Suez Canal Container Terminal

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Europe Combined Terminals (ECT), Maersk and Egyptian partners were awarded the contract to build, own and operate a new container terminal in Port Said, Suez Canal. In 2000, ECT and Maersk held 60% of the project company's shares; other investors were the Egyptian Investment and Finance Group (15%), Kato Investments (6%), the Suez Canal Authority (5%), the National Bank of Egypt (5%) and individual shareholders (9%). The facility will be 1,200 meters long, offering water depth of some 16.5 meters to visiting container ships. The terminal will have a size of 1,200 by 500 meters and will have a capacity of 1.75 million TEUs. The 30-year contract envisages an expansion of the facility to 3.5 million TEUs if there is demand for it. A total investment of US$ 163.9 million will be directed to the initial phase of the project. Construction works started in early 2000 and should be completed by Sep. 2001. At the end of 2005 AP Moller, through APM Terminals held 60% of the project. Denmarks' The Industrialization Fund for Developing Countries (IFU) held another 15%, and the Egyptian government maintained a 15% stake. In November 2007, Cosco Pacific acquired a 20% stake in Suez Canal Container Terminal. Under the 2007 shareholder structure, APM remained the major shareholder and operator with a 55% shareholding. The IFU-Danish Development Bank was no longer a shareholder. Cosco Pacific owned 20%; the Suez Canal Authority held 10%; the National Bank of Egypt held 5% and Egyptian private sector held 10%. Under the the phase 2 development initiated in 2007, Suez Canal Container Terminal committed to invest US$730 million to double the container capacity by 2011, to 5.1 million TEUs. Project description from APM Terminals (MOller Maersk Group) website - http://www.apmterminals.com/Global+Terminals/Africa/Port+Said/Terminal/index.html Suez Canal Container Terminal website - http://www.scctportsaid.com/ http://www.ect.nl/ None