Business
Stakeholders urge SLPA to ensure minimum safety standards at Colombo Port
By Nishel Fernando
Pointing at safety standards recommended by Singapore’s Transport Safety Investigation Bureau (TSIB), Sri Lanka’s shipping industry stakeholders urge the Sri Lanka Port Authority (SLPA) to ensure minimum safety standards at the Port of Colombo, in order to avoid future catastrophe similar to X-Press Pearl (XP).
The TSIB, which is the air, marine and rail accidents and incidents investigation authority in Singapore, has made several safety recommendations to the SLPA in its final report ‘FIRE ONBOARD X-PRESS PEARL AT COLOMBO ANCHORAGE’, released late last year.
X-Press Pearl, which was carrying several containers of epoxy resin plastics, caused an overwhelming economic, social and environmental impact to Sri Lanka in 2021, as the ship caught on fire and subsequent sinking. The report highlighted the rather limited support of Sri Lankan authorities in diffusing the situation, partially due to the limited firefighting capabilities of the SLPA.
“The response from Colombo Port Control to assist XP was deemed limited. There was no follow-up after a team of firemen had assessed the situation onboard XP. The tugs sent for firefighting had various limitations, which did not offer continuous firefighting support. The Master did not receive answer from Colombo Port Control on the several requests made for urgent berthing before the fire went out of control,” the report outlined.
In addition to the tugs being used for port operations halfway during the firefighting operation, the report noted that there was difficulty in positioning the tugs for firefighting while some tugs were not able to provide sufficient water pressure to reach the top of the containers or even onto the main deck of the ship and some tugs had engine/machinery problems that required repairs, thus, causing a break in firefighting efforts.
“It was also evident that some of the tugs were not dedicated for firefighting and hence had their limitations to fight the fire effectively. The investigation team noted from several accounts that of all the tugs (eight), which rendered firefighting assistance, only ‘Hercules’ was effective in firefighting efforts,” it added.
At the request of the SLPA, the India Coastal Guard (ICG) deployed ICG ships Vaibhav101 and Vajra102 for the firefighting operation. The ICG ship Samudra Prahari was on standby for pollution response and the ICG aircraft Donier performed air reconnaissance for pollution detection.
“Almost every (cargo) ship arrives in Colombo has dangerous good. The terminals have special areas to handle these goods. On ground, terminals are quite equipped to handle any incident, in particular CICT and SAGT. However, out on sea, it’s the responsibility of the SLPA. There’s a huge vacuum. As a hub port, you need to be equipped to handle such unfortunate incidents. You need to be prepared for contingencies,” a shipping agent remarked.
The dangerous goods handling has become a lucrative revenue stream for the port.
The TSIB recommend the SLPA to review its plans for supporting a response to a shipboard fire by ensuring that the tugs assigned for firefighting are fit for purpose and dedicated in performing firefighting [TSIB Recommendation RM-2023-19].
If the SLPA is unable to facilitate these crucial safety measures, the industry players stressed that the SLPA should handover this function to the private sector.
“If the SLPA is unable to facilitate these safety measures, then they must hand it over to the private sector through an open tender process. Somehow, these minimum safety standards need to be assured,” they said.
With East Container Terminal (ECT) and West Container Terminal (WICT) coming into operations soon, they pointed out that it’s crucial to ensure these safety standards.
“In order to attract new services, we (shipping agents) need to go canvassing. However, minimum safety standards are a must for us to go out and bring in new services confidently,” they added.
The SLPA officials were not immediately available to comment on the matter.
In addition to the safety standards, the TSIB has also recommended the SLPA to take appropriate steps for ensuring the voyage data recorder (VDR), when recovered, is made available to the flag state for the conduct of safety investigation, as required by the IMO Guidelines on VDR ownership and recovery (MSC/Circ.1024). [TSIB Recommendation RM-2023-20].
Business
PM ‘Rings the Bell’ at CSE to champion financial literacy and investor education
As part of World Investor Week (WIW) 2026, the Securities and Exchange Commission of Sri Lanka (SEC) and the Colombo Stock Exchange (CSE) joined stock exchanges around the world in ringing the market opening bell for financial literacy on 5 October 2026, under the patronage of Dr. Harini Amarasuriya, Prime Minister of the Democratic Socialist Republic of Sri Lanka.
World Investor Week is an annual global campaign led by the International Organization of Securities Commissions (IOSCO) to raise awareness of the importance of investor education and investor protection. The “Ring the Bell for Financial Literacy” initiative, pioneered by the World Federation of Exchanges (WFE), brings together stock exchanges and other stakeholders worldwide to promote greater financial literacy and encourage individuals to make informed financial decisions.
The ceremony also marked the 40th anniversary of the CSE and the joint launch by the SEC and the CSE of the Stock Market Game, an online stock market simulation based on the ATrad trading system.
The Stock Market Game enables participants to gain practical experience of how the stock market works, make investment decisions and construct portfolios of listed shares without using real money. The platform is accessible through the websites of the SEC and CSE and is expected to serve as an important practical tool for promoting financial education. It is envisaged that the Stock Market Game will also be used to conduct simulation competitions among universities and the 100 Capital Market Clubs established in schools across the country.
