Alex and Port Said are good challenging ports to raid. As far as grids go there are loads. Go for the obvious choke points between Gib and Alex and you'll find loads of traffic of all sorts. Italian TF's have some very pretty ships. You'll also become familiar with the 3 and 4 cruiser TF's that run between Malta and Alex.
The Med is a fun and challenging hunting ground.
Gute Jagd!