By Shadrach Aziz Kamara
Sierra Leone’s Parliament has on Tuesday 4th July 2026, ratified a landmark Joint Venture Agreement between the Sierra Leone National Shipping Agency (SLNSA) and Shenzhen Shihai Group Company Limited for the establishment, operation, management, and development of the Sierra Leone Ocean Shipping Company Limited (SLOSCO), paving the way for the operationalization of the country’s national carrier under the Sierra Leone National Shipping Agency Act, 2025.
Presenting the motion before Parliament, Minister of Transport and Aviation Fanday Turay described the agreement as a historic opportunity to restore Sierra Leone’s position as a maritime nation and enable the country to participate directly in international shipping.
The Minister noted that for decades Sierra Leone’s imports and exports have been transported largely by foreign shipping companies, with the country generating the cargo but receiving little of the freight revenue.
“We have owned the cargo but not the ships. We have created the demand but captured too little of the value,” he told Members of Parliament, emphasizing that the agreement transforms the legal mandate for a national carrier into a functioning commercial enterprise capable of transporting Sierra Leone’s cargo across international waters.
According to the Minister, the joint venture company, SLOSCO, will be jointly owned by the Sierra Leone National Shipping Agency, which will hold a 30 percent stake, while Shenzhen Shihai Group Company Limited will own 70 percent.
He explained that the Government of Sierra Leone would serve only as the confirming authority and would not assume the company’s commercial debts, financial obligations, or provide sovereign guarantees.
Turay said the partnership combines Sierra Leone’s sovereign shipping rights and national carrier mandate with the investor’s capital, vessels, technical expertise, operational experience, and access to global shipping markets.
He outlined that SLOSCO will engage in international cargo transportation, container shipping, dry and liquid bulk shipping, transshipment services, offshore logistics, and specialized maritime operations, including floating production and storage services.
One of the major objectives of the agreement, he said, is for the national carrier to participate commercially in transporting up to 40 percent of Sierra Leone’s import and export cargo, allowing the country to retain more freight revenue, create employment opportunities, and strengthen domestic maritime capacity.
The Minister further assured Parliament that the agreement contains safeguards to protect Sierra Leone’s national interest.
He disclosed that SLOSCO will be governed by a seven-member Board of Directors, comprising three directors appointed by the Sierra Leone National Shipping Agency and four appointed by Shenzhen Shihai Group. The Board Chairperson will be nominated by the Sierra Leone National Shipping Agency, while the Chief Financial Officer and Company Secretary will be Sierra Leoneans.
He added that major decisions, including annual budgets, borrowing, dividend declarations, senior executive appointments, and significant financial transactions, would require Board approval, with dual signatory requirements for financial operations.
Turay also stressed that the agreement includes provisions on share transfers, dispute resolution, environmental compliance, anti-corruption measures, and internationally recognized principles of corporate governance.
Addressing concerns over government financial exposure, the Minister maintained that the agreement places no immediate financial burden on the State, explaining that government would neither contribute capital nor assume debt obligations.
“This is not public debt disguised as investment. It is a commercially structured partnership designed to mobilize private capital in support of a strategic national objective,” he said.
The Minister further stated that beyond shipping operations, the partnership will support the establishment of a maritime school, facilitate technology transfer, build maritime institutions, and create employment opportunities for Sierra Leoneans, including seafarers, marine engineers, logistics professionals, and shipping managers.
Responding to concerns and recommendations raised by Members of Parliament during the debate, Turay expressed appreciation for the bipartisan support and constructive observations made by lawmakers.
He assured Parliament that the agreement would undergo a review every five years, allowing government to incorporate recommendations and strengthen the partnership in Sierra Leone’s best interest.
The Minister acknowledged that negotiations had been challenging because the Sierra Leone National Shipping Agency currently lacks vessels and capital, while the investor had committed to providing ships, financing, and the establishment of a maritime training institution.
He reaffirmed that transparency and accountability would remain central to the implementation of the agreement, noting that major decisions would require Board approval and financial oversight would be exercised by a Sierra Leonean Chief Financial Officer.
Following the Minister’s closing remarks, the Speaker put the motion to a voice vote.
Members of Parliament overwhelmingly responded “Aye,” leading to the ratification of the Joint Venture Agreement between the Sierra Leone National Shipping Agency and Shenzhen Shihai Group Company Limited.
The approval marks a significant milestone in government’s efforts to revive Sierra Leone’s national shipping industry, strengthen maritime trade, and increase the country’s participation in international cargo transportation.
