The Port of Nacala, in the north of the country, exported 28% less coal than expected in the first quarter of this year, the company Nacala Logistics announced this Monday.
“Shipments reached 1.1 million tonnes against 1.5 million tonnes forecast,” i.e. “a difference compared to what was planned in the order of 28 percent,” a statement read.
The figures reflect the impact of the covid-19 pandemic on the world economy, specifically the slowdown of Asian markets, the biggest customers for Mozambican coal, the country’s main export product.
According to Fábio Iwanaga, Nacala Logistics’ chief financial officer, “operations in both businesses, coal and general cargo, continue to face challenges.
The slowdown also means that the company had fewer expenses.
Nacala Logistics’ gross profit (EBITDA) increased by 6% in the first quarter of this year compared to the last quarter of 2020 because expenses came in lower than expected.
“The growth in gross profit was due to lower than expected operating expenses,” he adds.
Nacala Logistics is responsible for managing and operating the railway line of over 1 600 kilometres and port that connects the Brazilian Vale coal mine in Moatize to Nacala, on the Indian Ocean coast.