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FINANCIAL NEWS
DP World Sokhna port posts record results
03 Jun 2010
(MENAFN) DP World Sokhna reported unexpected huge volumes which reached a 60 percent increase in import cargo and an 88 percent increase in export volumes compared with the same period last year, Reuters reported.
Those volumes are exceeding the spaces available on vessels calling at Sokhna, causing congestion at the container terminal, adversely impacting customers.
Clarifying a media report in Egyptian media, the statement said DP World Sokhna management is working constructively to resolve the issue.
Sokhna is Egypt?s first deep sea port and has facilities to accommodate large container vessels of over 8,000 TEUs and bulk carriers of up to 150,000 DWT. It is considered most modern and first automated port in Egypt.
DP World made its foray into the Egyptian market in February 2008 by acquiring a controlling stake in Sokhna Port Development Company for $670 million. The remaining 10 percent shares remain with Amiral Holdings Limited.
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