German terminal operator Eurogate Group, its affiliate Contship Italia, and German containerline Hapag-Lloyd will develop a new container terminal in the Egyptian Mediterranean port of Damietta under a 30-year concession.
The new Damietta Alliance port is scheduled to open in 2024 Hapag-Lloyd will hold a 39% share, Eurogate 29.5%, and Contship 29.5%. Two local minority partners will each have a 1% interest in the new terminal.
The terminal will be able to handle the largest 24,000 teu ships afloat today and will come with a 3.3m teu annual capacity.
Damietta already has one existing container terminal with a 1.5m teu capacity.
Hapag-Lloyd and Eurogate already operate joint venture terminals in Morocco and Wilhelmshaven.
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By Sam Chambers