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COSCO SHIPPING Ports Limited
COSCO SHIPPING Ports Limited

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COSCO Pacific Acquires 20% Shareholding in Suez Canal Container Terminal at Port Said, Egypt

Date:2005-12-29     Publish:本站

COSCO Pacific Limited ("COSCO Pacific" or "the Company") announced that it entered into agreement on 19 December 2005 in Shanghai to acquire 20% equity interest in the Suez Canal Container Terminal S.A.E. ("SCCT") from Egyptian International Container Terminal S.A. ("EICT"), a subsidiary of A.P. Moller-Maersk Group. SCCT operates Port Said East Port at Port Said, Egypt. The acquisition is subject to approval from the Egyptian authorities.

SCCT has been in operation since October 2004. With total area of about 600,000 square meters, the terminal comprises of 4 deep-water berths. Total quay length is 1,200 meters and water depth alongside reaches 16.5 meters. The container throughput recorded 550,000 TEUs in the period between October 2004 to October 2005.

Seeking potential investment of oversea hub port is one of the Company’s strategies to position itself as a leading port operator in the world. With its outstanding geographic location at the northern entrance of the Suez Canal, the terminal has one of the most prominent locations in the Eastern Mediterranean and lies on the shipping lanes of all the major lines to and from Asia / Europe and Mediterranean Sea. The Company is optimistic that SCCT will achieve remarkable throughput growth in the future