Maersk invests another $500 million to develop the Suez Canal Container Terminal!

Maersk invests another $500 million to develop the Suez Canal Container Terminal!

Maersk signed a cooperation agreement with the Suez Canal Authority. Maersk plans to inject around US$500 million into the Suez Canal Said East Container Terminal in East Port

1. The agreement, signed earlier this week, aims to transform the terminal into a global hub for container handling in the eastern and southern Mediterranean. The signing of the agreement is part of a wider collaboration between the two parties to increase the passage of Maersk vessels through the Suez Canal and to look at ways to further develop the terminal.

2. The US$500 million will be used to develop a new container terminal with a coastline of 1,000 meters next to the existing 500-meter berth at the port. The investment plan also includes increasing the number of cranes to 30, powered by electricity rather than diesel, to curb the terminal’s emissions and transform it into a green terminal by the end of 2030

3. Maersk also plans to transform the Suez Canal Container Terminal into a smart terminal operated by the latest intelligent loading and unloading and communication systems.

4. The investment is part of Egypt’s efforts to further develop the Suez Canal, through which about 12% of global trade passes. On the environmental front, late last year, the Suez Canal Authority announced a plan to transform the waterway into a “green canal” that uses renewable energy.

5. In 2021, Egypt’s GDP is 402.8 billion US dollars, and tourism, oil, remittances and the Suez Canal are its main sources of income. Operational figures for the Suez Canal in Egypt for the fiscal year 2021/2022 (July 2021 to June 2022) are a record. According to the data, a total of 22,032 ships passed through the Suez Canal from north to south, an increase of 15.7% year-on-year; the cumulative net tonnage reached 1.32 billion tons, a year-on-year increase of 10.9%; the revenue for the fiscal year reached 7 billion US dollars, a year-on-year increase of 20.7%.

6. Port Said is the second largest port in Egypt and one of the largest transshipment ports in the world. It is located at the northern port of the Suez Canal. Like a fortress, it guards the key points of the shipping routes of countries along the Indian Ocean, the Atlantic Ocean and the Mediterranean Sea. It has important geostrategic value.

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