EMEA News
Egypt to Build Second Box Terminal at East Port Said
Wednesday November 16, 2022
Egypt's Suez Canal Economic Zone has signed a $0.5 billion contract with the Suez Canal Container Company to establish a second container handling terminal in East Port Said, according to the Suez Canal Economic Zone Reuters reports.
East Port Said is at the Mediterranean end of the waterway.
The canal's importance was underlined in March 2021 when the container vessel Ever Given ran aground in the channel blocking shipping transits for a week.
The economic impact of the stoppage was felt across the shipping and global trade sectors with ships plying Asia-Europe trade routes temporarily rerouted around the Cape of Good Hope in southern Africa.
