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Feb
29
2024
By NQOBILE DLUDLA
South African fashion retailers boost local production amid port delays

South African fashion retailers boost local production amid port delays

BUSINESS
SOUTH African fashion retailers are ramping up local production and using alternative sea ports and air freight to mitigate the impact of congestion at traditional ports that has caused massive delays in stock deliveries, executives told Reuters. State-owned logistics company Transnet said in November the backlogs at the Port of Durban and congestion at Richards Bay were due to factors including under-investment in equipment and maintenance, warning that procuring some of the new equipment could take as long as 12 to 18 months. Although South African fashion retailers have been moving production closer to home, they still rely heavily on…
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Jan
17
2024
By The African Mirror
Thungela sees ‘limited impact’ from latest Transnet train derailment

Thungela sees ‘limited impact’ from latest Transnet train derailment

BUSINESS
SOUTH Africa's Thungela Resources said that it does not expect a derailment on the country's main coal export line to significantly impact its operations. State-owned freight rail operator Transnet was on Tuesday still working to clear the line to Richards Bay, South Africa's major coal export port after two trains collided on Sunday, the utility said. It did not say what caused the accident or when services would be restored. Transnet said no serious injuries were reported after the incident, but that the disruption of services to Richards Bay would throttle mineral shipments already constrained by locomotive shortages as well…
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Dec
02
2023
By NELSON BANYA
South Africa throws troubled Transnet $2.5 bln lifeline

South Africa throws troubled Transnet $2.5 bln lifeline

BUSINESS
SOUTH Africa handed Transnet a 47 billion rand ($2.5 billion) lifeline, which it said would help the state-owned rail and ports firm meet its immediate debt obligations. Transnet has struggled to provide adequate freight rail and port services in South Africa due to equipment shortages and maintenance backlogs after years of under-investment. The logistics utility's underperformance has impacted commodity exports and other sectors such as manufacturing and retail, weakening Africa's most advanced economy. "The financial support package provided for the entity is a 47 billion rand guarantee facility against which Transnet will drawdown an initial amount of 22.8 billion rand…
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Oct
27
2023
By The African Mirror
S.Africa’s Transnet seeks government bailout as debt mounts

S.Africa’s Transnet seeks government bailout as debt mounts

BUSINESS
SOUTH Africa's state-owned logistics company Transnet has requested an unspecified cash injection from the government as it seeks to reduce debt and return to profitability, it said on Thursday. "Transnet has requested that national Treasury provide an equity injection to support the recovery plan implementation needed to reduce debt and meet required financial ratios for debt capital market participation," Transnet acting CFO Hlengiwe Makhathini told a media briefing. Board chairman Andile Sangqu said Transnet would be unable to carry out its turnaround plan, which seeks to restore freight volumes and return the company to profitability over the next 18 months…
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Feb
11
2023
By The African Mirror
S.Africa’s Transnet halts rail link to regional countries after heavy rains

S.Africa’s Transnet halts rail link to regional countries after heavy rains

NEWS
SOUTH Africa's logistics utility Transnet suspended freight rail services on its North East Corridor, which links with several countries in southern Africa, as heavy rains damaged infrastructure on the line. The corridor, which mostly moves mineral commodities, links South Africa to Swaziland, Zimbabwe, Mozambique, Zambia and the Democratic Republic of Congo. "Disruptive weather conditions in Mpumalanga and Limpopo have adversely affected Transnet Freight Rail operations in the North-East Corridor," Transnet said. "Heavy, abnormal rains damaged the rail infrastructure across the corridor's major commodity pathways resulting in severe disruption to the train service," the utility said. The corridor would only be…
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Jan
13
2023
By The African Mirror
Transnet to tender for locomotive repairs after ‘impasse’ with Chinese supplier

Transnet to tender for locomotive repairs after ‘impasse’ with Chinese supplier

NEWS
SOUTH Africa's state-owned logistics company Transnet said it reached an "impasse" in talks with Chinese rail equipment manufacturer CRRC E-Loco, despite last year's settlement over procurement contracts. The two have engaged in legal battles after Transnet halted the supply of 1,064 locomotives from four original equipment suppliers, including CRRC, saying that 2014 contracts worth 54.4 billion rands ($3.20 billion) had been unlawfully awarded by the previous board and management. On Thursday, without giving details, Transnet said CRRC had shown unwillingness to engage with South African authorities to "normalise its operations" in the country. A CRRC spokesperson did not immediately respond…
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Oct
18
2022
By The African Mirror
S.Africa’s Transnet agrees three-year wage deal with majority labour union

S.Africa’s Transnet agrees three-year wage deal with majority labour union

NEWS
SOUTH AFRICAN state-owned logistics firm Transnet said it had agreed a three-year wage deal with the union representing the majority of its workers, ending a two-week strike that had hit commodities exports and piled up millions in losses. "Transnet and the company's majority union United Transport and Allied Trade Union (UNTU) reached a three-year wage agreement today," it said in a statement, adding the deal would bring most of its employees back to work. UNTU members, who represent more than half of the company's workforce, went on strike on October 6, demanding an increase linked to South Africa's year-on-year inflation…
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Oct
21
2022
By The African Mirror
S.Africa’s Transnet strike ends as smaller union calls off boycott

S.Africa’s Transnet strike ends as smaller union calls off boycott

NEWS
THE South African Transport and Allied Workers Union (SATAWU) has called off its strike at Transnet, ending a boycott that paralysed the state-owned logistics firm and impacted commodities exports from Africa's most advanced economy. "We have called off the strike and our members are going back to work tomorrow," SATAWU spokesperson Amanda Tshemese told Reuters on Wednesday. SATAWU had called a three-year wage deal agreed on Monday by Transnet and the majority United National Transport Union (UNTU) a "betrayal" and vowed to continue with a strike which started on October 6 following a dispute over pay increases. Container ships are seen outside…
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Sep
10
2021
By The African Mirror
SA tribunal freezes billions linked to Chinese rail firm

SA tribunal freezes billions linked to Chinese rail firm

NEWS
A South African tribunal has frozen R4.2-billion rand ($296.84 million) linked to the local unit of CRRC Corp as investigators probe the Chinese firm's deals with state-owned logistics group Transnet. The Special Investigating Unit (SIU), which investigates corruption at state entities, said in a statement it believes the funds are "proceeds of unlawful activity". "The SIU together with Transnet approached the Tribunal to freeze the accounts following an intensive investigation ... which raised the suspicion that CRRC paid kickbacks," it said. CRRC E-Loco Supply Ltd was not reachable on Thursday. Parent company CRRC Corp - the world's biggest train maker…
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