Damietta Port Authority receives four international offers for new container terminal

The Damietta Port Authority received four international offers for the development of a second container terminal at the Damietta Port, authority head Ayman Salah told Al Borsa on Tuesday. The bids came from France’s CMA CGM, Germany’s Hapag-Lloyd, United Arab Shipping Company, and China Harbor. The project was originally awarded to DIPCO in 2006, but repeated delays in execution due to liquidity shortages saw the contract terminated in arbitration. Salah said the authority is looking to establish the terminal, whose cost had then been estimated at USD 1 bn, under a JV between an international shipping line and port operator and the Damietta Container & Cargo Handling Co., which is hoping to fund more than 15% of the project, while also allowing state institutions and banks to participate.