China Shipping inks deal with KGL Ports Int'l |
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18 October 2006 KUWAIT: China Shipping has signed an agreement with KGL Ports International on Friday (October 13) in Cairo for 20% equity participation at Damiatta new Container Terminal with a volume expectation up to 950,000 TEUs in few years. The agreement was signed by Fang Meng on behalf of China Shipping Container Development Co and Mohammad Al-Mazeedi, Chairman & CEO of KGL Ports International. It is worth noting that China Shipping is one of the fastest growing shipping companies in the world with 400 ships in operation and several new ships being built. China Shipping plans to use the new Damiatta container Terminal as its major hub in the Mediterranean with its large ships of over 8000 TEUs capacity expected to call there. KGL PI emphasized that this strategic partnership with China Shipping is part of the commercial strategy that was developed and is being implemented by KGL PI for the speedy development and operations of the new Damiatta Container Terminal. This strategy involves several other shipping lines from Asia, the Middle East & Europe. This agreement was signed in the presence of Capt Rafik Abdul Naser, the Chairman of Damiatta International Ports Co which was established pursuant to the Concession Agreement signed by DPA & KGL PI on Monday to develop, built, equip, manage and operate a new container Terminal at Damiatta with a total capacity of 4 MM TEUs and a project cost of 1MM.
© Kuwait Times 2006 |
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