The global economy is facing increasing headwinds in the form of tightening geopolitical tensions, soaring inflation and escalating fuel prices. This uncertain backdrop has started to dampen consumer demand and raise business costs.
With this in mind, we continue to remain vigilant in monitoring our portfolio of assets, seeking opportunities in new markets where our network can be strengthened, and where value and synergy with our customers’ needs can be created.
We are currently working on a very exciting project in Egypt, where we are developing a new container terminal in Abu Qir with an investment of US$730 million. This project will have a capability of handling 2 million TEU upon completion. We have also been busy in pursuing other business opportunities to expand the group’s presence in the country, which in turn also supports Egypt’s Vision 2030 of regional leadership and sustainability development. In this issue we take a look at Egypt’s maritime past and how the country has evolved over the centuries to become a modern shipping hub.
In parallel to exploring new opportunities in new markets, we remain committed on our path towards greater sustainability, through investment in green technology and adopting sustainable operational practices. These efforts will enable us to grow and adapt to a future where sustainability is essential.
We have reinforced our commitment to sustainability efforts, by establishing more aggressive reduction targets of greenhouse gas emissions. We aim to reduce our diesel consumption per TEU by 30%, and to reduce our greenhouse gas emissions intensity by 20%, compared to our 2020 baseline, and to reach those targets by 2030. You may read more about our sustainability efforts in the latest edition of our Sustainability Report (2021).
Moving forward, the use of eco-friendly electric-powered tractors and autonomous trucks will be extended to a number of ports in our network, including our facilities in Mexico, Oman, Thailand, and the UK, in order to achieve greener terminal operations. Expanding rail freight services is also an important aspect to our sustainable development strategy, which can enhance terminal efficiency, provide more connections to inland destinations and further reduce carbon emissions.
I am confident that our adaptability and determination to grow our network, but to do so sustainably, will pay dividends in the future.
Group Managing Director