In a significant development for Namibia’s energy sector, the Port of Antwerp-Bruges has announced plans to develop a €250-million ($267 million) hydrogen and ammonia storage and export facility at the Port of Walvis Bay. This project marks another milestone in the growing cooperation between Namibia’s ports authority, Namport, and the Belgian port complex. In June 2022, Namport signed a memorandum of understanding (MoU) with its European partners to explore potential
Category: Ports
Maersk’s Earnings Plunge Amid Prolonged Red Sea Crisis
A prolonged crisis in the Red Sea has been identified as a significant factor behind AP Moller-Maersk’s sharp decline in earnings before interest, taxes, depreciation, and amortisation (EBITDA), which dropped 92% year-on-year (YoY) for the first quarter (Q1) of 2024. While gross revenue stood at $3.2 billion for Q1 in 2023, the line’s EBITDA fell to $1.5 billion. Excluding depreciation and amortisation, EBIT decreased to $117 million from $2.3 billion
Urgent Upgrades Needed to Boost Competitiveness of South African Ports
Addressing the persistent equipment issues at South African ports is crucial for maintaining the competitiveness of the sea freight sector. Years of neglect and mismanagement of funds have led to significant capital expenditure shortfalls, creating substantial challenges in upgrading the necessary infrastructure. While borrowing funds remains an option, it exacerbates the country’s escalating debt levels. Peter Besnard, CEO of the South African Association of Ship Operators and Agents (Saasoa), underscores
Maersk Commits $600 Million to Upgrade Nigeria’s Port Infrastructure
Danish shipping giant Maersk has announced a $600 million investment aimed at upgrading Nigeria’s port infrastructure, signaling a significant boost to the country’s maritime sector. The investment pledge was secured during a meeting between Nigerian President Bola Tinubu and Maersk chairman Robert Maersk Uggla at the World Economic Forum gathering in Saudi Arabia. Uggla expressed the company’s commitment to enhancing existing facilities and making ports more accommodating for larger vessels.
Transnet’s Port Partnership Sparks Economic Optimism in Cape Town
The City of Cape Town has hailed as “long overdue” the recent announcement by Transnet seeking a private partner for port development, marking a pivotal shift towards enhancing productivity. James Vos, Mayoral Committee Member for Economic Growth, praised the move as a critical step towards addressing the port’s well-documented inefficiencies, which have long burdened South Africans. He emphasized the significant impact of delayed imports on both exporters and consumers, stressing
AD Ports Group Spearheads Luanda Port Terminal Modernization
In a groundbreaking initiative poised to reshape Angola’s maritime landscape, AD Ports Group has solidified strategic alliances with local entities Unicargas and Multiparques, securing a 20-year concession agreement with the Luanda Port Authority. This landmark collaboration represents a significant stride towards the modernization and expansion of the existing Luanda multipurpose port terminal, heralding a new era of efficiency and growth in the region’s logistics domain. With a committed investment of
Zambia’s Cabinet Approves Beira Development Corridor Agreement
The Zambian Cabinet, under the leadership of President Hakainde Hichilema, has given the green light to the Beira Development Corridor Agreement, a significant move poised to bolster regional trade and infrastructure development. This agreement involves Zambia, the Democratic Republic of Congo, Malawi, Mozambique, and Zimbabwe, aiming to establish a cooperative framework for the Beira Corridor, a pivotal trade route for landlocked nations in the area. Chairing the cabinet meeting, President
Nigeria’s Maritime Industry Advances with E-Tag Technology Deployment
In a groundbreaking move to enhance efficiency and security in Nigeria’s maritime industry, Trucks Transit Parks Ltd. (TTP) has announced a strategic collaboration with the Nigerian Ports Authority (NPA) to deploy E-tag technology. This initiative aims to address challenges related to non-compliance with standard operating procedures in the electronic call-up scheme, particularly concerning the Minimum Safety Standards (MSS), and to improve the ease of doing business for truckers and the
CFM Logistics Expands Operations in Mozambique’s Oil and Gas Sector
Less than a year since its inception, CFM Logistics has commenced port operations in the Port of Pemba, Cabo Delgado province, focusing on serving the oil and gas industry. The company, exclusively owned by Empresa Portos e Caminhos de Ferro de Moçambique (CFM), aims to expand its business ventures in the sector. Established as part of CFM’s strategy to participate in Mozambique’s burgeoning oil and gas industry, CFM Logistics seeks
Port of Antwerp Partners with Namibia for Green Hydrogen and Ammonia Facility
The Port of Antwerp, in collaboration with Namibia’s state logistics firm, is spearheading the development of a €250 million hydrogen and ammonia storage and export facility at Namibia’s Port of Walvis Bay. This initiative, driven by Namibia’s ambition to establish a green hydrogen industry, aims to leverage the nation’s abundant solar and wind energy resources to produce environmentally friendly fuels. Jacques Vandermeiren, Chief Executive Officer of the Port of Antwerp,