Ports

Sierra Leone Launches Chinese-Backed Shipping Venture After Prior Stalled Projects

Sierra Leone inaugurated its national shipping company on October 19, aiming to develop a domestic maritime operation and retain more freight revenue from imports and mineral exports. Sierra Leone Ocean Shipping Company (SLOSCO) is 70% owned by China's Zhejiang Xiehai Group, with the state-owned Sierra Leone National Shipping Agency holding the remaining 30%. The venture targets a fleet of 50 vessels over time. The initiative follows two abandoned Chinese-backed transport projects. A 2017 infrastructure expansion at Freetown's Queen Elizabeth II Quay, financed by ICBC and China Eximbank for $659 million, stalled after a 2018 government change. A recent investigation revealed ICBC had committed financing before completing due diligence. Subsequent compliance checks identified corruption allegations. The financing model for SLOSCO differs, though questions persist about project viability.