Sri Lanka’s Colombo Port records an impressive 15.6 percent growth in container handling in the first half of 2018

Sri Lanka’s Colombo Port records an impressive 15.6 percent growth in container handling in the first half of 2018

The Sri Lanka Ports Authority (SLPA) has reportedly said that container handling at Sri Lanka’s Colombo Port has grown 15.6 percent in the first half of 2018.
According to the SLPA, it was the fastest in the World according to an international ranking.
SLPA has reportedly stated that Alphaliner, a shipping publisher, had ranked Colombo as the fastest growing port, ahead of Singapore at 11.6 percent, Guangzhou at 8.6 percent, Antwerp 8.3 percent.
According to reports, Colombo’s growth is closely linked to the growth on India and her external trade. Colombo volumes weaken when India’s growth slows.
Colombo’s Chinese built terminal had been a key driver of volume growth in recent years.
“Recently the three terminal operators at the Port of Colombo; the Jaya Container Terminal (JCT) under SLPA, the South Asia Gateway Terminal (SAGT) and the Colombo International Container Terminal (CICT) reached into a Memorandum of Understanding (MOU) to operate collectively to promote the Port of Colombo,” the SLPA has been quoted as saying.
“Under the new collective agreement, it is expected to minimize the total turnaround time of all container vessels.
“Further, through the new agreement, terminals will also be able to promote the Port of Colombo collectively and collaboratively in the arena of international maritime business.”

OSL take:

The continuous growth in container handling by the Colombo Port in Sri Lanka indicates the overall developments in the ports and shipping sector in the country. The Sri Lankan government is committed to making Sri Lanka a hub in Indian Ocean and has developed policies to enable this target as well. Given that Sri Lanka’s ports and shipping sector is a continuously evolving field, foreign businesses could explore the opportunities to invest in the sector. After all, Sri Lanka’s geographical positioning in the Indian Ocean also adds to the country’s importance the region.

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Article Code : VBS/AT/12092018/Z_5

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