Angola shipping stock market brings down shippers’ costs

A National Stock Exchange of Shipping (BNF) has been opened by the Angolan government in an attempt to bring down costs for Angolan importers and exporters. According to transport minister Augusto da Silva Tomás, Angola spent over US$1.2 bn on container imports during 2011. The bourse’s main aim is to reduce freight costs for imports and exports. Speaking at the opening of the bourse, he said a high of 421 000 containers of imported cargo were landed in 2011. Director of National Council of Loaders (CNC), Agostinho Itembo, says the BNF will make it easier for importers and exporters to negotiate freight rates. It is expected that rates will continue to come down, to the benefit of the end user in Angola, as well as the exporter. The BNF also aims to provide members with updated statistics on maritime transport, international trade, reference freights, fleets and vessels, and routes. It will also provide profiles of transporters operating in the world market, and list changes to the Angolan port infrastructure. Tomás says rates are dropping already thanks to the growing volumes. In 2008 transporting a container to Angola cost an average of US$3 665, while in the first half of 2012 that cost had fallen to US$2 850, a real drop of US$815 per container, or 22%. INSERT ‘Inevitably there will be some casualties as the financiers of these vessels seek to call in loans.’