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Monday, 03 February 2014

Container barges between Port Said and Sharq Al-Tafrea

Citadel Capital yesterday announced that one of its subsidiaries is launching a new container transshipment service on the Suez Canal, with river barges operating between the Port Said port and Sharq Al-Tafrea.

Commercial operations are scheduled to start in two weeks.

Citadel expects that this inland service will help draw investment to the Suez Canal corridor region while growing shipping and container activity at the Port Said terminal.

The service is being launched by the National Company for Multimodal Transport (NMT), an Egyptian holding company under Nile Logistics, Citadel’s investment arm for river transportation. The barges will transport boxes between the Port Said Container Terminal and the Suez Canal Container Terminal / Sharq Al-Tafrea.

A trial has proven that inland barges can transship containers between both terminals in less than one hour compared to 4-6 hours on average by truck convoys.

Citadel notes that the project eliminates the need to use ferries to cross the Suez Canal. It hopes that it will also ease road congestion and reduce carbon emissions.

“It is also more efficient for clients as containers were often re-routed to other Mediterranean countries before they reached their destinations at other Egyptian seaports,” said Karim Sadek, managing director of Citadel Capital. “After the successful conclusion of the trial service, we expect NMT to start commercial operations in two weeks.”

Citadel Capital has effective ownership stake of 37.9% in NMT, a subsidiary of Nile Logistics.

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