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Durban Shipping Still Heavily Impacted by Rains

SOUTH AFRICA
  • Energy Minister Mantashe has outlined South Africa’s approach to nuclear power, laying out plans to tender for new proposals. Mantashe was less forthcoming on timing, responding “the sooner the better” for nuclear power, according to the Daily Maverick.
  • Early this morning, Eskom warned that stage 2 loadshedding is to be implemented continuously from 5am this morning to 5am Friday due to unit failures and delays to service. The failures occurred at the Camden and Tutuka power stations.
  • A report from Genesis Analytics found that over half of all SA’s credit-active consumers are considered ‘heavily indebted’, meaning 48% of borrowers have bad credit ratings. These people also have difficulty keeping up with debt payments, while 95% of low income individuals use debt to pay for basic needs including food.
  • Shipping operations at port terminals in Durban were suspended yesterday, with key road networks leading to the site all impacted by the heaviest rain seen in the area for sixty years. Transnet SOC confirmed that the suspension was effective as of Monday night, and will be in place until further notice.
  • While the port closures will have ramifications for the likes of Zambia, Zimbabwe and Botswana, a number of commodities exporters have reported minimal interruption, with Exxaro Resources being unaffected and Thungela Resources suffering only a “small” interruption to service.
  • Ramaphosa is to visit the flood-stricken KwaZulu-Natal area today
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