Saturday, February 24, 2024
BusinessShipping Enterprise invests in local sea transport operations

Shipping Enterprise invests in local sea transport operations

It plans to assemble boats

The Ethiopian Shipping and Logistics Services Enterprise (ESLSE) is investing in local sea transport operations after acquiring Lake Tana Transport Enterprise.

The new subsidiary of the enterprise, “Ethio Ferries Tana,” will carry out waterway transport and related activities. The acquisition came after a series of discussion with the officials of the Amhara Regional Government that was owner of the Enterprise.

The Shipping giant did not pay for the acquisition as the move is targeted at saving the Enterprise from perishing.  In return, the Enterprise managers pledged to give a percentage of their dividend—the exact amount has not yet been determined—to the Amhara Region as corporate social responsibility.

“It also required lengthy negotiations. However, on November 22, 2022, it was concluded with establishment of new enterprise known as Ethio-Ferries Tana.”

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Roba says the enterprise’s passion is to invest in and expand local water transportation services, providing local citizens and tourists with these services and replace these old vessels with new, modern boats.”

The Enterprise, according to him, is in the process of purchasing transport boats and ferry as well. “Not only this, but the ESLSE will rebuild the Lake Tana Transport Enterprise (LTTE) head office located in Bahir Dar,” Roba said.

It was also stated that a workshop that will assemble boats will be built at Gorgora in addition to establishing a port.

“In the coming years, the enterprise will assemble and produce boats, widen its business, and work with companies that have an interest in investing in the water transport business in Ethiopia,” Roba explained.

The new subsidiary enterprise would enable the implementation of water transportation and other co-activities on various projects, including the Grand Ethiopian Renaissance Dam (GERD), the Gorgora national project, and other rivers and lake ports in Ethiopia.

Lake Tana Transport Enterprise has been serving local water transportation needs since its establishment in 1942 E.C. It uses small vessels to transport goods and people across Lake Tana and rents out lakeside docking sites for private small boat owners operating on the lake.

At a ceremony that took place in Bahir Dar city on Monday, the president of the Amhara Regional State, Yelkal Kefale (PhD), laid the cornerstone for the construction of Ethio Ferries Tana’s multi-purpose building.

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Video from Enat Bank Youtube Channel.


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