{"id":546306,"date":"2022-05-11T03:57:53","date_gmt":"2022-05-11T03:57:53","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/european-consortium-to-build-usd-500-mn-terminal-at-damietta-port\/"},"modified":"2022-05-11T03:57:53","modified_gmt":"2022-05-11T03:57:53","slug":"european-consortium-to-build-usd-500-mn-terminal-at-damietta-port","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/european-consortium-to-build-usd-500-mn-terminal-at-damietta-port\/","title":{"rendered":"European consortium to build USD 500 mn terminal at Damietta Port"},"content":{"rendered":"

<\/a> A consortium of European terminal logistics firms will invest USD 500 mn to build a new <\/strong>container terminal at Damietta Port<\/strong>, cabinet said in a statement<\/a> yesterday. Eurogate Terminals, Contship Italia, and Hapag-Lloyd signed an agreement with the Damietta Port Authority (DPA) to develop and operate the terminal, and have entered into a joint venture alongside two local firms for the project.<\/p>\n

Eurogate will manage and operate the terminal<\/strong>, which will serve as a \u201cdedicated strategic transshipment hub\u201d in the EastMed for Hapag-Lloyd.<\/p>\n

What we know:<\/strong> The terminal will have a final capacity of 3.3 mn TEUs and is expected to begin operating by 2024, the consortium said in a joint statement<\/a>. This will raise Damietta\u2019s total capacity to 4.7 mn TEU by the third year of its operation, Transport Minister Kamel El Wazir said.<\/p>\n

SOUND SMART- <\/strong>A TEU is a standard measurement in the shipping and terminal industry and is based on the dimensions of a common twenty-foot shipping container. The acronym stands for Twenty-foot Equivalent Unit. A double-length container, for example, would count as two TEUs.<\/p>\n

The JV will be fully owned by the private sector:<\/strong> The three European companies will collectively own 98% of the joint venture, with Hapag-Lloyd holding 39%, and Eurogate and Contship Italia each owning 29.5%. Two Egyptian private sector firms \u2014 Middle East Logistics & Consultants and CREW Egypt \u2014 will each hold a 1% stake.<\/p>\n

There\u2019s more<\/strong>: A second phase of the project would see the establishment of logistics corridors through the terminal to various manufacturing centers nationwide through railway networks, the minister said.<\/p>\n","protected":false},"excerpt":{"rendered":"

A consortium of European terminal logistics firms will invest USD 500 mn to build a new container terminal at Damietta Port, cabinet said in a statement yesterday. Eurogate Terminals, Contship Italia, and Hapag-Lloyd signed an agreement with the Damietta Port Authority (DPA) to develop and operate the terminal, and have entered into a joint venture […]<\/p>\n","protected":false},"author":1,"featured_media":546307,"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":[7278],"tags":[1830,72,1829,7111,145],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-infrastructure","tag-contship-italia","tag-enterpriseam","tag-eurogate","tag-infrastructure","tag-logistics","wpautop","entry"],"acf":{"mongo_id":"2355832f-c95b-4862-98dc-bf706d99e5ac","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/5\/139.jpg","photo_position":"above","related_issue":[546293],"teaser":"","voice_url":""},"yoast_head":"\nEuropean consortium to build USD 500 mn terminal at Damietta Port - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/european-consortium-to-build-usd-500-mn-terminal-at-damietta-port\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"European consortium to build USD 500 mn terminal at Damietta Port\" \/>\n<meta property=\"og:description\" content=\"A consortium of European terminal logistics firms will invest USD 500 mn to build a new container terminal at Damietta Port, cabinet said in a statement yesterday. 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The bids came from France\u2019s CMA CGM, Germany\u2019s Hapag-Lloyd, United Arab Shipping Company, and China Harbor. The project was originally awarded\u2026","rel":"","context":"In "Infrastructure"","block_context":{"text":"Infrastructure","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/infrastructure\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":633053,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/26\/damietta-port-in-talks-for-usd-305-mn-to-finance-second-container-terminal\/","url_meta":{"origin":546306,"position":5},"title":"Damietta Port in talks for USD 305 mn to finance second container terminal","author":"enterpriseam admin","date":"26 February 2018","format":false,"excerpt":"The Damietta Port Authority is in talks with local banks and international financiers for a USD 305 mn loan needed for the establishment of its second container terminal, sources tell Al Mal. 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