Shanghai-based shipping company Cosco Shipping Line will invest USD 375 mn to increase its container capacity at various Egyptian ports this year, Ashraq Business quotes Cosco’s CFO Zhao Fengnian as saying. The new investments will include further investments in Ain Sokhna. No further details were disclosed.

Cosco has history in Sokhna…: Cosco and Hong-Kong port operator Hutchison Ports were among the companies that signed agreements worth USD SD 1.6 bn in March 2023 to develop new container terminals at Ain Sokhna and Damietta Ports.

… And elsewhere in the region: Cosco subsidiary Cosco Shipping Port (CSP) partnered with Abu Dhabi Ports in 2018 to launch CSP Abu Dhabi Terminal at Khalifa Port, which has a design capacity of 2.5 mn TEUs and initial handling capacity of 1.5 mn TEUs. The shipping firm also launched its first Moroccan branch in Casablanca earlier this year.

All eyes on Ain Sokhna: China’s Culines is reportedly launching a new service connecting Egypt to Chinese ports, and Emirati port operator DP World has broken ground on its USD 80 mn logistics zone at Ain Sokhna as part of the USD 1.3 bn multipurpose terminal at Ain Sokhna port.

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