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COSCO SHIPPING Ports Limited
COSCO SHIPPING Ports Limited

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Acquisition of 20% interest in Suez Canal Container Terminal

Date:2007-11-07     Publish:本站

Acquisition of 20% interest in Suez Canal Container Terminal
 

COSCO Pacific Limited ("COSCO Pacific" or the "Company") is pleased to announce the acquisition of 20% equity interest in the Suez Canal Container Terminal S.A.E. ("SCCT") from Egyptian International Container Terminal S.A., a subsidiary of A.P. Moller-Maersk A/S. The shares transfer is completed on 30th October 2007.

Commenced operation since October 2004, SCCT manages and operates a container terminal at phase I of East Port Said Port in Egypt located at the northern entrance of Suez Canal. Equipped with quay length of 1,200 meters, depth alongside of 16.5 meters, yard area of 600,000 m2, the terminal has four deep water berths capable to handle 2,550,000 TEUs per annum. Further expansion at phase II of East Port Said Port by SCCT will double its handling capacity to 5,100,000 TEUs per annum. The total investment in phase I and phase II of SCCT amounts to US$730 million. The total container throughput of SCCT in 2007 is expected to reach approximately 1,750,000 TEUs.

The terminal situates at one of the most prominent port in the Eastern Mediterranean taking full advantage of this strategic location to attract major global shipping lines to establish their transshipment hub with key routes to and from Asia, Europe and Mediterranean passing through the Suez Canal. The senior management of COSCO Pacific strongly believes that the investment in SCCT will further strengthen the Company's terminal portfolio in Mediterranean so as to provide comprehensive terminal services to our customers.