Following a crash in freight rates, three major shipping lines have withdrawn their vessels and diverted same to other routes in the past four months. Due to crashing freight rates, it has become unprofitable for shipping lines to operate along the Asia-West Africa routes.

The shipping firms, Nippon Yusen Kasha popularly known as NYK Lines (operated by Japanese), Taiwan’s Evergreen Line, and Messina Line, were forced to withdraw from the West Africa route due to growing losses as a result of the twin jeopardy of low freight rates and declining volumes. The top Japanese shipping line had operated the Asia-West Africa service, which it dubbed WAX, alongside Hapag-Lloyd and Gold Star Line (GSL).

The service featured two calls in Nigeria, Lagos-Apapa and Lagos-Tincan. Evergreen Line has also announced the withdrawal of its vessels from the Asia-West Africa route, which had regular calls at the Lagos Port Complex Apapa. Hull Blyth Nigeria Limited, which acts as shipping agent to Evergreen Line confirmed the withdrawal of the service to the media. Managing Director, Hull Blyth, Christian Holm, said: “After three years of serving the market, Evergreen decided to discontinue their service due to losses sustained due to widening disparity between rate levels and costs. “Rate levels, especially from Asia, have fallen over 50 per cent in the period with the cost levels remaining disproportionate.” Speaking in similar vein, Chairman, Shipping Association of Nigeria, (SAN) Mr. Val Usifo, described the development as a dire situation. He said: “The withdrawal of shipping services by these firms does not affect Nigeria alone but the entire region. “It is a serious situation; it is not only that the traffic is down, the freight rates have virtually collapsed. Importers are finding it difficult to pay for their imports because of the restriction in dollar.”

Read more at: http://www.vanguardngr.com/2016/02/3-major-shipping-lines-quit-nigeria-as-freight-rates-crash/

APC, the Bane Of Nigeria's Present Economy


and if this had happened in the time of Goodluck, only God knows what these Bunch of Ediots would have said...

God help us in Nigeria. This is 1980s all over again. Same old story, just a different narrative this time.

Buhari is God's curse to Nigeria. Just in a period of 9 months things have gone South to the extent the President now travels to Saudi Arabia to pray for the nation.

Anyway, what do we know? Somehow someway we go survive am till 2019. At least some people eye don clear.

This dollar issue is really effecting Nigeria.

End of one way traffic.
Buy our oil , we buy your goods
Buy our cocoa , we buy your flour
Buy groundnut , we buy your apples
Una leaders carry hand take sell all of una
Dem say ,
Remove tariffs , they removed it.
Remove agric subsidy while they increased theirs
Sign nuclear treaty while doubling down on theirs
Sign this , sign that and the fools sign


Anyone interested can go an reread larry diamon's article of 2014
NIGERIA- THE ANATOMY OF A FECKLESS STATE

http://www.premiumtimesng.com/opinion/164182-nigeria-anatomy-of-a-feckless-state-by-larry-diamond.html

I am very happy over this development, in fact the Nigerian ship owners should be very happy over this development. if the government would only send for people like us to work out a robust foreign policy to turn this negative situation to our advantage, by expanding our foreign policy to allow our business men and women capitalize on this situation

That's becos lazy Nigerians aren't producing enough export to keep them busy. What we like is that the FG subsidizes Dollar for us to go buy cheap Dubai and China made articles thereby help keeping their own economy afloat. Oil price has dwindled and it is time for those chest beating citizens to start exporting their products if any exist. We could av been exporting refine crude but PDP refused building refineries when there was money. They preferred to increase unproductive workers pay and steal us dry. Jonathan, the ineffe, finish the economy indeed.

And the economy continues to go further south.

Buhari sef!

I see more companies closing shop if the naira keeps crashing

A friend of mine who runs a production company, on Friday told half of his staffs to stop work indefinitely.

Sibrah:
That's becos lazy Nigerians aren't producing enough export to keep them busy. What we like is that the FG subsidizes Dollar for us to go buy cheap Dubai and China made articles thereby help keeping their own economy afloat. Oil price has dwindled and it is time for those chest beating citizens to start exporting their products if any exist. We could av been exporting refine crude but PDP refused building refineries when there was money. They preferred to increase unproductive workers pay and steal us dry. Jonathan, the ineffe, finish the economy indeed.

I understand ur plight Zombie. Cos if u don't blame GEJ who will u blame. The refineries that we av. Is anyone working under Buhari?
Hypocrisy.
Wen GEJ wanted to take off subsidy, and build refineries. Wat did u people say?

Please continue blaming him. While he is enjoying his life; and don't focus ur energy in making Buhari fulfil atleast one of his promise.

Sibrah:
That's becos lazy Nigerians aren't producing enough export to keep them busy. What we like is that the FG subsidizes Dollar for us to go buy cheap Dubai and China made articles thereby help keeping their own economy afloat. Oil price has dwindled and it is time for those chest beating citizens to start exporting their products if any exist. We could av been exporting refine crude but PDP refused building refineries when there was money. They preferred to increase unproductive workers pay and steal us dry. Jonathan, the ineffe, finish the economy indeed.

