East Africa

Shipping company MSC announced on Saturday that it would implement a fuel surcharge for all cargo from the Mediterranean (including West Mediterranean and Adriatic Sea, East Mediterranean and Greece) and Black Sea, to the Indian Subcontinent, the Red Sea and East Africa. This will be effective March 16, 2019. The surcharge was set at $30 per twenty-foot equivalent unit for dry containers and $50 per TEU refrigerated containers from the Mediterranean, Black Sea and Red Sea. The world's largest ocean container carrier said that dry containers traveling from the Mediterranean, Black Sea, and East Africa would be charged at $60...

The shipping company MSC announced on Thursday that it would implement a fuel surcharge for 'all cargo' from Northern Europe (including UK, Scandinavian and Baltic) to the Red Sea and East Africa. This will be effective March 16, 2019. MSC will charge $40 per twenty-foot equivalent (TEU), from Northern Europe, including the UK to the Red Sea for dry containers and $60 for refrigerated ones. The world's largest ocean container carrier said that dry containers from Northern Europe (including the UK) to East Africa would be charged at $65 per TEU while refrigerated ones would be charged at $100 per...

The port operator reported that Maputo's biggest port saw a 1% drop in volume in 2024, mainly because of post-election protests which forced the closure of borders and roadblockages. After a disputed vote on Oct. 9, Daniel Chapo's Frelimo Party, which has been ruling Mozambique in its current form since 1975, won the election by a narrow margin, protests by the opposition erupted across this southeast African nation. More than 300 people have died in the unrest after a crackdown carried out by security forces. Maputo Port Development Company's (MPDC) statement said that the port volume for 2024 fell to...

Tanzania prepares to honour its contracts with an Adani Group unit in spite of a U.S. indictment of its billionaire chairman Gautam Adani on accusations of bribery and fraud, a senior authorities at the ports authority stated. Adani was prosecuted for scams last week and arrest warrants were provided for him and his nephew for their declared roles in a. $ 265 million plan to pay off Indian officials to protect. power-supply offers. Adani Group has rejected the accusations. In May, Tanzania participated in a 30-year concession agreement. with Adani Ports, an unit of Adani Group, to operate a container....

The Iran War is triggering a global crisis on the aluminium market that could have devastating effects in sectors such as construction, packaging and transport. Even if war ended tomorrow, it could take Emirates Global Aluminium up to one year to recover from damage caused by a missile attack on its Al Taweelah Smelter last month. The largest production site outside of China, Aluminium?Bahrain has also been?hit, though the extent of damage is not yet known. Alba and Qatar Aluminium had already reduced production prior to the attack due to power shortages. The Strait of Hormuz is severely restricted, and...

The Finance Ministry reported that Uganda's economy grew by 8.5% in the December quarter, up from 5.4% in the same period last year. This was due to strong consumer demand, high construction activity and other sectors. In a late-night post on 'the X platform,' the ministry said that construction on a $5 billion pipeline that will help Uganda export crude oil to 'international markets has reached 80%. The 1,443 km (897 miles) long (EACOP), will begin from the oilfields in western Uganda and end at the port of Tanga, on Tanzania's Indian Ocean coastline. After a long delay, the 'east...

Volodymyr Zelenskiy, the president of Ukraine, said on Monday that Ukraine was interested in importing Mozambican liquefied gas, because it "struggles" to meet its energy requirements after years of Russian attacks against its production infrastructure. Prior to the war, Ukraine produced almost all its own gas. Andriy Pyshnyi, Central Bank governor of Ukraine, said that the Russian attacks have caused Ukraine to lose about half of its gas production. In the?autumn of last year, Russia intensified their attacks on Ukrainian gas facilities. Most are located in the?frontline areas in northeast and central Ukraine. Zelenskiy, who met with the President of...

Kenya Pipeline Company shares?traded slightly?higher on Tuesday in?early _trade after listing on Nairobi stock exchange. At 0715 GMT, the shares traded at 9.4 shillings compared to the Initial Public Offering price of?9 shillings. Kenyan government sold a 65% stake in pipeline company raising 823.07 million dollars. This was the 'first major IPO' for the East African nation in nearly 20 years. The IPO received a high level of interest despite concerns about lower valuations by some banks, a longer offer period, and media reports about?investor apathy. The government said that it would use between 15 and 20 billion shillings from...

