Egypt inks MoU with Maersk to boost responsible ship recycling
Updated 2/27/2025 12:15:00 PM
Arab Finance: The Holding Company for Maritime and Land Transport has signed a memorandum of understanding (MoU) with A.P. Moller-Maersk A/S to enhance cooperation in responsible ship recycling (RSR) in line with international standards, as per a statement.
The agreement aims to create a sustainable environment while supporting the steel and scrap industry.
Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel El-Wazir stated that the project is Egypt’s first of its kind for ship scrapping at Damietta Port in partnership with the Industrial Development Group.
It aims to provide raw materials for the iron and steel industry within a sustainable environmental framework, reducing scrap imports and foreign currency use.
The initiative complies with international regulations such as the Hong Kong Convention and the Basel Convention, supporting environmental protection and resource efficiency in maritime transport.
The MoU builds on a previous agreement between the Holding Company for Maritime and Land Transport and the Industrial Development Group to establish a company managing ship scrapping, new ship construction and planned or emergency ship repairs.
During the signing, discussions took place between the Ministry of Transport and A.P. Moller-Maersk on expanding cooperation in maritime transport, particularly in container terminals.
El-Wazir highlighted investment opportunities at Gergoub and Max ports on the Mediterranean, as well as Sokhna and Berenice ports on the Red Sea, emphasizing Egypt’s attractive investment climate.
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