Sierra Leone has launched a new national shipping company backed by China’s Zhejiang Xiehai Group, with ambitions to develop a fleet of 50 vessels and capture a greater share of the country’s international cargo trade.

President Julius Maada Bio inaugurated Sierra Leone Ocean Shipping Company (SLOSCO) at Queen Elizabeth II Quay in Freetown earlier this week. The venture is 70% owned by Zhejiang Xiehai Group, with the remaining 30% held by the state-owned Sierra Leone National Shipping Agency (SLNSA).

The company plans to establish a fleet of 50 ships, with an initial phase involving 30 vessels, targeting dry bulk, liquid bulk and other cargoes. Its principal markets include Sierra Leone’s substantial iron ore and bauxite exports, alongside imports of petroleum products, grain and other essential commodities.

“For far too long, we have relied on international carriers to export and import our products,” Bio said.

The new venture follows the restructuring of Sierra Leone’s longstanding national shipping company into SLNSA last year. Legislation provides the national carrier with rights covering 40% of the value of the country’s import and export cargoes.

SLOSCO is headed by chief executive Sui Xiao, with former BRS Shipbrokers executive Laurent Debart serving as chief operating officer.

The company has established operations in Freetown, Shanghai and Geneva.

The venture represents another expansion of Chinese shipping interests in West Africa, with Freetown seeking to retain more of the freight revenue generated by its international trade.