SIERRA LEONE · SHIPPING
Key Facts
- —The country Sierra Leone is a West African country of mining and farming, run by President Julius Maada Bio from the capital Freetown.
- —What happened On Monday 19 October 2026, Bio commissioned the Sierra Leone Ocean Shipping Company, known as SLOSCO, at the Queen Elizabeth II Quay in Freetown.
- —The fleet The plan calls for 50 vessels, with an initial phase of 30 ships.
- —The owners The state’s Sierra Leone National Shipping Agency holds 30%, and China’s Zhejiang Xiehai Group holds 70%, according to local reports.
- —The goal Bio said the country has relied on foreign carriers for too long to export and import its products.
- —The mining link Deputy mines minister Foday Mousa Fofana said more shipping capacity could improve mineral exports.
- —Still open No investment amount, ship types, routes or start date for the first vessel have been published.
The new Sierra Leone shipping company plans to grow to 50 vessels, a move aimed at the country’s mineral and farm exports. President Julius Maada Bio commissioned it on Monday 19 October 2026 at Freetown’s Queen Elizabeth II Quay, The Calabash Newspaper reported.
The firm, called SLOSCO, is a joint venture in which a Chinese company owns 70%. For US investors, the question is whether a state-backed carrier can cut freight costs and lift confidence in a mining sector with costly failures.
What Bio Commissioned in Freetown
The Sierra Leone Ocean Shipping Company, or SLOSCO, is a national carrier created to move the country’s goods by sea. Bio opened it on Monday 19 October at the Queen Elizabeth II Quay in Freetown.
The plan is a fleet of 50 vessels, with 30 ships in the first phase. The Calabash Newspaper published the account on Wednesday 21 October, and SwitSalone confirmed the date and venue a day later.
Who Owns SLOSCO
The Sierra Leone shipping company is a joint venture between the Sierra Leone National Shipping Agency and Zhejiang Xiehai Group Company Limited of China. The state agency holds 30%, and the Chinese company holds 70%, according to The Calabash Newspaper and SwitSalone.
Mustapha Mark Lissa, the agency’s director-general, thanked Bio for backing the company and praised the Chinese partner. Wang An, president of Zhejiang Xiehai Group, said the company is committed to the venture.
Why Mineral Exports Are Part of the Story
Sierra Leone sells minerals such as iron ore, diamonds and rutile, a titanium ore, and the mining sector relies on sea transport. Foday Mousa Fofana, the deputy minister of mines, said better shipping capacity could improve mineral exports, The Calabash Newspaper reported.
Wang An said the venture could stimulate maritime, mining, logistics and commercial activity. Bio also said the aim is to keep more of the income earned from moving the country’s goods.
What the Government Says It Wants
Bio said Sierra Leone has relied on international carriers for too long to export and import its products. He called SLOSCO a strategic investment in the country’s economic future.
He urged transparency, accountability and sound financial management, and asked the company to follow national law and international maritime safety standards. Alpha Ibrahim Sesay, the trade and industry minister, asked for arrangements that let local firms benefit.
How the Deal Came Together
The Calabash Newspaper reported that the partners signed the agreement on Thursday 16 July 2026 and Parliament approved it on 4 August. Transport Minister Fanday Turay called the approval a defining moment for the country’s maritime industry.
At the commissioning, Turay described the step as important for modernizing transport infrastructure. The Calabash Newspaper added that long-term success depends on carrying out the fleet plans and running the company openly.
What It Means for US Readers
US miners, traders and funds that ship from Sierra Leone watch freight costs and port reliability closely. A Sierra Leone shipping company with 30 to 50 ships could change how cargo is booked, but no rates or cargo rules exist yet.
The 70% Chinese stake also matters for American firms weighing Sierra Leone as a source of critical minerals. Investors who read our explainer on the African Minerals collapse will recognize the stakes of good governance in the sector.
What Is Not Known
The total cost of the fleet is not published, though The Calabash Newspaper said in July that Zhejiang Xiehai would supply capital, vessels and expertise. The types of ships, the routes and the date the first vessel will sail are also open.
No job numbers have been given, though the company has spoken of work in shipping, logistics, port services and training. It is not clear whether the state will give SLOSCO a share of national cargo.
More: Africa news in English, every day from The Rio Times.
Frequently Asked Questions
What is SLOSCO?
SLOSCO is the Sierra Leone shipping company, formally the Sierra Leone Ocean Shipping Company, commissioned on Monday 19 October 2026. It is a joint venture between the state shipping agency and a Chinese company.
Who owns the Sierra Leone shipping company?
Zhejiang Xiehai Group Company Limited of China holds 70%. The Sierra Leone National Shipping Agency holds the remaining 30%.
How many ships will the company have?
The plan is a fleet of 50 vessels for the Sierra Leone shipping company. The first phase covers 30 ships.
Will the company help mineral exports?
A deputy mines minister said better shipping capacity could improve mineral exports. No cargo volumes or freight rates have been announced yet.
How much is the project worth?
No investment figure has been published. The Calabash Newspaper reported in July that the Chinese partner would supply the capital and the vessels, at no financial cost to the government.
Sources: The Calabash Newspaper, 21 October 2026; SwitSalone, 22 October 2026; The Calabash Newspaper, 7 August 2026; The Calabash Newspaper, 17 July 2026; Maritime Africa, October 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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