Landlocked Ethiopia announces shipping profits

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Ethiopia’s state-controlled Shipping Lines has made a 32 per cent increase in its profits for the past four months, earning about US$ 72 million, mainly from its transport of cargo around the regional route, officials said.

Ethiopian Shipping Lines, which operates from the Port of Djibouti, said Thursday its profits surged by over 32 per cent over the past few months, mainly buoyed by the huge up-turn of cargo within its network.

According to the firm’s Organisation Reform Manager Engidaget Manuye, the shipping company transported some 466,000 tonnes of cargo out of the landlocked Ethiopia to other destinations around the globe. There were substantial import volumes as well.

Ethiopia has not had a port since its former territory of Eritrea declared independence. The country has been forced to use the port of Djibouti for all its exports and imports.

Djiboutian government officials have been in Ethiopia this week to discuss the implementation of an increment in the port tariffs, which took effect 1 December.

Ethiopian media reports said earlier this week the port tariff increases has been an issue of concern to the country’s exporters and importers alike. The country’s exporters have been holding a series of consultative meetings with the officials of the Djibouti port.

The Djibouti port officials have reportedly complained to the Ethiopian authorities they were incurring loses as a result of their inability to implement an increment in the port tariffs over the last 15 years while the cost of equipment used at the port have increased.

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