime industry professionals from all over the world.