SIERRALEONE FREETOWN CONTAINER TERMINAL EXPANSION: USD 120M

Bollore Transport and Logistics a renowned port handler in France with branches across the globe, has completed over 50% of the current works on the 270m container terminal extension at the Queen Elizabeth II Quay in Freetown.

At a depth of 13m, plus 707m, to a depth, forming a central of 3.5 hectares, the Freetown Container Terminal extension works commenced marginally over a year ago, with funds from Bollore Ports, a sub-division of Bollore Transport and Logistics and will be fully completed in September 2018.




The $120 million investment is in sync with government’s development aspirations to transform the Queen Elizabeth II Quay into a large state-of the art transhipment hub in West Africa, create job opportunities, raise the port’s level of income and revenue generation, install cranes, erect a new 27m berth, two ship terminal shores, improve port service delivery capacity to accommodate over six thousand container vessels, host deep sea ships, and above all tap into the potentials for sustainable economic growth of Sierra Leone.

With the highest level of commitments being demonstrated so far by the management, Bollore Transport and Logistics is presently making substantial contribution towards the socio-economic development of Sierra Leone, through diverse means coupled with the continuing extension of the Freetown Container Terminal, directly employing well over 200 Sierra Leoneans as stipulated in the country’s local content policy.

She disclosed that when finally completed, the Freetown Container Terminal will be of the same standard as ports in Conakry, Dakar, and Accra; and will be 24 hours – 365 days operational as a trans-shipment hub with landing, loading and unloading uninterrupted, to meet international demands in the entire sub-region. President Ernest Bai Koroma in a statement during the commissioning of the refurbishment work on 14 October, 2016 said the venture is an indication of Sierra Leone’s readiness for business.

Country Manager Bollore Logistics and Transport, Captain Fabjanko Kokan said his company will continue to make the required industrious efforts to meet the timeframe slated for the completion of the Freetown Container Terminal. He said that Bollore is in Sierra Leone to stay, serving as a reliable partner and in full compliance with the local content policy, which is why so many Sierra Leoneans are being employed directly by the company, to work together with experts and other foreign consultants while on the other hand assuring ship owners worldwide to continue to berth at the Freetown Container Terminal as the gateway of the country during humanitarian crisis.



Bollore is a first class integrated logistics network and port handler in Africa with 36 years record of operational experience in Sierra Leone, is working hard to deliver on its mandate to improve international trade, easy movement of vessels in and out of the port.

Source: SierraLeoneTelegraph

PIRACY NO MORE BUT CHINA READY TO ESCORT VESSELS ALONG GULF OF ADEN

Although Piracy has finished along Somalia Sea and in Indian Ocean and Red Sea Routes, China will continue to participate in escort missions in the Gulf of Aden and waters off Somalia to protect the international lane, a spokesperson said on Friday.

The comment by Foreign Ministry spokesperson Geng Shuang came as UN Secretary-General Antonio Guterres praised China in a report to the UN Security Council, saying that China's escort missions played an important role in coping with the pirate threat.

China appreciates the UN chief's acknowledgement of China's work and contribution, Geng said at a daily press briefing.


Under the mandate of the UN Security Council, Chinese Navy began to carry out escort missions in the Gulf of Aden and the waters off Somalia in December 2008. Up to July 2017, it has dispatched 26 task force groups, escorted 6,400 Chinese and foreign vessels and warned away more than 3,000 suspected pirate ships, according to Geng.

"China's engagement in international cooperation against Somali pirates has won applause and contributed to international and regional peace and security," said Geng.

COSCO SHIPPING PREDICTS PROFIT OF USD 410M - BY SEPT 2017


Cosco Shipping Holdings predicts a profit of $410 million for the first three quarters of the year, citing the recovery in volume and higher container rates, according to a statement on the carrier's website. The company reported a $1.4 billion loss for 2016, owing the loss to weaker pricing even as volume for its shipping line increased.

In addition to an improving market, the company said  synergies  from the merger of Cosco and China Shipping Container Lines and the sale of its stake in the Qingdao Qianwan Container Terminal also boosted profitability. Maritime analyst Drewry estimates carriers will post profits of about $5 billion this year after securing higher annual contract rates on the trans-Pacific and Asia-Europe trades.

The positive forecast from Cosco highlights the continued strength of the market even though spot rates slid through most of the peak season despite strong growth in volumes that led industry analysts to predict a six-year high for the global container trade.

Carriers have generally benefited from strong contract rates, though. The effects of carrier consolidation began to emerge this year, with rates in the third quarter about 39 percent higher year over year in the trans-Pacific and Asia-Europe trade lanes, according to Drewry Shpping Consultants.

Data from Container Trades Statistics shows that first-half volume on Asia-Europe grew by 5.3 percent to 7.9 million TEU and continued to increase through August when 1.4 million TEU were moved on the trade, up 4 percent on the same month last year. US imports from Asia, an indicator of the health of the trans-Pacific trade, were up 4.2 percent in the first half to 7.3 million TEU



Despite the increased volume, overcapacity has prevented spot rates from rising. The slide has been most pronounced on the Asia-Europe trade, where carriers continue to add mega-ship capacity. The latest rate from Shanghai to North Europe per TEU has fallen 25.9 percent from July 28, to $714, but is still up 2.1 percent year over year, according to the Shanghai Shipping Exchange’s Shanghai Containerized Freight Index (SCFI). A similar pattern is at play on the Shanghai-Mediterranean trade, with rates down 21.6 percent from July 28 to $692, but still up 19.7 percent from last year.

Hapag-Lloyd CEO Rolf Habben Jansen told JOC’s Container Trade Europe conference in Hamburg that he was “cautiously optimistic”  about the market, pointing out that although the rates have been falling, they remain well above the lows recorded in 2016.

Although current trans-Pacific spot rates are now lower than the same time last year, rates spent the summer and peak season at much higher levels than last year. The SCFI rate per FEU to the US West Coast is down 16.1 percent to $1,414, and the rate to the East Coast is down 17.6 percent to $1,991. The current negative year-over-year comparisons are due to the sudden jump in rates following Hanjin Shipping’s bankruptcy, when shippers were hit with substantial rate hikes of almost 50 percent.

The 2017 to 2018 contracting season in the eastbound Pacific showed a marked improvement over last year, with rates to the West Coast of about $1,200 per FEU for larger customers, and up to about $1,500 per FEU for smaller BCOs. That compares with some rates that were below $800 per FEU the previous year.  Maersk Line, buoyed by improved contract rates in the Asia-Europe trade, reported improved profit in the second quarter, and it expects to continue profitability through the end of the year. Asia-Europe service contracts, which last about three months, are shorter than trans-Pacific contracts, most of which run for one year, beginning on May 1.