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‘JCT concludes exemplary performance over 2022 financial year’

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Jaya Container Terminals Limited (JCT Limited), is a fully owned subsidiary of the Sri Lanka Ports Authority (SLPA). Since 2008, its primary business has been to store marine fuel, including Low Sulphur Fuel (LSF) and Marine Gas Oil (MGO) for seagoing vessels. The facility spans over 9 acres and initially consisted of 13 fuel tanks with the capability to store a capacity of 35,000 MT of marine fuel.

JCT has seen phenomenal growth and turnover in the recent past, despite the fuel crisis that prevailed in Sri Lanka. This is largely due to the fact that JCT was able to provide Marine Gas Oil to various segments of the private sector that required fuel for their daily operations. This included the garment industry, the tourism industry and much more. The provision of MGO to these sectors was an additional service provided by JCT, that resulted in an exponential increase in revenue and profit.

Another significant contributor to the company’s forward march was its ability to transform from High Sulphur Fuel to Low Sulphur Fuel. This occurred in 2020, due to a requirement from the International Maritime Organization (IMO), to accommodate only LSFO. However, JCT was able to accommodate High Sulphur Fuel also if required. This also added significantly to the income that was reflected in the year 2022.

Lakmal Ratnayake, Chairman of Jaya Container Terminals shared his thoughts “It is fantastic to see the JCT reach such phenomenal heights in terms of revenue and profit. However, it is only right to acknowledge those who supported us throughout this journey. I would like to thank the Honourable Nimal Siripala de Silva, Minister of Ports, Shipping & Aviation, Mr. K.D.S Ruwanchandra, the Secretary to the Ministry of Ports, Shipping & Aviation, Mr. Keith D. Bernard, Chairman of the Sri Lanka Ports Authority, and the other SLPA officials for their support.”

He added, “I would also like to thank all our partners, stakeholders, and staff, as it is because of them, and their invaluable support and contributions, that JCT has become the success that it is today. I hope the future holds even more success for us all”.

JCT’s reached unprecedented heights as it accumulated a 275% increase in profits in 2022. This was due to an unprecedented earning of Rs. 608 million in revenue for 2022, which is a 104% increase from the year 2021 and a 180% increase from 2020. The fluctuating currency exchange rates also played a role in the increase of the profits, adding 40% to it. This revenue has a significant impact on the country’s economy, as the Colombo Port plays a direct and integral role in it. A plethora of JCT’s clientele also play a significant role in the provision of fuel for the ships that visit the port, which is in turn a vital service for the Colombo Port.

Ranjith Maligaspe, Managing Director of Jaya Container Terminals, also shared his comments “It is great to see the company reach these incredible heights, especially in the midst of these most challenging of circumstances. I would like to thank each, and every entity involved in generating this success, and hope that it sets a foundation for greater success in the future.”

The company is now in the process of enhancing its storage capacity in order to facilitate larger volumes of fuel at a lower cost. This will also allow JCT’s customers to distribute fuel at a lower cost, which in turn is an advantage to the Port of Colombo as it can provide competitive prices for those who require marine fuel. By the end of 2021, the JCT had constructed an additional 3200 MT capacity tank, which was opened in 2022. There are plans that have been set in motion to install even more tanks in the future. Additionally, a brand-new fire safety system was also introduced as a safety measure.

The JCT is currently conducting comprehensive studies of the markets in the region to gain an understanding of how they can improve their services in the future. Globally, it has been observed that there is a transition from Liquid Petroleum Gas to Liquid Natural Gas and studies are conducted to assess the feasibility of such transition in the future at the Colombo port. These developments could lead to the storage and distribution of even larger volumes of marine fuel.



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Exporters warn against ‘backdoor charges’, urge government to uphold transparent trade practices

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Sean Van Dort, Chairman

The Joint Chambers of Commerce urged the Government of Sri Lanka to engage in meaningful consultation with all recognized industry chambers before making decisions that directly impact trade, exports, and the wider economy. The call comes in response to renewed lobbying efforts by certain shipping agents and intermediaries seeking to reintroduce anti-competitive terminal handling charges (THC) through misleading claims to policymakers.

Calls were made to reinstate THC, citing alleged adverse impacts on the Port of Colombo. However, the Joint Chambers strongly reject this assertion, clarifying that there is no legal or operational void to “reinstate.” Port terminal handling charges are already paid by shipping lines under existing market contracts, and any further charges imposed on exporters or importers would constitute a reversion to pre-2014 cartel-like practices that hurt competitiveness and transparency.

Sean Van Dort, Chairman of the Sri Lanka Shippers’ Council, condemned the move, stating:

“This is yet another attempt by powerful intermediaries in the shipping and logistics sector to reintroduce anti-competitive fees through the backdoor. Exporters and importers already pay all-inclusive freight based on market terms. There is no free service being provided. What we are seeing is a push to extract surcharges from non-contracting parties, which is against global trade norms and local regulation.”

