SCCT expects losses this year on the back of rising fees in East Port Said

Suez Canal Container Terminal (SCCT) is expecting to incur losses this year due to its inability to compete amid rising fees in East Port Said Port, CEO Lars Christensen said, according to Reuters’ Arabic Service. SCCT, which is majority owned by Maersk subsidiary APM Terminals, has been making losses of USD 1 mn a month since the beginning of the year. This came as 16 major shipping lines have stopped docking at the port due to the high fees.