State-owned Logistic Company Endures a Stellar Year

Aug 26 , 2023


The state-owned logistics powerhouse Ethiopian Shipping & Logistics (ESL) has amassed 42.73 billion Br in revenues and 6.06 billion Br in profits through its shipping, freight forwarding and dry port services for the ended year. Berisso Amalo (PhD), recently crowned CEO of ESL, disclosed that international challenges such as Covid-19, shortage of containers, the tumbling of shipping tariffs, and national backlogs due to security issues in most parts of the country have impeded a more stellar performance. The CEO indicated that delays in opening letters of credit and repeated freight theft during transport have held back the performance. The Company has managed to transport 7.4 million tonnes through the Djibouti corridor whilst generating 400,000 dollars. It has facilitated 1.28 million tonnes shipments of fertiliser into the country. Over 20,000tn of fertiliser was transported daily for the two months with exclusive passage through the corridor during the final two weeks of July, partnering with a committee under the Ministry of Transport & Logistics and the Ethiopian Maritime Authority. "This is the first time in history we brought in that many fertilisers in a day," Berisso commented. Over three months ago, shipping rates saw a significant drop by as much as 183pc, as the global routes unclogged back to pre-Covid times.


Radar

Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


Radar

Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


Radar

Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


Back
WhatsApp
Telegram
Email