The new Terminal 2 at the Port of Damietta is expected to become operational by 2024.
The terminal will have a total operational capacity of 3.3 million TEU and serve as Hapag-Lloyd´s transshipment hub in the East Mediterranean.
“With the new terminal Hapag-Lloyd will significantly improve its transshipment operation in the East Mediterranean market as well as access to the local Egyptian trade,” said Rolf Habben Jansen, CEO of Hapag-Lloyd.
Cecilia Eckelmann-Battistello, CEO of Contship Italia, added: “We feel privileged and are extremely grateful for the support of the Egyptian government.“
“The concession to operate the plant will be granted to the joint venture for 30 years. This gives us and our respective customers a long-term perspective in the Port of Damietta.”
The joint venture will see Hapag-Lloyd Damietta GmbH as the majority shareholder (39 per cent), while Eurogate Damietta GmbH and Contship Damietta Srl will each hold 29.5 per cent – two other partners, Middle East Logistics & Consultants Group and Ship & C.R.E.W. Egypt S.A.E., will hold the remaining 2 per cent.
The final signing of the concession agreement has taken place on 10 May in Cairo.