Cosco Invest in Egyptian Terminal
On 16 March, the Chinese shipping company Cosco acquired 25% of the Egyptian port of Sokhna in the Red Sea for a period of 30 years, for a sum of 375 million dollars.
Cosco, which has the third largest container fleet in the world, is pursuing its growth strategy towards developing countries. The port, 120 kilometres east of the capital, is located in an area adjacent to the Suez Canal Economic Zone, which Egypt wants to develop as a global logistics base.
The newly built terminal is expected to have a container loading capacity of 1.7 million TEUs per year.
Cosco Shipping Ports currently operates 367 berths in 36 ports around the world, with a total container loading capacity of 122 million TEUs (twenty-foot equivalent units) per year.