The ceremony also featured the commemorative issuance of a stamp and First Day Cover to mark the 40th anniversary of the CSE. Issued in collaboration with the Department of Posts and the Philatelic Bureau of Sri Lanka, the commemorative stamp and First Day Cover were presented to Prime Minister Dr. Harini Amarasuriya, by the SEC Chairman Snr. Prof. D.B.P.H. Dissabandara and Ray Abeywardena, Director CSE and Chairman of Central Depository Systems (CDS).
Welcoming the gathering, Rajeeva Bandaranaike, Chief Executive Officer of the CSE, highlighted the importance of obtaining reliable information when making investment decisions.
“We operate in a digital world where a vast amount of information and data is disseminated through social media. While some of this information is factual, some may be inaccurate or misleading. When investing in the stock market, it is essential to make informed and prudent investment decisions. Therefore, investors should obtain information and data from reliable and responsible sources and persons before making investment decisions.”
Addressing the gathering, SEC Chairman Snr. Prof. D.B.P.H. Dissabandara emphasised that the SEC’s role extends beyond regulation to facilitating the further development of the capital market.
“The SEC needs to determine how best to introduce the stock market to Generation Alpha, Generation Beta and generations beyond. When it comes to investors, we need to build confidence in the market, because people will invest only when they have confidence in the market.’’
Business
Rs. 5 million worth of prizes to be given at 8th edition of CSE Masterminds Quiz Competition
The Colombo Stock Exchange (CSE) has announced that the eighth edition of the CSE Masterminds Quiz will be held on 9th October 2026, from 3.00 p.m. onwards, at the Main Ballroom, Shangri-La Colombo.
Recognised as Sri Lanka’s premier capital market quiz competition, CSE Masterminds brings together teams from the public and private sectors. Participants will be tested across international business, global markets, current affairs, the Sri Lankan economy and business, the Sri Lankan stock market, and sports and entertainment, before a concluding rapid-fire round.
This year the winning team can win up to Rs. 2,000,000, the runners-up up to Rs. 1,000,000, and the second runners-up Rs. 750,000. Sector awards will also be presented to the highest-performing team from each participating sector. Guest participants will also be able to compete in rounds of Audience questions, and will have the opportunity to participate a raffle draw for three free return tickets provided by Fits Aviation (Pvt) Ltd.
The evening will also include an exclusive after-party with live music provided by the band ‘Doctor’ featuring guest performer Umara Sinhawansa, fine food and beverages, providing an opportunity for networking and celebration. Every participant will receive a premium goodie bag made possible by the support of the event’s sponsorship partners. Collectively, the event will feature over Rs. 5 million worth of prizes, rewards, and giveaways, encompassing championship prizes, sector awards, audience engagement prizes, raffle draw offerings, and goodie bags.
Sponsorship partners include:
Platinum Sponsors: Hatton National Bank PLC and Bartleet Religare Stockbrokers (Pvt) Ltd.
Gold Sponsors: Ex-Pack Corrugated Cartons PLC, Asha Securities Ltd., and Lanka Securities (Pvt) Ltd.
Silver Sponsors: Barista Coffee Lanka (Pvt) Ltd., Capital Trust Holdings (Pvt) Ltd., LOLC Holdings PLC, Arpico Ataraxia Asset Management (Pvt) Ltd., IronOne Technologies (Pvt) Ltd., and LankaPay (Pvt) Ltd.
Co-Sponsors: Access Engineering PLC, Bank of Ceylon, Commercial Bank of Ceylon PLC, CryptoGen (Pvt) Ltd., Deloitte Lanka (Private) Limited, Dialog Finance PLC, Efutures (Pvt) Ltd., People’s Leasing & Finance PLC, Senfin Asset Management (Pvt) Ltd., and Softlogic Stockbrokers (Pvt) Ltd.
Business
NCCSL to conduct practical workshop on food labelling and advertising regulations in Sri Lanka
The National Chamber of Commerce of Sri Lanka (NCCSL) is organizing a one-day practical workshop on “Food Labelling & Advertising Regulations in Sri Lanka” on Thursday, 8th October 2026 from 9.00 a.m. to 4.30 p.m. at the National Chamber of Commerce, Colombo 10. The workshop has been organised to provide a practical understanding of the latest regulatory requirements governing the food products labelling and advertising of food products in Sri Lanka, with particular attention to regulatory developments applicable in 2026, compliance requirements, and the potential legal and financial implications of non-compliance.
As food products increasingly compete not only with quality and price but also on packaging, labelling and promotional claims, businesses must ensure the information they communicate to consumers is accurate, transparent and consistent with applicable regulatory requirements. Understanding these requirements is therefore essential for businesses seeking to protect their brands, maintain consumer confidence, and minimize regulatory and legal risks.
The practical workshop will go beyond an overview of regulations and focus on how businesses can apply regulatory requirements in their day-to-day operations. Participants will be guided through key areas of food regulatory compliance, including the national food regulatory framework, recent food labelling regulations and key changes, mandatory approvals and prohibitions relating to food labelling, and the litigation process associated with regulatory violations. The programme will also cover several areas of growing importance to the food industry, including the EU EMPCO Directive, food colour coding regulations, regulations relating to food trans-fatty acids and the importance of compliance in the use of food additives. Practical exercises will further enable participants to apply their knowledge to real-world compliance situations and strengthen their ability to identify potential regulatory concerns.
For further information and registration, please contact the National Chamber of Commerce of Sri Lanka on 011 4741788 – Nethmi or Udula – 071 403 4775.
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