John Mbadi, the Finance Minister, said that Kenya Pipeline's Initial Public Offer (IPO) received a 105.7% subscriber rate. Mbadi stated that Kenyan individuals and institutions will receive 67.32% of the shares offered from this sale. The IPO was'shadowed' by lower valuations from?some banks and an extension of the offer. The government offered a 65% share in Kenya Pipeline Company in order to raise 824.67 million dollars. This is the first major deal in the region since 2008 when shares in Safaricom were sold, which raised more money in dollar terms. Mbadi said on Wednesday that the government will only accept...

The lead adviser for the transaction, who has been advising on this deal since last week, said that institutional investors have shown a strong appetite to invest in Kenya's oil pipeline company. This is contrary to reports of investor apathy. The sale, which ran from 19 January to 24 February, saw the government offer a 65% share in Kenya Pipeline Company in order to raise 106.31 billion shillings (825.31 million dollars) in the largest ever IPO for East Africa in local currency. The IPO returns are being reconciled by the deal team and results will be released on March 4....

Gridworks, an?investor owned by the British government in Africa's electric networks, signed agreements on Monday to 'develop and invest' in transmission projects valued at around $400 million, during a visit by Britain's Foreign Minister. Yvette's Cooper's visit to Ethiopia is part of the UK government's efforts to create jobs in order to curb the rising number of migrants seeking to enter the United Kingdom from the Horn of Africa. These two projects are the first public/private partnerships in Ethiopia’s transmission network. Prime Minister Abiy Ahmad's government is slowly opening up Ethiopia’s state-dominated economy for more private investment. One project 'connects...

Kenya sold a 65% share in its oil pipeline firm on Monday. The company hoped to raise $825 million through the largest IPO ever for East Africa. This sale is part a campaign by the government of President William Ruto to divest state companies in order to raise money for new infrastructure and sovereign wealth funds. The government is also selling its stake in the?telecoms company Safaricom. Documents indicating the IPO price for Kenya?Pipeline Company showed that the government set the price at nine shillings a share. The sale will run until February 19 and the shares will be listed...

The U.S. Justice Department asked on Tuesday a federal appeals?court to dismiss its appeal against a lower court order that blocked President Donald Trump from requiring 20?Democratic?states?to cooperate with immigration enforcement in order to receive billions of dollar's worth of grant funding for transportation. A U.S. Judge in Rhode Island decided that the U.S. Department of Transportation did not have the authority to force the states to work with U.S. Immigration and Customs Enforcement for transportation funding and that the condition was against the U.S. Constitution. California Attorney General Rob Bonta led the legal challenge which included also the District...

Kenya signed a $311 million agreement on Monday with PowerGrid Corporation?of India and a pan-African Infrastructure Fund for the construction of high-voltage transmission lines. In order to fund infrastructure projects, the East African nation has turned to public-private partnership and securitisation. This is due to high public debts and a tight fiscal environment. According to the Ministry, under the power line deal, Africa50, an infrastructure fund based in Morocco that is owned primarily by African countries, will work with PowerGrid on the design, financing, construction and operation of?the transmissions lines and sub-stations. Africa50 announced that the project company would "undertake...

South Sudan's military chief said that troops were sent to the neighbouring Sudan on Thursday to guard the Heglig oilfield near the border. This was after the paramilitary Rapid Support Forces took control of the field. Heglig is home to the largest processing facility for South Sudanese crude oil, which accounts for the majority of South Sudanese public revenues. Heglig continues to receive some oil, but at a much reduced volume. Sources in the government said that the Sudanese forces and workers at the Heglig Oil Field withdrew on Sunday from the area to avoid fighting which could have damaged...

The government announced on Monday that Mozambique had granted a 30-year license to its largest state-owned firms, including the national oil company ENH, for the construction and operation of natural gas facilities in the Port of Beira as well as the smaller Inhassoro location. The efforts of Southern Africa to develop its oil reserves and gas have been hindered by an ongoing insurgency linked to Islamists in the northern part of the country. This has caused TotalEnergies LNG plant delays, despite improvements in security. The concession will managed by a special purpose vehicle consisting of ENH, the ports and rails...