Mozambique’s exports to China reach $1.62B as Chinese exports to CPLP countries hit new record
Nacala Logistics posts net loss of US$31 million in 2020
2:55 CAT | 10 Mar 2021
File photo: Jornal Ikweli
Nacala Logistics, which includes the companies CDN, CLN and CLA in Mozambique, and CEAR and VLL in Malawi, closed the 2020 year with a net loss of US$31 million.
The financial result was strongly affected by the reduction in revenue resulting from the low volume of transport and handling of coal and general cargo in the Nacala Corridor.
“The Production and Financial Report for the 4th quarter of 2020 indicates that the transportation of general cargo decreased by about 40%, while the transportation and shipping of coal saw a decrease of about 20%, compared to the previous year,” a Nacala Logistics press release reads.
“In the fourth quarter, Nacala Logistics recorded an operating result of US$84 million, a 27% drop against the same period in 2019”.
According to the Corridor’s Financial Administrator, Fábio Iwanaga, “the performance of the coal and general cargo logistics business was affected by the retraction in demand caused by the pandemic. For 2021, a gradual recovery of the sector is expected, in line with the recovery of the world economy”.
“Despite an unfavourable economic context, Nacala Logistics continues to invest in modernisation, as is the case with the introduction of the express container transport service. This service has a great impact on safety and cost reduction and allows operators to track cargo in real time […],” the communique concludes.
About Nacala Logistics
Nacala Logistics is the brand which represents Nacala Corridor companies Northern Development Corridor (CDN), the Integrated Logistics Corridor of Nacala (CLN), Central East African Railways (CEAR), the Companhia Logistica de África (Africa Logistics Company, CLA) and Vale Logistics Limited (VLL).
Nacala Logistics is responsible for the management and operation of the more than 900km of railways connecting the Moatize coal mine through Malawi to the Nacala-a-Velha Multipurpose Port Terminal.
Source: Jornal ikweli / Nacala Logistics / Press Releae
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