The Sierra Leone National Shipping Company (SLOSCO) has recently been launched with the support of the Zhejiang Group of China. This company aims to develop a fleet consisting of 50 ships and increase the country's share in international cargo trade, established by President Julius Maada Bio at the Queen Elizabeth II Port in Freetown.
Establishment and Ownership Details
This company is 70% owned by the Zhejiang Group, with the remaining 30% belonging to the Sierra Leone National Shipping Agency (SLNSA). SLOSCO plans to create 30 ships in its first phase, which will include dry cargo, liquids, and other goods. The main markets for this company include significant exports of iron ore and bauxite from Sierra Leone, as well as imports of petroleum products, grains, and other essential goods.
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Impact on Sierra Leone's Economy
President Bio stated: "We have been dependent on international shipping companies for a long time for the export and import of our products." This initiative aims to reduce reliance on foreign transport and to better exploit domestic transport revenues. The company also seeks to retain a larger share of transport revenues generated from Sierra Leone's international trade.
The establishment of SLOSCO follows the restructuring of the Sierra Leone National Shipping Company to SLNSA last year. The relevant legislation grants this company the legal right to cover 40% of the value of the country's imported and exported goods.
The management of this company is led by Sui Xiao as CEO and Laurent Debart as COO. The company has also launched operations in Freetown, Shanghai, and Geneva.
This initiative is seen as another expansion of China's shipping interests in West Africa and allows Sierra Leone to focus more on its international markets.
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