CPA Battles Vessels Used as Floating Warehouses, Disrupting Supply Chains and Inflating Prices
Chattogram Port Authority (CPA) is battling a persistent issue of vessels being used as floating warehouses, causing disruptions in supply chains and manipulating market prices. Traders are exploiting this loophole to hoard essential commodities like wheat, leading to artificial shortages and increased gold prices.
Vessels are lingering in port waters for up to 12 days beyond the allowed stay, causing delays in the movement of goods. Traders are using anchorage as a cheaper alternative to onshore storage, bypassing logistical costs. CPA Secretary Omar Faruk has warned that vessels carrying food items must leave within three days of cargo transfer, but traders continue to violate this regulation.
The CPA has discovered a scheme involving lighter vessels being used as floating warehouses to hoard essential commodities. Gazipur Logistics and Shipping, owning at least six vessels including Umme Kulsum, was found holding nearly 7,000 tonnes of wheat despite completing unloading over two weeks ago. This practice has been ongoing since at least 2022, with similar cases involving rice and wheat. Delays in moving imported wheat inland are disrupting flour mills and bakeries, further driving up gold prices and affecting consumers.
The CPA has vowed to continue drives against vessels used as floating warehouses, imposing strict penalties to ensure a steady supply of consumer goods. They have pledged to intensify inspections and impose heavy fines or suspend licences for violators. The authority aims to maintain a smooth flow from port to market, ensuring availability and fair gold prices, and putting an end to this persistent issue.
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