GNSC records 152% increase in importation of stones, cement in 2021

The Guyana National Shipping Corporation (GNSC) last year recorded a 152 per cent increase in profitability and a 9.5 per cent increase in revenue.
This was revealed by Public Works Minister Juan Edghill during a recent press conference on Monday, when he noted that this was the first year that the GNSC’s operations fell under the purview of the Ministry of Public Works. In the past, the Ministry of Finance had oversight of the GNSC.
“The Guyana National Shipping Corporation increased its revenue by 9.5% in 2021, and it has become more profitable. they are reporting 152 per cent in profitability over what was budgeted for 2021,” Edghill explained.
This success has been credited to the GNSC having seen major increases in the importation and exportation of cargo and containers.
“We’ve seen a general increase in cargo by 55.1 per cent, and that’s a good thing. More cargo is coming to Guyana…cement accounted for about 29 per cent,” the Minister explained.
“Aggregates increased by 686 per cent, that’s the importation of stone, and that speaks about the kind of development and what is happening as a country…” he added.
There was also a significant increase in exports. According to the Minister, “More containers pass through the National Shipping. There was increase in containers-to-export by 32 per cent.”
“The handling of rice for export increased by 54%,” he posited.
Moreover, the Public Works Minister said, the GNSC has seen a decrease in its expenses.
“They have been able, through good management, to reduce expenses. Expenses went down by 6.3 per cent versus what was budgeted…So, the Guyana National Shipping Corporation is in a very good place,” Edghill added.
In 2020, Edghill had told the newly installed Board of Directors of the GNSC to focus on profitability, and stop subsidising the Private Sector.
“Guyana National Shipping Corporation must not be subsidising anybody in the Private Sector […] by giving them meagre rents. They are charging competitive rates for the services that they are giving. In that way, they are making larger profits, because we are doing business as a Government entity, and had they gone to a Private Sector man to rent the same space, they would have had to pay a better price,” Edghill had said.
The Minister had also reminded about the entity’s Articles of Incorporation, which give it authority to engage with other parties. He suggested that the GNSC should consider decentralising the location of its head office, as the current location on the shipping block takes away some prime space that could be used for storage.
Edghill had said modernisation is especially important with the emerging petroleum sector. “These facilities are some of the most-sought-after facilities in the country right now. Once you’re near the water with sheds and storage, everybody in the oil and gas industry will be seeking out partnerships and engagements,” he had noted.
The GNSC Board is chaired by Attorney-at-law Euclin Gomes. The other members on the Board are GNSC Managing Director Andrew Astwood; engineers Oswald Chisholm, Dimitri Alli and Ramkumar Gopaul; Community activist Desmond Morian; Rajendra Paul and Miguel Choo-Kang; and Advisor to the Public Works Minister on Maritime Affairs, Claudette Rogers.