The Kenyan government has approved the revival of state-owned Kenya National Shipping Line (KNSL). As part of the planned restructuring the line’s three foreign shareholders, who include MSC, will be jettisoned and the company will go it alone, handling government cargo as well as vying for private business.
The line has been struggling for many years and has been close to insolvent.
“The recovery strategy proposed, among other things, is giving the company the sole mandate to handle government cargo,” a statement from the cabinet stated.
Reports in the Kenyan media suggest PIL, Maersk and MSC had all earlier sought to take control of the line.