Egypt Started New Terminal Construction

Egypt port authorities have launched a project of completely new multipurpose shipping terminal at Damietta port. It's scheduled to be completed in 18 months and designed for general cargo, dry bulk and liquid bulk. The new facility will be 630 m long and 17 m deep with total area of 75 square meters. The new terminal will handle 4 million tons of cargo annually and is expected to bring over USD 9 million revenue each year. Also it will reduce queues and waiting time at berth.

COSCO Shipping Holdings of China has reported higher earnings in 2017 owing to a global economic recovery and increased demand for container shipping services.

From a loss of CNY 9.9 billion in 2016, the company recorded a profit of CNY 2.7 billion (USD 423.3 million) in 2017 and revenues rose from CNY 69.8 billion to CNY 90.4 billion (USD 14.4 billion).   

COSCO was able to grow by focusing on efficiency and innovation. As the industry is stabilizing, improving overall service should become a priority. “Looking forward to 2018, the world economy will maintain a good momentum for recovery and China will continue to deepen its economy transformation and high quality development.” 

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