Egypt’s cabinet allows GASC to co-found shareholding shipping company

Egypt’s cabinet said on Thursday it agreed a draft bill to allow the state grains buyer, the General Authority for Supply Commodities (GASC) to co-found a shareholding shipping company to transport commodities in and out of the country.

The company, to be known as Atlantic Pacific Company for Shipping and Trade, will focus on the marine shipping of commodities within Egypt and abroad, and will own commercial shipping vessels. GASC tenders frequently for vegetable oils and wheat, of which it is the world's largest buyer.

Shipping offers are presented in the tender, and many are often awarded to the state-owned National Navigation Company.