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Shipping giant Maersk to invest $500 million in Suez Canal

The investment comes as the canal strives to go green following record-setting revenues.
JOHN THYS/AFP via Getty Images

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. 

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