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Jaya Container Terminals celebrates 16 years of success with record-breaking growth

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(Left to right) Lakmal Ratnayake, Attorney-at-law and Chairman of Jaya Container Terminals Limited & Dr.Sisira Kodagoda, Managing Director of Jaya Container Terminals Limited

Jaya Container Terminals Limited (JCT Limited), a fully owned subsidiary of the Sri Lanka Ports Authority (SLPA) recently commemorated its 16th anniversary. Since its inception in 2008, JCT Limited has established itself as a cornerstone of the Sri Lankan maritime industry, consistently exceeding expectations and achieving remarkable milestones.

Over the past three years, JCT Limited has witnessed phenomenal growth, shattering previous records for revenue and profitability. This achievement is a testament to the company’s strategic agility and unwavering commitment to serving diverse client needs.

Lakmal Ratnayake, Attorney-at-law and Chairman of Jaya Container Terminals Limited shared his thoughts, “It is fantastic to see JCT reach such phenomenal heights. This success wouldn’t be possible without the dedication of our entire team, and the unwavering support of the Ministry of Ports, Shipping & Aviation, and the Sri Lanka Ports Authority. We are incredibly grateful for their contribution to our journey. Our success also stems from the trust placed in us by our partners, stakeholders, and loyal clientele. Their continued support has been instrumental in propelling JCT Limited to the forefront of the industry. We look forward to building upon this foundation and achieving even greater heights together in the coming years.”

JCT’s remarkable growth can be attributed to several key factors. The company’s ability to adapt to market demands, including providing critical Marine Gas Oil to various private sectors during Sri Lanka’s fuel crisis, played a significant role. Additionally, JCT’s proactive transition to Low Sulphur Fuel (LSF) compliance with International Maritime Organization (IMO) regulations allowed them to cater to a wider range of vessels.

In response to the Red Sea crisis that began in November 2023, JCT’s oil banks have experienced a significant surge in sales. As of the end of February, volumes sold have increased by 36%. Revenue and fuel sales peaked in January 2024, reaching Rs. 72.1 million and 53,805 MT respectively. While there was a slight decline in February, with 53,805 MT of fuel sales and Rs. 66.6 million in revenue, JCT’s overall performance during the crisis has been exceptionally strong.

The year 2022 was a remarkable year for the company, JCT Limited recorded the highest profit ever in its history, surpassing Rs. 245 million. In 2023, JCT Limited recorded the highest revenue in history of Rs. 612 million and the profit stood as Rs. 243 million. In 2024, the company’s performance has been even more impressive. Revenue up to August 2024 reached Rs. 489 million with operating profits of Rs. 204 million. JCT’s profit up to August 2024 is around Rs. 181 million, and compared to August 2023 it’s a 10% increase. These figures demonstrate the company’s resilience and ability to capitalize on opportunities, even in challenging market conditions.



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Cost-effective clearance of goods across borders to determine worth of Customs Paperless Declaration

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Containers held up at the Port of Colombo

By Ifham Nizam

The introduction of the Customs Paperless Declaration from October 1 could mark an important step in Sri Lanka’s efforts to modernise trade, but its real value will depend on whether it reduces the time and cost of moving goods through the country’s borders, Customs House Agents & Traders Association President Mohamed Niyas said.

Niyas warned that digitising Customs declarations alone would not necessarily translate into faster cargo clearance or lower costs for businesses.

‘Expecting a dramatic improvement in clearance speed under the present conditions is like expecting Ferrari performance from a Morris Minor configuration, he said.

For importers and exporters, the issue extends well beyond paperwork. Every additional hour or day that cargo remains in the clearance chain can have wider consequences for businesses, including increased port and storage-related costs, additional working-capital requirements, uncertainty over delivery schedules and disruptions to production and distribution.

Niyas said the competitiveness of Sri Lanka’s trading sector ultimately depended on how efficiently goods could move through the country’s border-clearance system.

‘The real bottleneck is not merely the absence of paper. It is the entire clearance ecosystem—the limitations of the existing ASYCUDA World system, excessive regulatory interventions by Other

Government Agencies, multiple approvals, physical examinations, manual interventions, fragmented processes and institutional constraints, he said.

He cautioned that unless these bottlenecks were addressed, there was a risk that the paperless initiative would merely digitise existing bureaucracy.

