APM Terminals to Support SCCT
The international container terminal operating company headquartered in The Hague, APM Terminals said that it is working closely with the government of Egypt on the final pieces of the jigsaw that will ensure the success of Egypt Vision 2030 for Port Said East Port and the Suez Canal Container Terminal (SCCT).Once in place, it is set to regain its position as one of the most competitive ports in the South and East Mediterranean region, APM said in a press release.As part of Egypt Vision 2030, the Egyptian Government has made massive investments in infrastructure.
Egypt Cuts Fees for Ships Arriving at East Port Said
Egypt will reduce the tariffs on container ships and ferries coming from foreign ports to East Port Said for a period of one year, the Suez Canal Authority said in a statement on Thursday.A 30 percent discount on port, docking and guiding fees will apply for vessels carrying less than 80,000 tonnes while those carrying more than that will receive a 40 percent discount, the statement said.Vessels carrying more than 50 containers will be eligible for a discount of up to 60 percent, but both rates cannot be applied at the same time, it said.The Suez Canal is the fastest shipping route between Eur
Egypt Denies Suez Canal Seeks 300 mln Euro Loan
Egypt's government denied in a statement on Thursday that the Suez Canal Authority was seeking a 300 million euro loan from Gulf lenders. Three senior banking sources that did not wish to be named had told Reuters last week that the authority requested a loan from Gulf banks in order to purchase two dredgers. "The Suez Canal has not borrowed any money from any foreign banks, and everything that had been mentioned about this issue is nothing but baseless rumours," the government statement said.
Suez Canal Revenue on the Rise
Egypt's Suez Canal revenue for the first 10 months of the 2017-18 fiscal year ending in June rose to around $5.1 billion, state news agency MENA quoted Finance Minister Amr El Garhy as saying on Sunday.Garhy did not provide a comparative figure but said he expected revenue for the entire 2017-18 fiscal year to reach about $5.6 billion, a 14 percent rise from the previous year, according to MENA.Egypt's Suez Canal earned $4.95 billion in revenue during the 2016-17 fiscal year, according to central bank data.Egypt has said previously an $8 billion army-led expansion of the canal completed in 201
DP World to Develop Egypt Port Terminal
A Memorandum of Understanding (MoU) agreed by DP World, Egypt’s Holding Company for Maritime and Land Transport and the Suez Canal Authority is aiming to develop a new Inland Container Depot (ICD) in Egypt’s 6th of October City, a satellite town in the Giza Governorate and part of the urban area of Cairo. The three partners will bid for the government contract for the project later this year. The proposed ICD will increase the flow of cargo between ships and major land transportation networks in the country, creating a central distribution point.
Suez Canal Revenues Rise to $5.3 Bln
Egypt's Suez Canal revenues rose to $5.3 bln in 2017 from $5 bln in 2016, a statement by the Canal authority said on Thursday. The canal is the fastest shipping route between Europe and Asia and one of the Egyptian government's main sources of foreign currency. Its revenues were at $462.7 million in Nov. 2017. Reporting by Youssri Ahmed; Writing by Nadine Awadalla
Egypt Bans Qatari Ships Docking in Suez Canal
The Suez Canal Authority is committed to a ban on allowing Qatari ships to dock in ports within the Suez Canal’s economic zone, Ahram reported as chairman Mohab Mamish saying. In press statements on Friday, Mamish said that Egyptian ban on the ships is being imposed on all ports within the zone based on Egyptian sovereignty over its territorial waters. The decision, however, does not include a ban on passing through the canal, as under the Constantinople 1869 agreement it is illegal to ban ships coming from any country from passing through.
Search Vessel Recovers Human Remains at EgyptAir MS804 Crash Site
A search vessel contracted by the Egyptian government has recovered all mapped human remains under water at the crash site of EgyptAir flight MS804 in the Mediterranean, Egypt's aircraft accident investigation committee said on Sunday. The John Lethbridge, belonging to Mauritius-based Deep Ocean Search, headed to Alexandria port to hand over the remains to coroners and prosecution officials, the committee said in a statement. It will return to the crash site to make further checks for any possible remains there, the statement said.
SCCT Prepares to Boost Vessel Traffic with 24-hour Access
A formal signing ceremony will now enable vessels to transit to Port Said East through a new side channel to be constructed bypassing the Suez Canal’s main entrance. Vice Admiral Mohab Mamish, the Head of the SCA, formally approved the construction of a new 9.5 km (5 mile) long, 17 meter (55 feet) deep and 250 meter (820 foot) wide access channel to Port Said East which will permit uninterrupted vessel traffic to the Suez Canal Container Terminal, one of the largest and busiest container facilities on the Mediterranean Sea.
Suez Canal Pacts with SCCT-Maersk
Chairman of the Suez Canal Authority (SCA), Vice Admiral Mohab Mamish, signed a settlement agreement with the Suez Canal Container Terminal (SCCT-Maersk), says Daily News Egypt. Egypt is also planing to complete a side channel in East Port Said, near the Suez Canal. The agreement came at the behest of Egyptian President Abdel Fattah Al-Sisi to resolve outstanding matters with the company, in order to begin the development of East Port Said Port within the general outline of the canal development project.
French Cruise Ship Sinks in Red Sea, Egypt
Nearly 40 tourists rescued by Egyptian authorities as a passenger boat sinks in the Red Sea near Marsa Alam in southern Egypt. The boat carrying 26 French tourists and 10 Egyptians hit coral reefs before it sank off the Red Sea coast - one of the most prominent tourist attractions in Egypt. According to state-media, the boat hit coral reefs during its cruise, after it sailed from Port Ghaleb. The crew sent a distress alert and all of the tourists and the 10 crew members were rescued…
Dana Gas Receives $53m from Egypt
Dana Gas received from the Egyptian Government authorities $53m from the current total outstanding receivables of $330m. Payment of $42 million has been received in US dollars and the balance in equivalent Egyptian pounds. Including this tranche, during 2013, Dana Gas has received a total of $130m from the Egyptian Government authorities. The Egyptian Government has committed to work with the company on a plan to repay the remainder of the outstanding receivables over an agreed time frame.
Egyptian Crisis: Could it Spill into the Suez Canal?
As analysts continue to try and gauge the full economic impact of the fast-evolving political and social crisis in Egypt, the concern of the shipping industry are centered on the Egypt controlled Suez Canal, a transport route for a substantial amount of the world's energy, with more than 35,000 ships passing through the Suez annually, approximately 2,700 of them tankers. Worries regarding potential canal disruption stem in part from the the Egyptian government's cut-off Internet and mobile telephone service in the country on Friday.
Austal Service to Maintain Red Sea Ferries
The Government of Egypt’s two Austal-built high speed vehicle ferries have officially commenced operations between Egypt and Saudi Arabia, introducing a new standard of ferry service across the Red Sea. The important milestone was achieved on the back of Austal’s recent award of a technical management and maintenance contract for the two catamaran ferries. Each 288.7 ft vessel now performs six return trips per week, operating on 100 nautical mile route between Dibba in Saudi Arabia and Safaga in Egypt.