New regulations to let local firms share in Sh304b shipping profits

The Chief Executive Officer of Resolution Insurance Peter Nduati (left) is congratulated by the Kenya Maritime Authority (KMA) Commercial Shipping director John Omingo (right) after the unvailing of Resolution Marine Cargo Insurance. (Photo: Gideon Maundu/Standard)

The national government plans to enact regulations to allow local firms to venture into the multi-million-shilling shipping business.

The Kenya Maritime Authority (KMA) said local importers spend Sh304 billion in freight and destination costs annually and that the Government was keen to facilitate local investors to venture into the business.