New information about Merja Worke and Gedemeyu. Container deposits increased by 66%. The company also shortened the importer’s container return period by five days, and he reduced the grace period by three days.
This was in response to an Enterprise executive stating that “importers are reluctant to unload cargo and return leased containers.” The security deposit for 20ft containers has increased by 50% to 15,000 birr and for 40ft containers have been increased by 75% to 25,000 birr. The company, which posted a pre-tax profit of over Birr 5.6 billion in the previous financial year, has been hampered by a shortage of cargo containers but has procured thousands of new containers to expand its operations during the period.
Ethio Engineering Group, formerly Metals and Engineering Corporation (METEC), is one of the public companies accused of failing to return leased containers on time. Since many of the containers stranded at METEC are leased on a DP basis, partner shipping lines expect payment from state-owned enterprises. Metek took away hundreds of containers that were stored in various locations, including the Yayu Fertilizer Project and other areas. In the 2021/22 financial year, the company transported more than 7.2 million tons of import and export cargo, including soil fertilizer. 102% target achieved. Also during the same period, he secured 51.4 billion birr.