{"id":75738,"date":"2023-12-25T00:00:00","date_gmt":"2023-12-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/12\/25\/damietta-port-lines-up-usd-445-mn-for-second-container-terminal\/"},"modified":"2023-12-25T00:00:00","modified_gmt":"2023-12-25T00:00:00","slug":"damietta-port-lines-up-usd-445-mn-for-second-container-terminal","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/12\/25\/damietta-port-lines-up-usd-445-mn-for-second-container-terminal\/","title":{"rendered":"Damietta Port lines up USD 445 mn for second container terminal"},"content":{"rendered":"

EBRD-led international consortium mobilizes USD 445 mn for developments at Damietta Port: <\/strong>A European Ban<\/a>k for Reconstruction and Development<\/a> (EBRD)-led consortium will provide a USD 445 mn finance package to Damietta Alliance Container Terminals<\/a> to develop the superstructure of a second container terminal at Damietta Port, according to a press release<\/a>. The investment is earmarked to help triple the port\u2019s capacity and boost competitiveness, the statement said.<\/p>\n

The breakdown: <\/strong>The funding package comprises USD 125 mn from the EBRD, USD 120 mn from the International Finance Corporation<\/a> (IFC), USD 100 mn from the Asian Infrastructure Investment Bank<\/a> (AIIB), USD 60 mn from German development finance institution DEG<\/a>, and USD 50 mn from French sustainable development fund Proparco<\/a>. <\/p>\n

Driving the operation:<\/strong> 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\u2019s second container terminal under a 30-year concession, the statement said.<\/p>\n

Funding the project:<\/strong> Our friends at HSBC Egypt acted as the agent bank for the international lenders that will provide a USD 455 mn<\/a> financing package for the project.<\/p>\n

Background: <\/strong>The SPV inked a 30-year concession agreement<\/a> 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\u2019s total capacity to 4.7 mn TEUs<\/a> by its third year of operation. <\/p>\n

OTHER SHIPPING + MARITIME NEWS-<\/strong><\/p>\n

Mawani inks contracts worth SA<\/strong>R 1 bn with local firms to boost <\/strong>maritime services: <\/strong>Saudi Ports Authority (Mawani)<\/a> has signed four contracts worth some SAR 1 bn with two local outfits \u2014 Zamil Marine Services<\/a> and Naghi Marine<\/a> \u2014 to provide marine services at eight of the Kingdom\u2019s ports, according to a press release<\/a>. The contracts were inked by Mawani in partnership with the Ministry of Transport and Logistic Services<\/a> and the National Center for Privatization<\/a>. <\/p>\n

Breakdown: <\/strong>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.<\/p>\n

The investments include 44 new vessels:<\/strong> The contracts lay out 27 new tugboats and 17 additional maritime units for KSA\u2019s 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.<\/p>\n

And more:<\/strong> The investments also look to boost the companies\u2019 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

The second terminal\u2019s expansion is poised to triple Damietta Port\u2019s capacity to 4.7 mn TEUs<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","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":[190],"tags":[310,49,37,123],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-75738","post","type-post","status-publish","format-standard","hentry","category-shipping-maritime","tag-damietta-port","tag-egypt","tag-ports","tag-shipping-maritime","wpautop","entry"],"acf":{"mongo_id":"b925421b-85ac-4060-8733-a834df96ad80","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/1488.jpeg,https:\/\/bit.ly\/3vcd5i3","photo_position":"above","homepage_title":"","full_issue_title":"Damietta Port lines up USD 445 mn for second container terminal","related_issue":[75731],"teaser":"The second terminal\u2019s expansion is poised to triple Damietta Port\u2019s capacity to 4.7 mn TEUs","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.741e4bb4-ed92-44f8-a55f-9d56aac7fffa.mp3"},"yoast_head":"\nDamietta Port lines up USD 445 mn for second container terminal - 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