VenturesNow

Kenyan Port of Mombasa, largest port in East Africa, records highest transshipment traffic

Published

3 years ago

April 13, 2022

The Mombasa Port in Kenya, reputed to be the largest in the whole of East Africa, is experiencing its highest volume of traffic in substantive transshipment business as more ships evade berthing delays and waiting at the neighboring Port of Dar es Salaam in Tanzania.

Official statistics released on Tuesday by the Kenya Ports Authority indicate that at the beginning of this month, 7, 894 Twenty Feet Equivalent Units (TEUS) transshipment to the Dar es Salaam port landed at the Port of Mombasa to await nomination for second carriers to the ports of Dar es Salaam and Zanzibar.

The statistics also revealed that the Mombasa Port has witnessed a noticeable growth in transshipment volumes by an average of 2.5 percent in the last one month, making it one of the busiest in the world.

“Over the last one month, the Port of Mombasa has handled over 10 feeder ships transshipping from the Port of Dar es Salaam with containers advancing her opportunities for a regional transshipment hub.

“MSc Shipping Line, the second top on the world’s liner rankings has confirmed using the port of Mombasa until the situation normalizes in Dar es Salaam. Others include CMA CGM and Maersk Shipping Lines,” the Kenyan Ports Authority said.

The General Manager Operations, Sudi Mwasinago, also confirmed that amongst the shipping lines discharging transshipments at the Port of Mombasa for Dar es Salaam, MSC accounts for 75 percent of the total transshipment volumes while CMA CGM and Maersk accounted for 24 percent and 9 percent respectively.

He said following the significant rise in transshipment business, MSc increased to three feeder services to Mombasa, on a weekly basis service.

Mwasinago noted that the delay of the MSc vessels at the port of Dar es Salaam means that more traffic is diverted to the Port of Mombasa.

Related Topics:Featured Kenya Mombasa Port Shipping

Click to comment

VenturesNow

IMF, Egypt reach agreement for fourth review of Egypt’s $1.2 billion loan request

Published

21 minutes ago

December 26, 2024

Ifeoluwa Dada

Egypt and the International Monetary Fund (IMF) have reached a staff-level agreement over the fourth review of the Extended Fund Facility arrangement, which might lead to a $1.2 billion payout under the program.

In March, Egypt, struggling with rising inflation and cash shortages, consented to the $8 billion, 46-month facility. Its economic problems were made worse by a precipitous drop in Suez Canal revenue over the last year due to regional tensions.

Over the next two years, Egypt’s government has committed to raising its tax-to-revenue ratio by 2% of GDP, according to the IMF, emphasising removing exemptions rather than raising taxes.

According to a statement from the IMF, this would allow it to expand social expenditure to support vulnerable populations.

“While the authorities’ plans to streamline and simplify the tax system are commendable, further reforms will be needed to enhance domestic revenue mobilization efforts,” the statement said.

According to the IMF statement, Egypt had also committed to maintaining its commitment to a flexible currency rate and to taking more urgent action to guarantee that the private sector became the primary driver of development.

The IMF’s executive board still has to accept the fourth review’s staff-level agreement.

VenturesNow

Libya’s eastern govt accepts petrol subsidy elimination

Published

26 minutes ago

December 26, 2024

Ifeoluwa Dada

In a recent statement, the eastern government of Libya claimed it had reached a consensus on a plan to eliminate gasoline subsidies and would draft a mechanism to carry out the accord.

Additional information on the idea was not released by the administration led by Osama Hamad, a challenger to the internationally acknowledged Tripoli-based government.

However, it is uncertain if Hamad’s government would be able to carry out the plan in the divided nation.

According to the Global Petrol Prices online tracker, a litre of gasoline costs just 0.150 Libyan dinars ($0.03) in OPEC member Libya, making it the second-cheapest in the world.

Following an uprising against former ruler Muammar Gaddafi in 2011, smuggling networks have thrived in the ensuing political unrest and armed fighting. In 2014, conflicting eastern and western governments separated the nation.

A World Bank analysis estimates that the annual value of fuel smuggling from Libya is at least $5 billion.

In a meeting with Mari Barrasi, the deputy governor of the Central Bank of Libya (CBL), located in Tripoli, and four members of the bank’s board of directors, Hamad in Benghazi supported the idea of removing subsidies.

The CBL’s Benghazi branch offices served as the venue for the conference.

The eastern parliament appointed Hamad in 2023 to succeed Abdulhamid Dbeibah, who had been put in position in 2021 under a U.N.-backed procedure that the parliament said had lost its legitimacy.

Dbeibah, who is located in Tripoli, stated in January that he will conduct a public poll on the topic of eliminating gasoline subsidies, but he hasn’t done anything about it since.

According to CBL figures, gasoline subsidies cost 12.8 billion Libyan dinars between January and November of this year. 4.8 Libyan dinars to $1 is the official exchange rate.