{"id":84541,"date":"2024-05-30T00:00:00","date_gmt":"2024-05-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/05\/30\/egypt-will-debut-its-first-ship-breaking-yard-at-damietta-port\/"},"modified":"2024-05-30T00:00:00","modified_gmt":"2024-05-30T00:00:00","slug":"egypt-will-debut-its-first-ship-breaking-yard-at-damietta-port","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/05\/30\/egypt-will-debut-its-first-ship-breaking-yard-at-damietta-port\/","title":{"rendered":"Egypt will debut its first ship breaking yard at Damietta Port"},"content":{"rendered":"

Egypt inks agreement on landmark ship breaking yard:<\/strong> Egypt's Holding Company for<\/a>Maritime and Land Transport<\/a> and El Wehda Industrial Development have teamed up to launch Egypt's inaugural ship scrapping and recycling ship breaking yard, according to a statement<\/a>. The timeline and investment ticket for the project was not disclosed. <\/p>\n

In numbers: <\/strong>The project will span 155k sq meters at Damietta Port and is expected to generate 1.5 mn tons of scrap annually over the next five years, fulfilling 66% of the local market's demand for scrap. <\/p>\n

Cracking down on imports: <\/strong>The ship breaking yard will bolster the domestic iron and steel industry by replacing imported scrap with locally recycled materials, Egypt\u2019s Transport Minister Kamel Al-Wazir said in the statement.<\/p>\n

The sector needs it:<\/strong> Egypt\u2019s steel rebar production capacity sits at around 16 mn tons annually, the statement notes. However, steel rebar production reaches only 8 mn tons due to shortage of scrap in the local market.<\/p>\n

It targets vessels of all sizes: <\/strong>The project aims to create a scrapyard capable of handling any sized ship, meeting international standards for compliant ship procurement. It will adhere to global regulations, such as those outlined in the Hong Kong<\/a> and Basel<\/a> conventions, and European ship recycling regulations.<\/p>\n

Egypt has been looking into ship recycling: <\/strong>Egypt\u2019s Suez Canal Authority (SCA) signed an agreement<\/a> with Danish shipping giant AP Moeller-Maersk in 2023 to extend cooperation in the green transition, including a potential cooperation between the authority\u2019s arsenals and Maersk in ship recycling. <\/p>\n

About <\/strong>El Wehda Industrial Development<\/strong>:<\/strong> The company is a major shareholder<\/a> in El Garhy Group\u2019s mining and metals company Misr National Steel<\/a> (Ataqa) but has recently reduced some of its shares slightly to 91.56% \u2014 down from 93.22%. <\/p>\n","protected":false},"excerpt":{"rendered":"

The project will generate 1.5 mn tons of scrap annually<\/p>\n","protected":false},"author":1,"featured_media":84542,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[306],"tags":[40,11,305],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-84541","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-recycling","tag-egypt","tag-enterpriseclimate","tag-recycling","wpautop","entry"],"acf":{"mongo_id":"47ccfd83-f8ab-462c-92c7-33dd5c44bb5c","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/2554.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt will debut its first ship breaking yard at Damietta Port","related_issue":[84534],"teaser":"The project will generate 1.5 mn tons of scrap annually","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.47b1c5da-8409-4d21-afa1-8e50595f1a94.mp3"},"yoast_head":"\nEgypt will debut its first ship breaking yard at Damietta Port - 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