Government approves revival of Kenya National Shipping Line

By professo

Kenya’s Cabinet has approved the decision to revive a state-owned shipping firm as part of its restructuring.

Kenya National Shipping line (KNSL) will manage government cargo once the restructuring is complete and three foreign shareholders have left.

According to the nation’s State House, it is anticipated the company had almost reached an insolvent status due to lack of business.

Several previous attempts to revive the KNSL had failed during the years its use has deteriorated.

SEE ALSO:

“The recovery strategy proposed, among other things, is giving the company the sole mandate to handle government cargo,” Kenya’s Treasury stated.

With the resurgence of the shipping line, 10,000 jobs are expected to be generated in the coastal region of the nation – 3,000 in the first year, and 6,000 in the following five years.

Kenya is also anticipated to annually save Sh300bn (US$2.98bn) from money otherwise invested in separate shipping businesses.

KNSL could also integrate the Lamu Port, South Sudan, Ethiopia Transport Corridor, as well as the Kilindini Harbour and the Northern Corridor.

As well as direct shipping, the line will be able to offer services to special cargo and chartered vessels docking in Mombasa.

Share

Featured Articles

Middle East GDP hike of 57% if more women join workforce

By tapping into the potential of next-generation female workers, the MENA region could unlock new economic opportunities, up to US$2 trillion, reports PwC

Dialight supplies LED solutions for industrial safety

Reliance on inefficient lighting technologies are not only harmful to the environment, but also increase injury risk and cost

Top 10: Tech, AI, cloud, cyber speakers at TECH LIVE LONDON

TECH LIVE LONDON events sees technology leaders from IBM, Oracle, Vodafone, JP Morgan, Accenture and the US Space Force among the inspirational speakers

Cyber LIVE adds Vodafone head of cyber Kawalec to line-up

Leadership & Strategy

Musk’s multibillion hostile Twitter takeover – the timeline

Leadership & Strategy

Sustainable moves businesses can make to win customers, IBM

Sustainability