Trust Logistics launches 30 new fleet of trucks; gears up for further expansion

Trust Logistics Limited (TLL), formerly known as STC Bulk Haulage, launched 30 brand new heavy duty Iveco trucks consisting of 8 fuel tankers and 22 tractor heads and trailers, at its premises,near the Tema Oil Refinery, Thursday.

Managing Director of the haulage and logistics firm, Nii Lomoete Engmann, said the vehicles were acquired in furtherance ofthe company’s vision to vigorously expand its transport business footprint and enter into new markets.

The launch of the vehicles is the third milestone for the company since SSNIT, the sole shareholder,restructured the company in 2012 with the reconstitution of the Board of Directors accompanied bya significant injection of equity.

Just months after outdooring the plush ultramodern vehicle inspection bay, Nii Lomoete Engmann said the vehicles, the latest addition to its fleet, are part of a strategy to “pursue key lucrative contracts in the bulk cargo transport sectors stretching from oil and gas and themaritime trade to the capital intensive sectors of infrastructure development, construction, physical regeneration, energy and agri-business.”

He said the vehicles procured at an estimated cost of ¢25 million was through a public-private partnership financing arrangement with the company’s sole shareholder SSNIT and Tanink Ghana Ltd playing lead roles.

Nii Lomoete Engmann, MD of TLL
He said the vehicles will be converted from “fixed capital assets to sustained revenue earners” with management ensuring that these “vehicles hit the road, work and pay their way.”

“SSNIT expects no less. Our customers expect no less and all the people who have a stake in this enterprise expect no less,” he emphasised.

He said the company has made significant strides towards securing lucrative service contracts with a few global brands.

“We have got businesses lined up for the trucks and we expect that they will do exactly what we procured them to do,” he added.

MrsAkosua M Nelson Cofie, Portfolio Manager, Equities at SSNIT, who spoke on behalf of the Director-General of the Trust, Mr Ernest Thompson, said the launch of the vehicles has put the company on track as a serious player in the haulage sector in both wet and dry categories.

MrsAkosua M Nelson Cofie
“When TLL approached SSNIT in 2014 with proposals for the implementation of the next phase of the fleet expansion drive that has delivered 30 new trucks and accessories, we were struck by, first, the determination of management to propel the company from a relatively modest participant in the wet cargo market into a truly diversified transport and logistics solution provider.

“Secondly, TLL used only a fraction of direct SSNIT funding, with the bulk of the capital coming from a package independently negotiated by the company on the market with its business partners. In this manner TLL took its fair share of the commercial risk without putting additional pressure on the Trust’s resources,” she said.

While commending the initiative, the SSNIT Portfolio Manager was quick to caution the Board and Management not to allow the new deal to hamper cash flow in the company.

She appealed to management to ensure there is partnership, effective cost management, a robust vehicle maintenance culture and “more importantly a commitment to paying handsome dividends to SSNIT on a consistent basis.”

Tanink CEO Roger Klogo getting ready to hand over keys to Nii Engmann

The keys to the orange coloured heavy duty trucks were handed over to Nii Lomoete Engmann by the CEO of Tanink Ghana Limited, Mr Roger Klogo.

The Board Chair of TLL, DD Nyantakyi, in a closing remarks said the good will and support enjoyed by TLL will certainly propel the company to achieve greater things.

He applauded management’s “ambitious but realistic plans to catapult the company into the big league of transport and logistics service providers” and also advised the Nii Engmann-led administration to continue to provide quality leadership and be “bold and ethical in pursuit of business opportunities and deliver maximum value and return on investment.”

The launch was attended by many dignitaries including the Omanhene Kyeame of the Juabeng Traditional area, Nana Dr. Appiagyei DankawosoI, Col. Agyakwa of the Ghana Army, Mr Yedan Yahaya, a representative of Burkina Faso Shippers Council and representatives from a wide range of organisations including GOIL, Damco, Vanguard Assurance.

More Business & Finance »

This article has 0 comment, leave your comment.