Venezuela bought thousands of petrol stations in America and a few refineries to sell directly on the street.
Buhari had better repositioned out embassies for aggressive marketing and diplomacy.
Trade deals must be based on reciprocal, stop collecting loans from China, they are a competitor in the market place .

There are clear ways to turn our economy around, but all hands must be on deck. Full cooperation along party lines is needed. It first must start with the state governors. The FG must make sure every state has a designated land mass for agriculture. And each state would choose a product where they have comparative advantage, we don't need competition amongst states but production of quality goods. Work vigorously with large scale agricultural manufacturer's, in partnership. Manufacturer takes 30% of profit. FG and states split 70%. Put these plans on ground and in 6 months, we should see some changes. Of course FG would have to subsidize these manufacturers by providing the heavy machinery, seeds and manure. Though j am sure seeds and manure can be gotten from Nigeria. So what may be needed for imports is the machinery. Also provide low interest rates for start up manufacturer's and encourage innovation, through scholarships or business start up support.

Second phase is to go into economic planning with other African countries. Enter into trade agreements and treaties. We have to prove we can succeed in our own continent before we try to push our products outside. We really need to work on strengthening the African financial markets, heavily driven by agriculture. Make it competitive with financial markets from other continents, and then we would have the power to negotiate better deals for and within the continent.

This is my own little advice

Nigerians voting pattern is based on tribal sentiments not the pedigree of the aspirants, this is why we will never fully achieve our potential.

We should expect more impending economic woes ahead, but as usual we shall suffer and smile , - Fela

Pidggin:
Nigerians voting pattern is based on tribal sentiments not the pedigree of the aspirants, this is why we will never fully achieve our potential.

We should expect more impending economic woes ahead, but usual we shall suffer and smile , - Fela

Who pedigree help? Was the last president not a PhD

baby124:

Who pedigree help? Was the last president not a PhD

Before I respond to your question can you sincerely state where you are from?

Pidggin:


Before I respond to your question can you sincerely state where you are from?

Oh, I see the level of your intelligence. I don't roll in the dirt with pigs.

baby124:
[s][/s]
Oh, I see the level of your intelligence. I don't roll in the dirt with pigs[s][/s].

The truth is very bitter.

lukecent:
I see more companies closing shop if the naira keeps crashing

A friend of mine who runs a production company, on Friday told half of his staffs to stop work indefinitely.

Back to the 80s sufferhead with the dull, daft & dumb Confused One.
We warned!
We wailed!!
The zombies would not listen!!!

Now we all don enter one chance of change CHAIN



www.nairaland.com/attachments/2095210_worst_jpeg588f192a23aa02a7b350a8bbe5d18306

oduastates:
Venezuela bought thousands of petrol stations in America and a few refineries to sell directly on the street.

Yet, Venezuela was, is and continues to be an economic mess. Not so
Megalomaniac propaganda does not fill bellies nor does it fuel vehicles.



www.nairaland.com/attachments/2091052_2084712obama4jpeg0846bececdee51cd258847b713b916e6_jpegd27f893bccf38657d36ce7d37daaa943

Your #BuyNigeriaOnly means little or nothing to import via any shipping company.

You have little or nothing worthwhile to export via any shipping company.


So, what do you need the shipping companies for?


You can not have it both ways.


When they were ruining your economy and looting and sharing your money and foreign reserve, you didn't care, you were busy shouting GEJ till 2019..


Cry me a river....yeye people.

Pavarottii:
And the economy continues to go further south.

.....while DullardPoo travels north, east, south, west even when no one wants to associate with him
Tragic!
Terrible!!
Pathetic!!!



www.nairaland.com/attachments/2442363_image_jpeg9f360c5ab7736510df54c882e9dbf188



www.nairaland.com/attachments/3133111_17515_jpeg7a1bf2295e34488f4ceeeae79295c0f2



[img]http://4.bp..com/-hxkbcMA-Gds/Vi_jnwVSIoI/AAAAAAAHG5I/0h9m6kBQqpE/s400/10.jpg[/img]

aresa:
Your #BuyNigeriaOnly means little or nothing to import via any shipping company.

You have little or nothing worthwhile to export via any shipping company.


So, what do you need the shipping companies for?


You can not have it both ways.


When they were ruining your economy and looting and sharing your money and foreign reserve, you didn't care, you were busy shouting GEJ till 2019..


Cry me a river....yeye people.

Hehehehe !!
Who is crying a river now?

aresa:
When they were ruining your economy and looting and sharing your money and foreign reserve, you didn't care, you were busy shouting GEJ till 2019..

Cry me a river....yeye people.

Why are you spreading rumors and lies?
Or is it that you are simply ignorant?
Have you asked the 36 state governors what they did with their allocations, Excess Crude Account (ECA) plus debts?
No.
Instead you are lamenting like a lamentable Lamenter.
Is that what you are

FG, States, LGs Share N568.4 Billion for Oct



[img]http://cdn1.vanguardngr.com/wp-content/uploads/2015/09/412x247xOkonjo-Iweala-e1442838220305.jpg.pagespeed.ic.nz-K0adxSv.webp[/img]



Also, $1billion was proposed for distribution to complement shortfall in expected revenue." The $1billion is a compromise by the FG over its words in September not to augment shortfalls anymore.

