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Monday, 18 July 2016

Singapore port operator mulls backing out of container station management contract

Singapore port-operator PSA International is studying backing out of a container station management MoU signed for the port of East Port Said, sources tell Al Mal. Preliminary studies found the project was economically unfeasible due to a decline in trading to 1.9 mn tonnes last year despite the port having a capacity of 5.5 mn containers, the sources added. The MoU was signed in November 2015 before the formation of the General Authority for the Suez Canal Economic Zone. SCZone Spokesperson Nasser Fouad declined to comment.

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