NRZ equipment lease deal pays off

NRZ equipment lease deal pays off
Published: 10 August 2018 (54 Views)
THE National Railways of Zimbabwe (NRZ) says its decision to hire equipment from Transnet South Africa has started paying dividends, with cargo freight volumes increasing since April this year.

"As part of the NRZ's $400 million recapitalisation deal with the Diaspora Infrastructure Development Group (DIDG) /Transnet Consortium, the NRZ is leasing equipment from Transnet as a stop-gap measure to cover resource constraints while awaiting finalisation of the recapitalisation agreement which will see the organisation receiving new equipment of its own," the parastatal said in a statement on Wednesday.

The company said it had moved 856 476 tonnes of cargo since April, a 13,5% increase from the 754 404 tonnes moved during the same period last year.

During the first month of the interim equipment's operation in April, freight volumes went up by 18,4% to 215 063 tonnes from 181 585 tonnes carried in March.

In May, the company reported that it had moved 305 345 tonnes, an increase of 41,9% from the previous month. In June, freight volumes rose by 10% to 336 068 tonnes.

"The NRZ is leasing nine class 34 locomotives, four class 43 locomotives and 200 wagons as well as 34 passenger coaches (of which only seven have been received so far). The wagons were put to dedicated use for chrome exports from the Zimbabwe Mining and Smelting Company (Zimasco) Kildonan in Mashonaland Central and Zimasco Kwekwe to Maputo," NRZ said.

"The first batch of leased equipment was deployed for NRZ operations on March 29, 2018 after reaching an agreement on the commercial terms with Transnet and clearing the equipment with Zimra."

NRZ is embarking on a $400 million recapitalisation project with DIDG/Transnet Consortium under which it will acquire rolling stock, signalling equipment and information communication technology equipment to increase capacity utilisation.

NRZ has capacity to move over 18 million tonnes of freight a year, but is currently moving just over three million tonnes and the recapitalisation programme is expected to see a further gradual and sustained increase in freight volumes.

- newsday

Tags: NRZ, Transnet, Lease,
 0

You May Like These Videos

Comments

There are no comments.

Latest stories

How Mugabe survived assassination in Gutu

by Staff reporter | 21 October 2018 | 23 Views

Zimbabwe fuel crisis a result of leadership kwashiokor, says Chamisa

by Staff reporter | 21 October 2018 | 23 Views

'Mavhaire was a herdboy during liberation struggle'

by Staff reporter | 21 October 2018 | 14 Views

Mnangagwa warns black market currency speculators

by Staff reporter | 21 October 2018 | 18 Views

Zimbabwe bakers plot $4 per loaf

by Staff reporter | 21 October 2018 | 17 Views

Tackling the Zimbabwe black market

by President Emerson D. Mnangagwa | 21 October 2018 | 13 Views

Hefty fines for price hikes

by Staff reporter | 21 October 2018 | 15 Views

Black market dragnet targets bigwigs

by Staff reporter | 21 October 2018 | 14 Views

PHOTO: Zanu-PF buys fuel from black market

by Stephen Jakes | 21 October 2018 | 42 Views

The perils of trade protectionism

by Colls Ndlovu Financial Analyst | 21 October 2018 | 29 Views

Mnangagwa's lieutenants in political storms

by Staff reporter | 21 October 2018 | 43 Views

Tendai Biti always has something to say

by Staff reporter | 21 October 2018 | 34 Views

'Mthuli Ncube using 2% tax to reward Zanu-PF youths'

by Staff reporter | 21 October 2018 | 33 Views

Chiwenga's wife pours heart out

by Staff reporter | 21 October 2018 | 44 Views

Zimbabwe struggling with spike in fuel demand

by Staff reporter | 21 October 2018 | 27 Views

Chamisa mobbed by motorists in fuel queue

by Staff reporter | 21 October 2018 | 37 Views

MDC 'prostitute' battles for dear life at hospital, thigh vending goes south

by Simbarashe Sithole | 21 October 2018 | 128 Views

Godlwayo meets in Avoca for a developmental agenda

by Thulani Nkala | 21 October 2018 | 60 Views

Govt not introducing price controls - Industry Minister

by Staff Reporter | 21 October 2018 | 87 Views

Jonathan Moyo raps Modi for selling goods in US Dollar

by Stephen Jakes | 21 October 2018 | 97 Views

Security companies accused of stealing

by Stephen Jakes | 21 October 2018 | 63 Views

Mnangagwa not introducing price controls

by Staff reporter | 21 October 2018 | 73 Views

Prisoners seek spiritual cleansing

by Staff reporter | 21 October 2018 | 53 Views

Betting shops have sprouted across Zimbabwe

by Staff reporter | 21 October 2018 | 60 Views

When Cupid flew Modi to Zimbabwe

by Staff reporter | 21 October 2018 | 52 Views

RBZ in statutory reserve requirements U-turn

by Staff reporter | 21 October 2018 | 57 Views

WATCH: Bosso face troubled Bulawayo City

by Staff reporter | 21 October 2018 | 51 Views

Bulilima villagers resist relocation

by Staff reporter | 21 October 2018 | 44 Views

Mbonisi Gumbo of MRP gives his 2018 election analysis

by Thulani Nkala | 21 October 2018 | 59 Views

Zesa rules out load-shedding

by Staff reporter | 21 October 2018 | 46 Views

Family watches father's killing on WhatAapp

by Staff reporter | 21 October 2018 | 49 Views

Ex-Bosso player on his war exploits in Gwanda

by Staff reporter | 21 October 2018 | 53 Views

Bulawayo Chiefs inch closer to survival

by Staff reporter | 21 October 2018 | 47 Views

Zimbabwe launches first tourism App

by Staff reporter | 21 October 2018 | 48 Views

Devolution to fight 'marginalisation'

by Vusumuzi Dube | 21 October 2018 | 52 Views

Fuel station fined

by Staff reporter | 21 October 2018 | 56 Views

Mthuli Ncube not going back on austerity measures

by Staff reporter | 21 October 2018 | 43 Views