Shipping companies swap Egypt for Greece due to high port fees

Greece’s Port of Piraeus has seen revenues increase 14.1% y-o-y in 1H2019 thanks to shipping alliances abandoning East Port Said due to high fees, according to a report by China’s COSCO Shipping picked up by Al Mal. The Transport Ministry has increased port fees by 200%, prompting shipping companies to search for other alternatives. International shipping alliance Ocean Alliance ceased operations in East Port Said in August 2018 in protest at the higher fees. The group includes CMA CGM Group, APL, Evergreen, and China’s COSCO Shipping, which operates the Piraeus port. The government recently approved new incentives that included a 45% fee discount in order to make Egyptian ports more competitive.