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.