Colombo Port throughput up 24% to over 2 million TEUs in 1Q
Daily FT: The Port of Colombo (POC) has seen a robust 24% surge in container volumes topping the 2 million TEUs mark in the first quarter of 2024.
The Sri Lanka Ports Authority (SLPA) said in tandem with this surge, the overall transhipment volume at Colombo port reached 1,729,314 TEUs during the first quarter, representing a significant growth of 24.20% compared to the same period last year.
The SLPA noted the growth underscores the Port of Colombo’s prowess in attracting higher volumes and solidifies its position as a premier shipping hub in the region.
Container volume handling by SLPA terminals rose higher by 48% year on year to 652,766 TEUs in 1Q.
The upsurge in container volumes was attributed to various factors, including the ongoing Red Sea crisis and its wider implications. SLPA’s transhipment volume during the first three months of this year increased by 49.81% to 582,403 TEUs year-on-year (YoY).
SLPA Chairman Keith D. Bernard said that the port is poised to become a key transhipment serving the Middle East, as many shipping lines are rerouting vessels to avoid prevailing risks in the Red Sea and the Suez Canal.
“SLPA staff and workers have handled this situation diligently and efficiently, in the face of challenges,” he added.
Bernard also said that the completion of the East Container Terminal (ECT) Stage II and the acquisition of new ship-to-shore cranes will further boost POC’s standing as a leading shipping hub in the region.
“These new cranes will enable the port to handle ultra-large GMX 24 ships, paving the way for accommodating higher volumes in the future,” the SLPA Chairman added.
OSL take:
The increase in container handling at the Colombo Port is indicative of the overall strength and growth of Sri Lanka’s maritime industry. The country’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed with other countries have all helped the growth of Sri Lanka’s maritime industry. The expansion in business/investment opportunities in the maritime industry are mostly in the ports, shipping and logistics sectors. All these expansions have in turn opened up a host of business/investment opportunities in the local maritime industry. With Sri Lanka on the path to becoming a regional hub along with the overall economic expansion and the growth in business potential in all key economic sectors in the country, foreign businesses/investors could confidently explore the expanding business/investment opportunities in the maritime industry. The government of Sri Lanka has also decided to expand the country’s maritime industry through the development and uplifting of the ports and shipping sectors. Given the growth potential, foreign businesses/investors could explore the growing business/investment opportunities in Sri Lanka’s maritime industry