10 hours ago
Egypt: Canal Shipping extends operation deal for 2 storage yards at Safaga Port
Arab Finance: Canal Shipping Agencies has extended its contract with the Red Sea Ports Authority for managing and operating two cargo storage yards at Safaga Port to 10 years for each one, according to a bourse disclosure.
The company inked a partnership agreement with the Suez Mechanical Stevedoring Company on October 8 th, 2023, to operate the two yards in exchange for a percentage of the general revenue.
A total of 80% of the revenues will be allocated to the Red Sea Ports Authority, while the remaining 20% will be directed to the two companies.
The previous agreement included seven years for operating the general cargo and vehicle storage yard, with an area of 24,320 meters, and five years for the hazardous materials yard, with an area of 5,140 meters.
Furthermore, the minimum for managing and operating the two yards has been reduced to 32.700 million instead of 85 million.
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