The Alexandria Container and Cargo Handling Company’s Board of Directors is implementing a new package of decisions to counter the negative repercussions of the coronavirus (COVID-19) pandemic, an official source has said.
The amendments will include changes to some line tariffs, attracting new shipping lines, and the replacement and renewal of cranes and company assets to raise trading rates.
The company is also looking to obtain external yards, in addition to completing work on deepening berth 96 at the Dekheila Container Terminal, which will lead to improved performance rates and increased ship numbers. The first phase of the project, which will come in at 400 metres in length and a depth of 16 metres, is being finalised.
The source added that the company also intends to implement two projects to construct a multi-purpose terminal at Abu Qir Port in Alexandria, which will be managed through Alexandria International Containers Company.
He pointed out that the company is suffering from a continuous and ongoing decline in container numbers due to current international trade conditions and the general decrease in Egypt’s imports.
Pharos Research findings show that the company’s performance remains hindered by macroeconomic dynamics, especially after the rise in the Egyptian Pound’s value against the US dollar. Other factors affecting the company’s performance include the recording of currency difference losses, the decline in the company’s revenue, and the decline in basic interest rates.
The Alexandria Container and Cargo Handling Company has also suffered on the back of recent commercial disputes and the global coronavirus pandemic. The latter has led to the closure of factories and restrictions on import movements, which have greatly affected the number of containers used and the company’s revenue.