Responding to the presentation, the chairman of the States Commissioners of Finance and Ebonyi State Commissioner of Finance, Mr Timothy Odaah, lamented that the statutory allocation was getting smaller and smaller. "It appears this is the worst in terms of returns. This is the least in allocations as far as this year is concerned. We are mourning the dearth of funds and this is a wakeup call for states and local governments to buoy up their internally generated revenue."

While appreciating the "magnanimity" of President Goodluck Jonathan to approve the $1billion from the excess crude account and to be shared among the federal, state and local governments, Odaah expressed disappointment with the returns made by the NNPC.

He said that [size=14pt]the states had requested for $2bn[/size] to complement for the shortfall in revenue but got only $1billion. In September, Odaah and fellow commissioners had walked out of the Accountant General of the Federation (AGF) when the federal government said that the framework of the 2013 budget was no longer realistic and it won't augment shortfall in revenue. Odaah raised issues with the statutory allocations of previous months.

More from: http://allafrica.com/stories/201311150323.html

www.nairaland.com/attachments/2578022_iweala_jpeg0858fd35c7757170d8155dae6623e1c2

Matthewbriggs:
Below is Addis Ababa light rail commissioned recently. It covers 46 Km and cost $475 Million (N 71.2 Billion) .
>> http://www.railwaygazette.com/news/urban/single-view/view/addis-ababa-light-rail-test-running-begins.html



www.nairaland.com/attachments/2122338_10246489101530501843726982166352844509722489n1_jpeg7282cdd31db682bb197d03a1ff183aea


(Goodluck Jonathan) Abuja-Kaduna standard guage rail project to commence operation in March 2015 covers 187.5km . It cost (N 80 Billion).
http://www.vanguardngr.com/2014/10/abuja-kaduna-rail-line-delivered-dec-fg/

(Ameachi of APC) Port Harcourt Mono Rail date of completion unknown, covers 4Km and has gulped (N 150 Billion).
>> http://businessdayonline.com/2013/05/rivers-n150bn-monorail-project-to-be-completed-2015/

(Fashola of Lagos) Lagos Light Rail date of completion unknown, covers 57Km and has consumed (N 160 billion Billion)
>> http://www.thisdaylive.com/articles/lagos-how-we-spent-n160bn-world-bank-loan-on-light-rail-project/188736/

Who are the thieves? Who are the looters?

For the Addis railway:

The construction contract was signed in June 2009 and work began in January 2012, with three years allocated for completion.

More from: http://www.railwaygazette.com/news/news/africa/single-view/view/addis-abeba-light-rail-civil-works-to-be-completed-this-year.html

[s]

anonimi:


Why are you spreading rumors and lies?
Or is it that you are simply ignorant?
Have you asked the 36 state governors what they did with their allocations, Excess Crude Account (ECA) plus debts?
No.
Instead you are lamenting like a lamentable Lamenter.
Is that what you are






[img]https://www.nairaland.com/attachments/2578



For the Addis railway:

The construction contract was signed in June 2009 and work began in January 2012, with three years allocated for completion.

More from: http://www.

[/s]



Trolls bore me...

Sibrah:
That's becos lazy Nigerians aren't producing enough export to keep them busy. What we like is that the FG subsidizes Dollar for us to go buy cheap Dubai and China made articles thereby help keeping their own economy afloat. Oil price has dwindled and it is time for those chest beating citizens to start exporting their products if any exist. We could av been exporting refine crude but PDP refused building refineries when there was money. They preferred to increase unproductive workers pay and steal us dry. Jonathan, the ineffe, finish the economy indeed.

Just be careful with your silly biase. You know cowardly citizens are envious and not straightforward. If your community has anything to export, they should pls do so.

Good

Obiagelli, good morning.

Watching in 3D...

The reality of the economic collapse of Nigeria dawned on me last week that i drove to wharf end of Apapa.

Before now, it will take you nothing less 1hr to get there because of container traffic, but due to the drastic drop in economic activities & the attendant effect on container traffic volume, it took mr less than 15 mins to make the journey.

This is serious.

aresa:
[s][/s]

Trolls bore me...

www.nairaland.com/attachments/3202345_319488531828573062030giveamsensejpeg721191cef3435d9d65229652314b685cjpege23f5bf46fc15b67f4ad88a3a86fcddbjpegba286a6654b568ca412854dfc072a0ce_jpeg2bedddee6075fdeff8af4773be3705da

Pavarottii:

I understand ur plight Zombie. Cos if u don't blame GEJ who will u blame. The refineries that we av. Is anyone working under Buhari?
Hypocrisy.
Wen GEJ wanted to take off subsidy, and build refineries. Wat did u people say?

Please continue blaming him. While he is enjoying his life; and don't focus ur energy in making Buhari fulfil atleast one of his promise.

the Daura man is jus Confused

If with corruption, 1 dollar was 180, but without corruption, 1 dollar is 425. Ladies and gentlemen, my fellow countrymen, you will agree with me that we need corruption to grow in this country.