Ethiopian Freight Forwarders and Shipping Agents Association

EFFSAA Weekly Newsletter, Vol. 02, No. 081

The Association Began to Deliver a Training Program on Free Trade Zone.

The Association Began to Deliver a Training Program on Free Trade Zone 1

Recalling the MoU signing and media briefing given by Ethiopian Freight Forwarders and Shipping Agents Association & TradeMark Africa Limited about the upcoming project of these institutes, the first phase of the project, which is a training program about Free Trade Zone, has started at the training center of EFFSAA on 31st of October 2022.

Trainees who came to participate on the program were welcomed by the vice president of the Association and the chairman of FIATA-AFI, Ato Dawit Woubishet.

25 experts from various government and private sector organizations will participate in the training and the training will last until November 13, 2022.

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EIH Invests Big in Djibouti’s New Mega Oil Terminal

The recently formed sovereign wealth fund (SWF), Ethiopian Investment Holdings (EIH), crosses the border to hold stake in a lucrative mega logistics facility in Djibouti.

The first overseas investment venture for the SWF will come through a secured 30 percent stake in an ultra-modern oil port facility, which can comfortably accommodate the latest generation vessels.

The investment holding is said to take the share through the Ethiopian Petroleum Supply Enterprise (EPSE), which is one of the 27 mammoth public enterprises controlled by the SWF.

It is recalled that in May this year, Mamo Mihretu, CEO of the sovereign wealth fund, Ethiopian Investment Holdings (EIH), and Aboubaker Omar Hadi, chairman of Djibouti Ports and Free Zones Authority (DPFZA) – that owns Great Horn Investment Holding, (Djibouti’s SWF formed recently), signed a memorandum of understanding (MoU) to explore opportunities on the area of oil storage facility.

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Ethiopian Airlines’ E-Commerce Cargo Center to Launch in 2023

Ethiopian Airlines announced that it would launch the modern e-commerce cargo service center which is being constructed at a cost of USD 50 million in mid-2023. The airline held discussions with stakeholders following the expansion of e-commerce around the globe with a view to maintaining its competitiveness and upgrading its services.

The airline will follow the swift cargo service delivery which is being implemented around the world. According to Grima Waqe, the Chairman of the Board of Ethiopian Airlines, the new cargo service center will have a different service delivery system than the airline’s previous cargo service delivery mechanisms.

It is to be recalled that Ethiopian Airlines won Air Cargo Industry Customer Care Award 2022 in June for the second time after it won the same award in 2021. The award recognized the airline’s excellent services in the global air cargo industry.

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Ethiopia, Djibouti Bolster Ties as Joint Ministerial Meeting Resumes

Djibouti’s port authorities underscore that harsh weather conditions catalyzed by heavy rains was the main reason for the disruption of road network access within its borders. The Djiboutian delegation who were in attendance for the 16th Ethio-Djibouti Joint Ministerial Commission meeting also made it clear that marine charge adjustments were not applicable to Ethiopia’s vessels.

The high profile joint Ministerial meeting which resumed after a three year pause following the global pandemic was held at the Inter Luxury Hotel, Addis Ababa from 24 to 28 October.

According to the information Capital obtained from the delegation led by Demeke Mekonnen, Deputy Prime Minister and Minister for Foreign Affairs of Ethiopia, and Mahmoud Ali Youssouf, Minister for Foreign Affairs and International Cooperation of Djibouti; both countries have reaffirmed the enhancement of an inclusive cooperation.

At the meeting, cooperation on regional, multilateral and economic integration between the two countries was discussed. Subsequently, during the other three days, major joint ministerial meetings on political matters, transport, logistics, trade and commerce, port related issues, agriculture, border security, and infrastructure matters were looked into.

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Shipping Containers to Decline For 1st Time in 14 Years

The ongoing war in Ukraine, sharp rises in global energy and food prices and spiraling rates of inflation continue to have a negative impact on the container shipping industry with the trading outlook for 2023 deteriorating further, says the latest update from Drewry.

“Moreover, with supply chain congestion easing, the surplus amount of equipment that has built up in the fleet over the past two years is being removed. As a result, the fleet of container equipment in service is forecast to decline by 3 percent in 2023,” according to Drewry’s recently published Container Equipment Forecaster.

Container shipping cargo demand growth is slowing, forcing Drewry to further downgrade its projections. “In response shipping lines are idling more tonnage and vessel scrapping is rising.” These factors mean fewer shipping containers are needed, and this at a time when surpluses of over six million TEU are estimated to be in the fleet.

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