Green light, in Cairo, to the concession contract for the construction and management of a new maxi-terminal container in the port of Damietta involving the German shipping company Hapag Lloyd and the Eurokai group, through the subsidiaries Eurogate and Contship Italia, as well as some minor partners.
New joint venture
The parties in question have set up a joint venture that will build and manage Terminal 2 for containers in the Egyptian port, under a concession contract signed with the Egyptian Minister of Transport, Kamel AlWazir.
The new company will be owned by the three partners, with Hapag-Lloyd Damietta holding 39% of the joint venture capital, Eurogate Damietta with 29.5% and Contship Damietta with 29.5%; the Egyptians Middle East Logistics & Consultant and Ship & Crew will hold 1% of the capital each.
Terminal ready in 2024
The new Terminal 2 is expected to become operational by 2024. Once completed, it will have an annual traffic capacity of 3.3 million TEU (unit of measurement corresponding to a 20-foot container). Hapag-Lloyd has specified that it will use the port as a transshipment hub in the eastern Mediterranean.
“With this new terminal – said, in fact, Rolf Habben Jansen, CEO of the Amburogo company – Hapag-Lloyd will significantly improve its transshipment operations in the Eastern Mediterranean and, at the same time, will have access to local businesses in the ‘Egypt”.