Shipping giant Maersk to invest $500 million in Suez Canal
The investment comes as the canal strives to go green following record-setting revenues.
The Suez Canal is getting a major investment in one of its ports.
The Suez Canal Authority announced yesterday that the Danish shipping company Maersk agreed to invest $500 million in the canal’s container terminal in East Port Said. The funds will go toward a new 1,000-meter berth, a place where ships can stay when anchored, that will feature 30 cranes and have electrical service. They also signed an agreement on increasing transit rates in the port and making the container terminal “green” by 2030, according to a Suez Canal Authority statement.
East Port Said is located on the Mediterranean Sea at the end of the Suez Canal and is also the site of an industrial area.
Why it matters: The investment is part of Egypt’s efforts to further develop the Suez Canal, through which around 12% of global trade passes. In terms of the environment, late last year, the Suez Canal Authority announced a plan to turn the waterway into a “green canal” by using renewable energy.
