The national sea carrier, Ethiopian Shipping Lines has announced that it has registered a record high profit of 19 percent over from the same period last year during the first half of the Ethiopian fiscal year (2000), however it is down by 8 percent of its revenue target for its half year operations.
According to information obtained, the record profit comes as a result of even larger volume of goods (66 percent) more than the company transported in the last similar period. ESL moved 143 percent more goods than before with its own ships, attributed mainly to the extra two ships that it had ordered last year.
"The new ships, Gibe and Shebele, transported bulk goods in cross-trade borders, especially the transport of urea fertilizers from Adabia, Egypt to Visag, India as well as transporting of iron minerals from Kainada, India to Ziaging, China," states a document. "All ships have obtained Bulk Certificate except Omo Wenze, contributing to the mobility of ships."
An official from ESL attributes the increased revenue to the massive investment in publicly financed infrastructure and mega construction activities undertaken by companies such as the Ethiopian Electric Power Corporation, as major contributors not only in steel shipments but also in electrical equipment.
ESL, established 43 years ago, has about 570 employees. The national flag carrier, one of the few surviving African shipping lines operates nine vessels. The company last year earned a 286 million birr profit.
According to information obtained, the record profit comes as a result of even larger volume of goods (66 percent) more than the company transported in the last similar period. ESL moved 143 percent more goods than before with its own ships, attributed mainly to the extra two ships that it had ordered last year.
"The new ships, Gibe and Shebele, transported bulk goods in cross-trade borders, especially the transport of urea fertilizers from Adabia, Egypt to Visag, India as well as transporting of iron minerals from Kainada, India to Ziaging, China," states a document. "All ships have obtained Bulk Certificate except Omo Wenze, contributing to the mobility of ships."
An official from ESL attributes the increased revenue to the massive investment in publicly financed infrastructure and mega construction activities undertaken by companies such as the Ethiopian Electric Power Corporation, as major contributors not only in steel shipments but also in electrical equipment.
ESL, established 43 years ago, has about 570 employees. The national flag carrier, one of the few surviving African shipping lines operates nine vessels. The company last year earned a 286 million birr profit.