Cosco takes 20% stake in SCCT

Cosco Pacific’s senior management strongly believes that the investment in SCCT will further strengthen the company’s terminal portfolio in the Mediterranean. SCCT managing director, Jens Floe, said: “Our port has successfully attracted an important new partner and added new liner services through Cosco shipping lines. Cosco will become SCCT’s third liner customer in 2008, joining CMA CGM and Maersk Line. The addition of Cosco’s liner services is an important step in generating new business for Egypt.”

He added: “The new agreement will increase SCCT’s container handling volumes and will open the door to new Chinese business in the region, strengthening SCCT as the largest terminal operator in Egypt and the market leader in the East Mediterranean.”

SCCT is in the process of starting Phase II, which will increase its capacity from 2.5m teu to 5.1m teu and will raise total investment to US$730m. A 1,200 m quay wall extension will bring the total quay length to 2,400 m, while the number of post-Panamax container cranes at the facility will double from 12 to 24, and the number of reefer plugs from 1,500 to 3,000. The expansion will also double the size of the workforce.