He added that since the 2014 regulation, introduced with support from the International Chamber of Commerce (ICC) and based on INCOTERMS best practices, the Port of Colombo has seen volume growth and an increase in licensed agents—contrary to claims that the regulations have harmed the sector.

Yohan Lawrence, Secretary General of the Joint Apparel Association Forum (JAAF), also expressed concern:

“The apparel industry cannot afford renewed cost pressures or uncertainty due to policy shifts driven by narrow interests. Sri Lanka’s export sector is already under strain, and the Government must ensure that any regulatory changes are made with full industry consultation. Fragmented lobbying only undermines our national competitiveness.”

The Joint Chambers warned that unbundling freight charges to reintroduce THC would raise costs for manufacturers, disrupt supply chains, and ultimately burden consumers through hidden costs. They reiterated that Sri Lanka’s competitiveness hinges on transparent and predictable trade policy.

The Chambers further cautioned that such attempts, often timed around transitions in political leadership or changes in ministerial portfolios, aim to exploit gaps in regulatory oversight. They urged the Ministry of Ports, Shipping and Aviation, and the Merchant Shipping Secretariat, to act with integrity and consult all stakeholders—not just intermediaries with vested interests.

As the country focuses on rebuilding exports and attracting investment, the Joint Chambers reaffirm their commitment to protecting the interests of Sri Lankan businesses, exporters, and consumers alike, and called on the Government to uphold regulatory clarity and market fairness.

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LOLC Life Assurance signs strategic MoU with SMIB to strengthen Bancassurance services

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Jayantha Kalinga COO (L) / Thushara Asuramanna, CEO (R)

LOLC Life Assurance, a fully owned subsidiary of LOLC Holdings, has entered into a strategic partnership with the State Mortgage and Investment Bank (SMIB), one of the longest standing banks in Sri Lanka, to offer life endowment insurance solutions through its bancassurance channel.

With ownership of the most extensive bancassurance channel in Sri Lanka’s insurance industry, LOLC Life Assurance aims to provide SMIB customers across Colombo and its suburbs with innovative life endowment insurance solutions that seamlessly integrate with comprehensive protection, ensuring that SMIB customers have seamless access to high-quality life insurance solutions.

The Memorandum of Understanding (MOU) was signed in the presence of senior leadership teams from both organizations, marking a significant milestone in the development of LOLC Life Assurance’s Bancassurance channel. This collaboration aligns with LOLC Life Assurance’s commitment to providing tailored life assurance solutions that meet the evolving needs of SMIB’s customers.

Sharing his views on this landmark partnership, Jayantha Kalinga, COO of LOLC Life Assurance, stated, “This partnership with SMIB signifies our ongoing commitment to expanding accessibility to comprehensive life insurance solutions through strategic banking collaborations. We are excited to work closely with SMIB to offer tailored protection plans that enrich the lives of their customers with security and financial peace of mind.”

Thushara Asuramanna, CEO/General Manager of SMIB, also shared his thoughts, saying, “At SMIB, our goal is to enhance the value we provide to our customers through integrated financial solutions. Partnering with LOLC Life Assurance enables us to expand our offerings and provide customers with convenient access to trusted life insurance solutions that ensure their long-term financial security.”

Through this collaboration, both institutions aim to make a lasting positive impact on their customers’ financial well-being and life protection. By offering reliable, accessible, and trusted life insurance protection, we are committed to meeting the evolving needs of SMIB’s customers in today’s dynamic financial landscape, reinforcing our shared vision for a secure and prosperous future.

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SLIIT launches new BA (Hons) in English Studies enabling students to master linguistic and communicative skills

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Setting a new benchmark for English language education in Sri Lanka, SLIIT’s Department of Linguistics, Faculty of Humanities and Sciences, has launched a Bachelor of Arts (Honours) in English Studies degree programme.

This comprehensive four-year programme offers students unparalleled opportunities to master linguistic and communicative skills while accessing guaranteed career pathways in high-demand sectors. Unlike traditional English programmes, SLIIT’s degree uniquely combines theoretical excellence with practical industry applications, ensuring graduates are job-ready from day one. The programme’s distinctive tri-fold approach consisting of Language, Literature, and Communication, incorporated with 120 UGC-approved credits, positions students ahead of competitors in today’s challenging employment market. The programme’s key differentiators include an industry-integrated curriculum that connects academic learning with practical experience along with a research component as well. Students benefit from technology-enhanced learning environments that incorporate cutting-edge media technology integration, developing essential 21st-century communication skills.

The course also provides a captivating journey through diverse literary genres, periods, movements, and communities, featuring British, American, Commonwealth, European, and Sri Lankan contributions. From medieval classics to postmodern innovations, students develop a refined literary perspective. Additionally, the degree maintains a strong professional skills focus through specialized training in journalism, digital media, corporate communication, and strategic marketing, ensuring graduates are well-prepared for diverse career opportunities in the modern communications environment. Programme highlights include an in-depth exploration of English grammar, academic writing, historical development, and diverse linguistic theories such as sociolinguistics, psycholinguistics, and discourse stylistics. Students acquire expertise in the use of media technology in language communication.

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