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Cosco Pacific, one of the leading port operators in the world, has acquired a 20 percent stake in the Suez Canal Container Terminal for US$146 million, following investments in Antwerp and Singapore in the past two years.
The Egyptian terminal is located in the Suez Canal off the eastern Mediterranean Sea and is a key point in the Asia-Europe trade route.
Cosco Container Lines, a sister company of Cosco Pacific, will call at the port after the investment.
Maersk, the largest shipping line in the world, owns a majority stake in the port.
Earlier this year, Cosco Pacific had acquired stakes in three domestic ports, namely Hainan, Fuzhou and Yangzhou. It also raised its stake in Quanzhou to the majority level.
CargonewsAsia
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