S&P Lowers Transnet’s Credit Rating to B+ as Financial Struggles Deepen Despite R51 Billion Government Guarantee Transnet has suffered a major financial setback, with S&P Global Ratings downgrading its long-term issuer credit rating and senior unsecured debt from ‘BB-’ to ‘B+’. The move underscores the state-owned logistics company’s fragile financial position, exacerbated by years of bailouts and growing reliance on government guarantees. Over the past five years, Transnet has received
Author: Constance Makungu
Panama Canal Strengthens Fleet with Two New High-Performance Tugboats
Panama Canal Expands Fleet with Energy-Efficient Z-Tech Tugboats to Enhance Transit Safety and Efficiency As part of its ongoing strategy to boost operational efficiency and ensure safe, reliable, and competitive services, the Panama Canal has added two advanced tugboats to its fleet. Named Isla Carenero and Isla Parida, the new vessels each measure 27 meters in length and 12 meters in beam. These tugboats will play a vital role in
Liberia Signs $1.8 Billion Deal with Ivanhoe Atlantic to Revamp Railway for Guinea Iron Ore Exports
Liberia, Ivanhoe Atlantic Ink $1.8B Railway Deal to Export Guinea Iron Ore via Revamped Corridor The Government of Liberia has signed a $1.8 billion infrastructure agreement with U.S.-based Ivanhoe Atlantic Inc., enabling the mining company to rehabilitate and utilize Liberia’s railway network for transporting iron ore from neighboring Guinea to export markets. The U.S. Embassy in Liberia described the deal as “a crucial step” in advancing President Joseph Boakai’s agenda
Greek ship sinks off Yemen after Houthi attack, crew being rescued, sources say
The Liberia-flagged, Greek-operated bulk carrier Eternity C has sunk after a Houthi attack off Yemen, four maritime security sources told Reuters on Wednesday, and efforts to rescue the crew were under way. Some of the crew were in lifejackets in the water and at least five people have been rescued so far, two of the sources said. Source: Reuters
TAAG Launches New Luanda–Nairobi Route to Strengthen Regional Connectivity
TAAG Angola Airlines has announced the launch of a new direct route between Luanda and Nairobi, starting 1 September. The airline will operate three weekly flights, enhancing connectivity between Southern and East Africa. In a statement released Tuesday, TAAG emphasized Nairobi’s role as a major regional hub, serving as a key transit point between Africa, Asia, and Europe. The airline also highlighted Kenya’s status as one of the most dynamic
Samsung Heavy Secures $637M Deal for New LNG Facility in Mozambique
South Korea’s Samsung Heavy Industries, the world’s fifth-largest shipbuilder according to Lloyd’s List, has secured a $637 million contract to construct a cutting-edge offshore liquefied natural gas (LNG) facility for a European client operating in Mozambique. The agreement, which marks another significant milestone in Africa’s growing LNG sector, involves the construction of a floating LNG (FLNG) platform to tap into Mozambique’s vast offshore gas reserves. The deal follows Samsung’s earlier
DRC Launches $257 Million Railway Modernization Project to Boost Regional Connectivity
DRC Signs $257M Railway Deal to Modernize Kisangani–Ubundu Line and Boost Regional Trade The Democratic Republic of Congo (DRC) has taken a significant step toward revitalizing its national railway network with the signing of a $257 million concession contract on Friday, July 4, 2025. The agreement focuses on the rehabilitation and modernization of the 115-kilometer Kisangani–Ubundu railway line in the country’s northeast. The official signing ceremony was presided over by
DRC Launches Luano Airport Expansion Amid Transparency Concerns
Turkish construction firm Summa has officially launched work to modernize Luano International Airport in Lubumbashi, Democratic Republic of Congo (DRC). The ambitious project aims to significantly expand the airport’s capacity to accommodate 1 million passengers annually and boost its freight-handling capabilities. A groundbreaking ceremony took place on June 26, attended by Haut-Katanga Governor Jacques Kyabula and Provincial Transport Minister Lorraine Lusamba. The project, first launched on April 18 by President
Cargo Ship Morning Midas Sinks After Fire in Pacific Ocean
A cargo ship that caught fire earlier this month in the Pacific Ocean has sunk, according to its managing company. The Morning Midas, a 600-foot (183-meter) car and truck carrier, was transporting approximately 3,000 vehicles — including around 800 electric vehicles — when it caught fire on June 3 near Alaska’s Aleutian Islands. The fire began on a deck carrying electric vehicles, which contain lithium-ion batteries. These batteries are typically
Strategic Rail Investments Position Africa as Global Mining Powerhouse
Africa’s railway sector is undergoing a remarkable transformation, driven by ambitious infrastructure projects that aim to unlock the continent’s vast mineral wealth and strengthen global trade connections. At the heart of this renaissance is the development of strategic transport corridors that are rapidly reshaping regional logistics. In June 2025, the Africa Finance Corporation (AFC) secured a €250 million, 10-year loan from Italian development finance institution Cassa Depositi e Prestiti. The