52 cargo ships scheduled to arrive at Yangon Port in Jan 2023

A total of 52 cargo ships carrying many containers are slated to enter Yangon Port in January 2023, according to Myanmar Port Authority. This month, nine cargo ships, which are run by Sealand Maersk Asia, eight by New Golden Sea (Cosco), six by Samudera Shipping Line, four each by MSC Line, SITC Line and RCL, three each by TI2 Container Line and PIL, two by CMA CGM Line, Ever Green Line and X-Press Feeder and one by Bay Line, IAL, BLPL Shipping Line, Land & Sea and CSL and will enter Yangon Port.

Yangon Port handled a total of 620 cargo ships last year, according to Myanmar Port Authority. The number of cargo ships entering Yangon Port stands at 49 in January 2022, 48 in February, 50 in March, 52 in April, 54 in May, 53 in June, 49 in July, 55 each in August and September, 50 in October, 51 in November and 54 in December respectively. From May 2021, the arrival of ships at terminals in Yangon has increased again.

To fulfil the seaborne trade requirements, three new cargo ships by Maersk Line Myanmar (Sealand Maersk) started to run in 2021. Myanmar Port Authorities and Yangon inner terminals are providing services to ensure the fast and reliable cargo handling and withdrawal of the containers. Earlier, the larger ships had draft problems preventing their sailing on the Yangon River. The draft extension is up to 10 metres with the new navigation channel accessing the inner Yangon River and the international ocean liners can access the inner port for now. 

Source: The Global New Light of Myanmar

YGEA reference price soars to K2.262 mln per tical tracking global gold spot prices

The reference price of gold climbed to K2.262 million per tical (0.578 ounce or 0.016 kilogramme) in the domestic market following the increase in global gold spot prices, Yangon Region Gold Entrepreneurs Association stated. At the end of last year, global gold spot prices stood at US$1,823 per ounce and the yellow metal was set at K2,147,500 per tical by the YGEA. As the price rallied to $1,920 in the international market, the reference price rose to K2,262,000 per tical. The figures indicated an increase of $97 per ounce and over K110,000 per tical. Despite the YGEA’s reference price, the pure gold spiked at K2,850,000 per tical in the unofficial market, showing a large gap of K580,000 per tical.

YGEA calculated the price depending on the Central Bank of Myanmar’s reference exchange rate of K2,100, with some addition, while the US dollar is exchanged at K2,880 in the unofficial forex market. Meanwhile, Myanma Gems Enterprise (MGE) sold the gold at K2.5 million per tical despite the large gap. On 4 January, as a celebration of the 75th Anniversary Independence Day (Diamond Jubilee), new designs of 1 tical and 0.5 tical gold coins have been on sale at the respective shops in Nay Pyi Taw, Yangon and Mandalay of the MGE from 5 January 2023, along with other old coins. Pure gold is offered at K2.5 million per tical. The gold coin amounted to K2.58 million per tical, including making charges of K80,000. The final price of gold is K1.292 million per 0.5 tical with making charges of K42,000.

For 0.25 tical, the market value is K647,000 including making charges of K22,000. The price of gold in the domestic market is positively related to the global gold spot prices and dollar exchange rate. The soaring dollar exchange at over K4,500 pushed up the pure gold price to a record-high of K3.7 million per tical in late August 2022. For the gold price to decline, the Ministry of Natural Resources and Environmental Conservation has been selling gold ingots in Yangon, Mandalay and Nay Pyi Taw under the auction system. With an aim at reducing gold prices, the YGEA and Mandalay Region Gold Entrepreneurs Association sold gold bullion supplied by the executive members and the members as well.

Source: The Global New Light of Myanmar

New Yangon-Dala River Bridge construction expected to complete 100% in early 2024

The 100 per cent of the new Myanmar-Korea Friendship Yangon-Dala River bridge is expected to be completed by early 2024, according to the Ministry of Construction. For the main bridge PY2 on the Yangon side, the shaft piling work, which is the mid-water pillar work, has been completed from the bottom of the pillar to a height of eight metres. The construction work for the approach bridge along Phonegyi Road has also been completed. 48 per cent of the entire bridge has now been constructed due to the pouring of seven reinforced concrete floors according to the bridge construction site.

As the construction of the bridge nears completion, residents of Lanmadaw Township said that the scenery of the bridge project area — along Phonegyi Road in Lanmadaw Township and the port near the shore — has also changed. U Ye Aung, a resident of Phonegyi Road, told the Global New Light of Myanmar (GNLM) that the erection of bored piles for the main approach two-lane bridge along Phonegyi Road was seen in the last months of 2020. Around two years later, in early 2023, it has been seen that rows of beams have been placed between the main pillars and that reinforced concrete slabs have been laid.

Similarly, it is only necessary to lay the RC slabs for the two pedestrian overpasses under construction at the night market on Strand Road between Latha and Lanmadaw Township. The construction of the Dala Suspension Bridge over the Yangon River started in May 2019 and will be completed in early 2024. Therefore, in the next year or so, we will see a change in the scene of traffic using not only the surface road but also the approach bridges in front of Strand Road and Phonegyi Road. Along with the changes in the scenes, transport will become convenient and the development of the region will be improved. Especially, a new scene with various vehicles passing by on the concrete road where cargo vehicles travel, and above the bridge road, will become a new image of Yangon, the commerical city, Daw Win Ma, a resident of Lanmadaw Township, told the GNLM. 

Source: The Global New Light of Myanmar