Home
WELCOME TO THE WEST COAST SHIPPERS
West Coast Shippers was established in July 1980; jointly by the six shareholding states from the Arabian Gulf (Bahrain, Iraq, Kuwait, Qatar, Saudi Arabia and U.A.E). The head office is located in the Accra Ghana. West Coast is one of the largest ocean carrier of dry cargo to the Africa. West Coast has assumed this position on merit as a carrier providing first class service to its customers, which has been maintained, despite ups and downs, in the market.
Commitment to Africa and the rest of the world
West Coast Shippers as a National line maintains an unswerving commitment to serve the good people of Africa. WCS offers a wide scope of services to the African countries and the rest of the world thereby meeting the requirements of our customers.
The company has maintained its market leadership by being the top carrier; both in terms of liner cargo carryings as well as the port coverage in this region.
The company has maintained its market leadership by being the top carrier; both in terms of liner cargo carryings as well as the port coverage in this region.
West Coast Shippers Global Network
West Coast Shippers Shipping Limited has a wide network coverage with other well known shipping companies.
This enables us to ship from all countries around the world,from coast to coast.
We link package(s) worldwide.
We bring services to your door step.
Financial Strenght
The Company's authorized capital is US$ 1770 million of which US$ 991 million has been subscribed.
WCS, with an annual turnover in excess of US$ 1 billion and total assets of about US$ 1 billion including significant current assets, is a financially strong shipping line, very capable of maintaining and expanding its reliable and stable shipping services to our customers worldwide.
WCS, with an annual turnover in excess of US$ 1 billion and total assets of about US$ 1 billion including significant current assets, is a financially strong shipping line, very capable of maintaining and expanding its reliable and stable shipping services to our customers worldwide.
| West Coast Shippers Consolidated Balance Sheet As At 31 December 2005 | ||
2005 | 2004 | |
US $ 000 | US $ 000 (Restated) | |
| ASSETS | ||
| Non Current assets | ||
| Property, Vessels and Equipment | 897,884 | 600,069 |
| investments in associates | 1,942 | 1,779 |
| Due from a shareholder | 11,356 | 22,995 |
| Investments | 118,669 | 44,760 |
1,029,851 | 669,603 | |
| Current assets | ||
| Inventory | 23,638 | 17,637 |
| Trade and other receivables | 133,168 | 134,292 |
| Investments | 94,968 | 324,045 |
| Cash and bank balances | 162,872 | 262,079 |
414,646 | 738,053 | |
| Total assets | 1,444,497 | 1,407,656 |
| SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity | ||
| Share capital | 991,200 | 991,200 |
| Statutory reserve | 98,865 | 87,331 |
| Unrealized gain on available for sale investments | 8,527 | 15,713 |
| Retained earnings | 183,357 | 139,614 |
| Translation adjustment | 89 | 164 |
| Attributable to equity holders of the parent company | 1,282,038 | 1,234,022 |
| Minority interest | 1,177 | 1,272 |
1,283,215 | 1,235,294 | |
| Non current liabilities | ||
| Obligation under finance leases | 720 | 2,246 |
| Provision for employees' end of service indemnity | 12,500 | 11,994 |
13,220 | 14,240 | |
| Current Liabilities | ||
| Term loan | - | 23,030 |
| Obligation under finance leases | 1,506 | 1,687 |
| Trade and other payables | 117,658 | 107,894 |
| Voyages in progress | 28,898 | 25,511 |
148,062 | 158,122 | |
| Total shareholders' equity and liabilities | 1,444,497 | 1,407,656 |
Diversified
WCS has successfully diversified through its subsidiaries and joint ventures to provide a range of shipping related services, which include shipping agencies, freight forwarding, land transportation, sea/air cargo, petrochemical transportation, chartering, container repairs and storage.
WCS is recognizing the needs of our clients to be able to electronically make cargo bookings, track and trace their shipments and eventually also receive electronical bills of lading. This recognition resulted in HSBA joining the INTTRA portal in 2002 as both a member and a shareholder..
WCS is recognizing the needs of our clients to be able to electronically make cargo bookings, track and trace their shipments and eventually also receive electronical bills of lading. This recognition resulted in HSBA joining the INTTRA portal in 2002 as both a member and a shareholder..
