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East Port Said Port revenues hike 80% in 1Q 2020 - Daily News Egypt

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East Port Said Port revenues hike 80% in 1Q 2020

SCZone, SCCT sign new agreement to enhancing port’s competitiveness

The East Port Said Port has achieved good financial results in the first quarter (1Q) of the year, with performance indicators increasing compared to the same period last year.

Figures for the quarter indicate that the port’s revenues increased by 80.5%. The latest figures were announced by Yehia Zaki, Chairperson of the Suez Canal Economic Zone (SCZone), at a press conference on Tuesday.

Zaki attributed the improvement in performance indicators to President Abdel Fattah Al-Sisi’s instructions to open Port Said Tunnels last November. Zaki added that the number of vessels dealt with by the port grew by 31.8%, with a 36.4% increase in the average number of handled containers.

He added that the number of outgoing cargo rose by 77.3%, while incoming cargo rose by 19.5%, and the port’s average achieved capacity per tonne rose by 27%.

Despite worldwide economic stagnation and slowdown due to the ongoing coronavirus (COVID-19) outbreak, the port has witnessed a 17.6% increase in the number of vessels passing through in March 2020 compared to the same period in 2019.

In March, the average number of containers handled increased by 15.5%, in addition to a 7% increase in incoming cargo, 78.7% growth in outgoing cargo.

Zaki announced that an agreement has been signed between the SCZone and the Suez Canal Container Terminal (SCCT), to enhance the port’s competitiveness. The agreement is also expected to contribute towards attracting more international shipping lines to East Port Said Port.

“We are all proud of our cooperation with the SCZone, in this agreement in which the SCCT will invest more than $50m to enhance the competitiveness of its terminal and develop its work,” said Lars Christensen, Chairperson and CEO of the SCCT.

The agreement includes many incentives that contribute to enhancing the port’s competitiveness in the East Mediterranean region.

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