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China Shipping acquires stake in Egypt's Damietta

China Shipping acquires stake in Egypt's Damietta

Cairo: The China Shipping (Group) Company has purchased a 20% stake in a $200m six-berth project at Egypt's Damietta container port. The purchase, in conjunction with companies including Kuwait's KGL International Terminal, the CMA CGM Group and United Arab Shipping, will grant the partners a foothold in an important Europe-Asia trade route.

The first phase of the 2.5m teu project is expected to be operational by 2008 and will cater to increasing traffic transiting the Suez canal. The second phase will boost capacity to 4m teu per year.  [29/11/07]

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