A.P. Moeller-Maersk to invest $500 mln in East Port Said container terminal: Suez Canal Authority

Ahram Online , Thursday 11 Aug 2022

Egypt’s Suez Canal Authority (SCA) announced on Thursday that shipping giant A.P. Moeller-Maersk is going to pump $500 million in investments to develop and upgrade the Suez Canal container terminal in East Port Said.

Suez Canal
A cargo ship sails through the town of Ismailia, Egypt, March 30, 2021. AP


According to the SCA, the move aims to transform the terminal into a global hub for container handling in the eastern and southern Mediterranean.

The announcement was made during a tour by SCA Chairman Osama Rabie in the Netherlands and Denmark, where he met with Chairman of Denmark-based A.P. Moeller-Maersk Keith Svendsen and a team from the Maasvlakte terminal located at the Dutch Port of Rotterdam.

During a meeting with Rabie, Svendsen discussed the group’s plan to upgrade the container terminal, which involves pumping $500 million in investments to operate a new 1,000-long container berth and increase the number of cranes to 30. These will be operated electrically instead of using diesel, which will reduce the terminal’s emissions and turn it green by the end of 2030.

The SCA also announced that it signed a bilateral cooperation agreement with A.P Moeller Maersk in different fields.

In early August, the SCA announced that the Suez Canal recorded its highest ever monthly revenue in July, reaching $704 million, in addition to the highest monthly transit and highest net tonnage.

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