Join our daily newsletter At The Bell to receive exclusive market insights
- Steamships Trading Company (SST) has announced a coordinated response to Papua New Guinea’s State of Emergency
- The company owns several logistics businesses in PNG, all of which will be affected by the shutdown
- The State of Emergency was called after an incoming passenger to Papua New Guinea tested positive to COVID-19 on Friday
- Testing and contact tracing are ongoing, thus far no other confirmed cases have been reported
- The Government of Papua New Guinea have restricted movement into the country and between the provinces
- For Steamships, non-core activities have been suspended for the next 14 day, with employees released on paid leave remote working arrangements implemented for core staff
- Steamships is trading down 0.99 per cent for $10.00 each
Steamships Trading Company (SST) has announced they are formulating a coordinated response to the State of Emergency called in Papua New Guinea yesterday.
Steamships has a host of logistics businesses inside Papua New Guinea, all of which will be affected by the shutdown.
Travel in and out of the country has been restricted, with all foreign nationals barred from entering for two weeks.
The State of Emergency was called after an incoming passenger to Papua New Guinea tested positive to COVID-19 on Friday.
Testing and contact tracing are ongoing, thus far no other confirmed cases have been reported.
Further to this, some 17 other decisions involving restrictions of movement were made yesterday, as were notices to organisations to review work practices and release non-essential staff for 14 days starting today.
Steamships Managing Director, Michael Scantlebury, said the company intended to keep operating in whatever capacity they could.
“We will continue to monitor all credible sources including World Health Organisation updates and that of the Office of Prime Minister and his government authorities … [We] will ensure our work continues whilst … protecting the lives of our employees and their families who will remain on duty,” Michal explained.
“Our responsibility to provide critical services to the people of PNG through our shipping, logistics and property businesses is most important at this time,” he said.
The seven businesses owned by Steamships that operate in the country include Consort Express Lines, Pacific Towing, Joint Venture Port Services, East West Transport, Coral Sea Hotels and Pacific Palms Property.
Non-core activities have been suspended for the next 14 day, with employees released on paid leave and the introduction of rotational and remote working arrangements for essential staff.
The company has admitted these actions will have an adverse impact on quarterly results, but they believe it is too early to speculate what the effect will be.
Steamships is trading down 0.99 per cent for $10.00 each at 11:30 am AEDT.
