Maersk Group invests $500M in Suez Canal

CAIRO - 11 August 2022: The Suez Canal Authority signed a cooperation agreement with the global Maersk Group, which includes investing $500 million to operate a new container berth in the canal.

 

The authority stated that the agreement aims to increase the rate of ships transiting the canal.

 

The Danish shipping company "Maersk", which represents one sixth of the total container traffic in the world, will work on developing the Suez Canal Container Terminal in East Port Said, to turn it into a global container handling terminal in the eastern and southern Mediterranean region, in addition to operating the terminal with the latest advanced systems and communications and transforming it into smart station.

 

The statement indicated that the new container berth will be 1,000 meters long, adjacent to the existing berth of 500 meters in length, with an increase in the number of cranes to 30, all powered by electricity instead of diesel, in a serious step to reduce the station's emissions and turn it into a green station by the end of 2030.

 

The authority stated that it had signed an agreement with A.P. Moller-Maersk Group to increase ship transit rates.

 

The authority discussed the plan of the board of directors of A.P. Moller Maersk to transform the Suez Canal Container Terminal into a smart terminal that operates with the latest smart systems and advanced communications for container handling.

 

The Suez Canal set new records in July, reaching the highest monthly revenue in its history, reaching $704 million.

 

The monthly transit rate in the canal rose to historical levels, after 2,103 ships were recorded, with a record tonnage of 125.1 million tons.