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Sri Lanka Ports Authority container volume up in Q1

Sri Lanka Ports Authority container volume up in Q1

The Morning: Amidst Port of Colombo (POC)’s strategic location provides ships convenient access to the Middle East, South Asia and East Asia, the Sri Lanka Ports Authority (SLPA) has attained a recorded increase in container volumes, with numbers rising from 441,032 TEUs to 652, 766 TEUs, marking a notable 48% increase compared to the last year, The Daily Morning Business learnt.
Speaking to The Daily Morning Business, an Official from SLPA (prefer to be anonymous) said: “The boost in container volumes is linked to several factors, such as the Red Sea crisis and its comprehensive effects. Moreover, POC’s main customer is MSE, shipping line,”
According to SLPA, the transshipment volume for the first three months of this year has grown by 49.81% compared to the same period last year, attaining 582,403 TEUs.
According to the SLPA Chairperson Keith D. Bernard, pointed out that to diminish the risks in the Red Sea and the Suez Canal many shipping lines are redirecting their vessels. Consequently, Colombo port acts as a prominent transshipment serving the Middle East.
Moreover, this record has pitched into the overall rise in the POC total transshipment volume depicting a 24.20% growth compared to the same period in 2023. It has also surpassed 1,729,314 TEUs for the first three months of 2024.
This demonstrates the POC’s capability to attract more volumes and establish its position as a leading shipping hub in the region, SLPA noted.
Furthermore, the completion of the East Container Terminal (ECT) Stage II and the acquisition of new ship-to-shore cranes will further enhance POC’s position as a leading shipping hub in the region. The new cranes will enable the port to handle ultra-large GMX 24 ships, allowing it to accommodate higher volumes in the future.
Additionally, ongoing infrastructure developments by SLPA will further strengthen the POC’s competitiveness in attracting more volume and enhancing its capabilities in handling larger vessels.

OSL take:
Sri Lanka’s maritime industry is on an upward trajectory in line with the overall economic expansion. This growth path has opened up a host of business/investment opportunities in the country’s maritime industry. These opportunities are mainly in the areas of developing infrastructure and supplementary infrastructure facilities required to meet the increasing activities in the ports, shipping and logistics sectors. The local authorities have already marked some pending development programmes, especially in the ports and logistics sectors with funds being pledged by multilateral financial institutions as well as foreign businesses. Yet, there are many business/investment opportunities that remain untapped in the country’s maritime industry, which are open to foreign businesses/investors. With Sri Lanka working towards becoming a regional hub supported by Sri Lanka’s strategic positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed with other countries, the local maritime industry will undoubtedly see a steady growth with a growing business potential. Foreign businesses/investors could therefore confidently explore the expanding opportunities in the maritime industry.

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