Sri Lanka’s LAUGFS Terminals celebrates 100th ship call for loading LP gas at Hambantota Port
LAUGFS Terminals Ltd. of Sri Lanka has reportedly celebrated its 100th ship call for loading of LP gas at its port based in the LP Gas Storage and Transshipment Terminal Complex at Sri Lanka’s southern Hambantota International Port (HIP).
This facility was built and now operated by LAUGFS Terminals Ltd. and is a fully owned subsidiary of LAUGFS Gas PLC.
The installed cargo capacity of this Terminal Complex is 30,000 m/t, which can turnaround three times monthly to achieve 1,000,000 m/t of LP Gas per annum as transhipments, by way of import, storage, mixing of elements of propane and butane, and exports to identified markets, local media reports stated.
According to reports, the call of the 100th ship at the terminal complex through Hambantota International Port is a landmark event for the nation, since it denotes the beginning of creating an “Energy-Hub” around the port in addition to it being a “Maritime-Hub.”
LAUGFS Terminals Ltd. has taken only a period of 14 months to achieve this important feat, which is significant when compared against the general gestation periods for infrastructure projects of this nature and also from the point of view of the energy trading projects globally; that will usually take at least 24 months to reach optimum levels of operations, the Daily FT report stated.
LAUGFS has reportedly stated that its achievement of having called 100 ships is all the more important of an achievement, in light of the adverse effects from oil-price volatility, USA China trade disputes, drone attacks on Saudi Aramco installations, COVID-19 hindrances along with economic recession; creating a substantial decline in energy demand and trading.
LAUGFS Terminals Ltd., with its 100th ship call at the terminal complex had handled in total 413,000 m/t of LPG of inward and outward cargo and the value of the transactions of inward and outward cargo of these 100 ships is around US$ 175,000,000.
“Our major export mix consist of apparels, tourism, plantation produce and few more sectors, but it is quite interesting to observe a gradual emergence of a completely new sector, the “energy exports”; adding value through LAUGFS Transshipment Terminals. This will hopefully be a major export sector in the country in the time to come,” LAUGFS has stated.
At the moment, the terminal records an average of 15-20 ship calls per month and it will soon be increased up to 30 ship calls per month, and it will be a situation of at least one ship will either be loading or unloading of LPG cargo at the terminals per day, the news report further stated.
The performance of LAUGFS Terminal at the Hambantota Port is indicative of the growing business opportunities in Sri Lanka’s maritime sector. Given Sri Lanka’s geographical positioning in the Indian Ocean, ease of doing business environment and the many trade agreements as well as trade concessions enjoyed by the country have placed Sri Lanka in an advantageous position as a trade, business and investment hub in the South Asian region. Foreign businesses/investors could therefore explore opportunities in Sri Lanka, especially in the maritime sector.
|Article Code :||VBS/AT/20200923/Z_2|