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Read Full Issue EBRD-led international consortium mobilizes USD 445 mn for developments at Damietta Port: A European Bank for Reconstruction and Development (EBRD)-led consortium will provide a USD 445 mn finance package to Damietta Alliance Container Terminals to develop the superstructure of a second container terminal at Damietta Port, according to a press release. The investment is earmarked to help triple the port’s capacity and boost competitiveness, the statement said.
The breakdown: The funding package comprises USD 125 mn from the EBRD, USD 120 mn from the International Finance Corporation (IFC), USD 100 mn from the Asian Infrastructure Investment Bank (AIIB), USD 60 mn from German development finance institution DEG, and USD 50 mn from French sustainable development fund Proparco.
Driving the operation: A consortium of Hapag-lloyd, MELC Group, Eurogate Terminals, Contship Italia, and Ship & Crew have established a special purpose vehicle, the Damietta Alliance Container Terminals (DACT). DACT will manage and operate Damietta Port’s second container terminal under a 30-year concession, the statement said.
Funding the project: Our friends at HSBC Egypt acted as the agent bank for the international lenders that will provide a USD 455 mn financing package for the project.
Background: The SPV inked a 30-year concession agreement with Damietta Port Authority last year to develop, operate, and manage the facility, which is supposed to have a final capacity of 3.3 mn TEUs, boosting Damietta Port’s total capacity to 4.7 mn TEUs by its third year of operation.
OTHER SHIPPING + MARITIME NEWS-
Mawani inks contracts worth SAR 1 bn with local firms to boost maritime services: Saudi Ports Authority (Mawani) has signed four contracts worth some SAR 1 bn with two local outfits — Zamil Marine Services and Naghi Marine — to provide marine services at eight of the Kingdom’s ports, according to a press release. The contracts were inked by Mawani in partnership with the Ministry of Transport and Logistic Services and the National Center for Privatization.
Breakdown: Zamile Marine will provide services at Jeddah Islamic Port, Jazan Port, Ras Al Khair Port, King Fahd Industrial Port in Jubail, and Jubail Commercial Port, while Naghi Marine will be responsible for servicing King Abdulaziz Port in Dammam, Yanbu Commercial Port, and the King Fahd Industrial Port in Yanbu, the statement said.
The investments include 44 new vessels: The contracts lay out 27 new tugboats and 17 additional maritime units for KSA’s marine services sector. The new vessels are expected to boost towing duration performance by 45% across the eight ports mentioned, an important performance indicator for ports, the statement said. The breakdown on ownership of the new vessels was not disclosed.
And more: The investments also look to boost the companies’ capabilities in a range of maritime services, including towing and guidance operations, mooring in the hook area, berthing, diving, rescue, pollution and firefighting, crew and sailors transportation, bunkering, and tug and marine units maintenance, the statement also said.
