Suez Canal Container Terminal signs expansion agreement with Suez Canal Economic Zone Authority
As part of a USD 500 million investment deal, the Suez Canal Container Terminal will add an extra 955-metre berth and an additional 510,000 m2 container yard to the already existing 2,400 meter berth and 1.2 million m2 yard.
On November 15, While the COP27 event took place in Sharm El-Sheikh (Egypt), Waleid Gamal El-Dein, Chairman of the General Authority for the Suez Canal Economic Zone (SCZONE) and Steven Yoogalingam, CEO and Managing Director of Suez Canal Container Terminal (SCCT), signed a concession agreement. The agreement covered the financing, design, construction, management, and operation of a second terminal at Port Said East Port, to be located between SCZONE and existing SCCT area.
The project aims to expand the existing SCCT facility (a joint venture container terminal with APM Terminals as majority shareholder) at Port Said East Port, by adding a new 955m berth and a new 510,000 m2 container handling yard. The terminal is currently operating with a berth length of 2,400m and a handling yard of 1.2 million sq. m and is the main operator in Port Said East Port, with annual throughput of 4 million TEUs.
”This project reinforces SCZONE’s consistent support of Egypt’s economic strategy, which aims to develop Egyptian ports to maximize their role in the global maritime trade and to exploit various investments to create job opportunities. This is exactly what the project offers, as it aims to expand the existing container terminal in Port Said East Port, with cumulative investments estimated at $500 million, providing 1,000 direct and indirect job opportunities, especially for the residents of Port Said and North Sinai cities,” commented Waleid Gamal El-Dein said, Chairman of SCZONE.
"The targeted additional volume after the expansion will reach 2 million TEUs. This important project was possible thanks to the long-lasting partnership with our Egyptian partners, dating back to 2004 and is a result of A.P. Moller - Maersk's great confidence and belief in the Egyptian economy.” shared Steven Yoogalingam, Managing Director of SCCT.
The new, technologically advanced terminal will operate on clean and renewable energy, based on electric equipment. This is fully in line with A.P. Moller – Maersk’s and APM Terminals' ambition to become fully carbon neutral by 2040.
The project also employ latest generation port equipment, including 12 ship-to-shore (STS) cranes, 30 rubber-tyred gantry cranes (RTGs) and 90 trucks, as well as supporting equipment and advanced IT systems. Once operational in 2025, the terminal will create over 1000 new direct jobs in Port Said, in addition to indirect jobs and business opportunities created within the whole port ecosystem.
With the expansion project, the terminal’s operating capacity will increase by over 40% to serve the future network requirements of its customers.