Sri Lanka’s Hambantota International Port posts 40% growth
The Morning: The Hambantota International Port (HIP) has experienced an increase in volumes, with a 40% growth recorded in 2024 to date.
The port’s commercial and marketing division says the growth is expected to reach 50% by the year’s end.
“The impressive performance and strategic growth of the port in 2024 demonstrate the Hambantota International Port Group’s (HIPG) expertise in networking and marketing, managing port operations as well as HIP’s ability to efficiently handle rising volumes,” said HIPG Commercial and Marketing General Manager Lance Zuo.
“This achievement not only showcases the port’s effectiveness but HIPG’s commitment to its continuous development, in terms of increased efficiencies, strategic investments in infrastructure and services. The port’s leadership has been pivotal in driving this success,” Zuo added.
Significant growth has been noted in bulk/break-bulk, gas, marine services, and container segments, solidifying Hambantota Port’s position as a key player in the maritime market.
The port is increasingly recognised for its strategic location and efficient services, making it a preferred destination for transshipment and logistical services.
OSL take:
Sri Lanka’s maritime industry is on a growth path along with the ongoing overall economic expansion in the country. With Sri Lanka’s target of becoming a maritime hub in the region, there’s a steady growth in the ports, shipping and logistics sectors. Sri Lanka’s strategic positioning in the Indian Ocean in close proximity to international maritime routes and the many trade concessions as well as trade agreements enjoyed with other countries have all helped boost Sri Lanka’s maritime industry. It is in such a backdrop that key ports located in the island, especially Colombo and Hambantota, have recorded impressive growth rates. Realizing the growth potential in the maritime industry, the Sri Lankan government has also taken steps to further develop and expand operations of the key ports in the country while local port authorities have set up ambitious growth and profit targets for these ports. All these activities indicate an expansion in the business/investment opportunities in Sri Lanka’s maritime industry. Apart from exploring the direct business/investment opportunities in the maritime industry, foreign businesses/investors could explore indirect opportunities in the industry. Foreign businesses could also look at forming partnerships or joint ventures with local businesses in the maritime industry to more effectively explore the expanding business/investment opportunities in the industry.