Shipping firm agreement yet to be signed

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Source:
The National, Thursday July 21st, 2016

A charter party agreement (CPA) among the five districts that own Morobe Coast Shipping Services (MCSS) and the management of the entity is yet to be signed to determine respective roles and responsibilities.
The agreement will spell out the roles and functions of the shareholders through respective district administrations similar to the obligations of the MCSS management.
It is also to ensure the MPs of Tewae-Siassi, Kabwum, Nawaeb, Finschhafen and Huon Gulf are kept out from being shareholders as per the advice from the Ombudsman Commission and the Investment Promotion Authority.
MCSS manager Namon Mawason said the owners of MCSS were represented through respective district administration by their chief executive officers and the boards were appointed by the district development authority.
“The signing of the CPA will come about when all districts contribute K1.15 million as equity to allow MCSS to thrive as per the agreement. So far, only Kabwum paid their K1.15 million,” Mawason said.
Finschhafen contributed by purchasing two vessels mv Gejamsao and mv Maneba, Tewae-Siassi the mv Lady Zeming and Huon Gulf the mv Morobe Rainforest.
The Nawaeb district had yet to contribute.

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