‘If these underlying constraints remain unchanged, there is a real risk that the new paperless system could become another “copy-and-paste road show”—where an old, complex clearance process is simply transferred onto a digital screen without fundamentally changing the process itself, Niyas said.

For businesses dependent on imported raw materials, machinery, components and other inputs, clearance efficiency can directly affect the wider supply chain.

Delays at the border can create uncertainty for manufacturers, distributors and retailers, while exporters can face difficulties meeting delivery schedules when imported inputs or export consignments are held up.

Niyas therefore argued that the success of the October 1 initiative should be judged by its impact on trade flows rather than by the number of declarations processed electronically.

‘Paperless does not automatically mean faster, he said. ‘Digitising a slow process does not make the process fast. It only makes the slow process digital.’

He said Sri Lanka needed to move towards what he described as “process-less Customs”—a system in which unnecessary procedures are eliminated rather than simply converted into electronic procedures.

Among the reforms he called for are simplification of Customs declarations and approval workflows, improvements to the functionality of ASYCUDA World, greater use of risk-based inspections and better integration of Other Government Agency approvals.

Niyas also called for the elimination of repetitive document submissions and physical endorsements, greater use of pre-arrival processing, sufficient capacity for digital document uploads and clearly defined service-level timelines for Customs and OGAs.

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China backs Sri Lanka’s Non-aligned stance to counter regional pressures

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Chinese Ambassador Wei Huaxiang delivering the keynote address in Colombo

By Sanath Nanayakkare

As global attention has fixed on the high-level diplomatic choreography at the United Nations General Assembly in New York, a subtler, yet profound geopolitical signal was sent from Colombo, yesterday.

In a major address marking the founding anniversary of the People’s Republic of China, newly appointed Chinese Ambassador Wei Huaxiang chose to anchor bilateral relations not just in modern trade or infrastructure, but in a shared respect for Sri Lanka’s legacy of non-aligned independence.

By explicitly invoking Sri Lanka’s foundational role in the 1976 Non-Aligned Summit, Beijing was doing something unexpected in an era defined by fierce great-power rivalry: it was officially validating a small island nation’s right to maintain an independent foreign policy stance.

The Strategic Value of Independence

For decades, nations caught in the crosshairs of major-power competition have faced intense pressure to pick sides. Yet, Ambassador Wei’s embrace of Colombo’s non-aligned tradition signaled a different diplomatic playbook. Instead of demanding alignment, Beijing was framing its partnership as a reliable counterbalance to regional pressures. By honouring Sri Lanka’s diplomatic autonomy, China was effectively reassuring smaller economies that sovereign independence and robust economic cooperation can coexist.

Beyond Ports and Industrial Zones

This diplomatic framing reframed the narrative surrounding major collaborative ventures like the Colombo Port City and Hambantota Port. While foreign analysts often view these projects exclusively through the lens of strategic rivalry, Beijing’s diplomatic messaging tied them back to a historical ethos of solidarity—evoking memories of the 1952 Rubber-Rice Pact.

By marrying economic projects with a stated respect for non-alignment, China is positioning itself as a steadfast stakeholder that respects Sri Lanka’s internal agency during difficult economic and political seasons.

As both nations look toward major milestones in 2027—including the 70th anniversary of diplomatic ties—this nuanced diplomatic move revealed how historic traditions are being leveraged to navigate modern multipolar realities.

For global observers, the takeaway was clear: in the shifting architecture of Asian geopolitics, respecting a nation’s historical neutrality may just be the most effective way to secure a lasting partnership, a diplomatic masterclass that Ambassador Wei Huaxiang executed in style.

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Sri Lanka Insurance Life appoints Dr. Sameera Dharmasena Chief Executive Officer

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Dr. Sameera Dharmasena

Sri Lanka Insurance Life (SLIC Life), the nation’s largest and strongest Life Insurer, is pleased to announce the appointment of Dr. Sameera Dharmasena as its new Chief Executive Officer, effective 22nd September 2026.

Dr. Dharmasena is a distinguished insurance professional with over 21 years of experience in the Sri Lankan insurance industry, having held senior leadership positions across several leading insurance companies affiliated with some of Sri Lanka’s largest business conglomerates. His extensive career spans both local and multinational insurance environments, bringing together broad industry expertise, strategic leadership and a strong commitment to the advancement of the insurance profession.

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