New Damietta Terminal

Egypt Damietta Port Authority opened a new multipurpose terminal at an investment cost of USD 81 million.

The new terminal has 630 meters long, 17 meters deep berth and is equipped with 50 thousand square meters backyard area with an anticipated capacity of around  4 million tons per year.

Damietta Terminal has been set under the Armed Forces Engineering Authority observation and executed by a few Egyptian national companies.

The new terminal equipped with all facilities to serve ships and cargoes including seawater firefighting pumps, rainwater drainage, facilities for feeding ships with fresh water and supplying ships with electricity as well as oil and waste reception facility from ships.

The new terminal will help to reduce vessel waiting time outside the port, increase cargo handling volumes, encourage further ship with bigger sizes and types, and buttress storage capacity inside the port area.

New US Port Investments

The United States will invest USD 292.7 million into the development of its ports. The Port Infrastructure Development Program seeks to improve the safety and efficiency of goods movement into, out of, or within a port.

“This major investment in the Port Infrastructure Development Program will help strengthen, modernize, and improve our country’s maritime systems and gateway ports,” Elaine L. Chao, U.S. Transportation Secretary, said.

Investments in port infrastructure will be awarded on a competitive basis. The USD 292.7 million funding includes USD 92.7 million for improving 15 coastal seaports that handled the highest number of TEUs in 2016.

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Ernst Russ Buys 2 Vessels
German investment firm Ernst Russ has acquired the majority ownership in a ship portfolio which includes one 38,000 dwt bulker and one 3,100 TEU containership.

The 2 ships, Handysize bulker Rubina and Panamax boxship Hebe (renamed Independent Horizon), are operated by Peter Dohle Schiffahrts KG.

Ernst Russ said it expects to generate steady revenue from the vessels. The acquisition (purchase price undisclosed) should also strengthen its position as an asset manager focused on shipping.

Ernst Russ currently oversees more than 100 vessels and plans to expand its fleet.