Release Date: 12 November 2007
Release ID: 820
SCCT and COSCO Pacific have agreed to partner in the fast-growing Suez Canal Container Terminal in Port Said, Egypt.
According to the agreement, COSCO is now a 20 % shareholder in SCCT, the leading terminal serving the Suez Canal container industry. The new shareholder structure of SCCT still keeps APM Terminals as the major shareholder and operator of SCCT with 55%; the IFU-Danish Development Bank is no longer a shareholder; COSCO Pacific 20%; local shareholdings have not changed: Suez Canal Authority 10%, National Bank of Egypt 5% and Egyptian Private Sector 10%
The senior management of COSCO Pacific strongly believes that the investment in SCCT will further strengthen COSCO Pacific’s terminal portfolio in the Mediterranean to provide comprehensive terminal services for their customers.
SCCT Managing Director, Jens Floe, based in Port Said, Egypt, praised the new business agreement, “Our port has successfully attracted an important new partner in the Chinese terminal operator, COSCO Pacific, and added new liner services through COSCO shipping lines. COSCO will become the 3rd liner customer of SCCT in 2008, joining our clients CMA CGM and Maersk Line. "The addition of COSCO’s liner services into the Egyptian Mediterranean port market is an important step in generating new business for Egypt.”
Mr. Floe added, “The new agreement will increase SCCT’s container handling volumes and open the door to new Chinese business in the region, strengthening SCCT as the largest terminal operator in Egypt and market leader in the East
Mediterranean. We are investing in the future of Egypt, SCCT is in the process of starting Phase II, which will increase terminal capacity from 2.5 million TEUs to 5.1 million TEUs raising our total investment to USD 730 million. Equally important, our terminal will inject new jobs into the Egyptian economy by doubling the number of jobs and training and developing the skills of local Port Said employees.“
SCCT serves as an important link between the Far East and Europe trade. After the completion of Phase II (1200m quay wall extension) the total quay wall length will be 2400 meters and liner customers will experience 12 new post-panamax quay cranes for a total of 24, increased terminal productivity through modern technology and 1500 more refrigerated plugs for a total of 3000 plugs to serve the specialized needs of the refrigerated trade.
To recognize the importance of the new container’s significant impact in global trade and the Egyptian economy, the Egyptian Prime Minister, Dr. Ahmed Nazif will attend a special ceremony for Phase II of the terminal.
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