Business
Manaco Marine signs MoU with Southern Maritime Training Institute to empower future Sri Lankan seafarers
Sri Lanka, 17th July 2023: Manaco Marine, a prominent maritime recruitment and port agency services provider in Sri Lanka, has announced the signing of a Memorandum of Understanding (MoU) with Southern Maritime Training Institute (SMTI), Galle. This landmark agreement solidifies the commitment to employ cadets from SMTI and highlights Manaco Marine’s dedication to selecting and training the most suitable candidates who will excel as officers on modern ships on which emission abatement technologies are being used.
As per the MoU, Manaco Marine will serve as one of the training partners for SMTI, providing placements and comprehensive training for the institute. Manaco Marine’s unique approach involves meticulous interviews with candidates from various maritime institutes to ensure that only the most talented individuals are chosen, enabling them to become competent Cadets capable of thriving in the global maritime industry.
Being aware of SMTI’s dedication and potential to cultivate competitive and skilled seafarers, Manaco Marine is delighted to establish this collaborative relationship. As stated by Capt. Nalin Pieris, the Chief Executive Officer of Manaco Marine, “We are pleased to embark on this partnership with them, and unite in our goal to provide exceptional opportunities and develop top-tier maritime professionals.”
The alliance between Manaco Marine and SMTI will primarily focus on training and employment of cadets up to their graduation. They will be placed on board ships operated by Manaco Marine’s principals, after a very stringent selection and engagement process. Throughout their training, both Manaco Marine and SMTI will closely monitor their progress to ensure that the highest standards of education and skill development are achieved. Navigation Officer Cadets will embark on a seven-month residential program at SMTI, where they will be taught essential skills to take up their first phase of onboard training.
Thereafter, they will be offered ship placement by Monaco Marine for a period of 12-month on-board merchant vessels. Upon completing the on-board training, the cadets will return back to SMTI for the final phase of shore based training which is for 6 months, before appearing for their first certificate of competency examination conducted by the Ministry of Merchant Shipping Secretariat. On successful completion of the examination these Cadets will qualify to join ships as watch keeping officers.
Commenting on the significance of signing the MoU during a time of rapid transformation in the maritime industry, Capt. Nalin Pieris remarked, “This partnership with SMTI aligns with our commitment to staying at the forefront of modern sea-faring. By providing comprehensive training and employment opportunities, we aim to nurture a new generation of skilled seafarers who will thrive in the evolving maritime landscape.”
SMTI Chief Executive Officer Capt. Kolitha Gunawardane expressed enthusiasm for the collaboration, stating, “We are delighted to join hands with Manaco Marine in shaping the future of maritime training and education. Through this MoU, we will empower our cadets to excel in their careers, contributing to the growth and success of the global maritime industry.”
Manaco Marine and SMTI’s MoU sets a significant milestone in the development of skilled seafarers, further strengthening the maritime industry in Sri Lanka. With their shared vision and commitment to excellence, both organizations are poised to shape a new era of modern and competent seafaring professionals.
Business
Affairs of Sri Lankan Airlines could be turned around using local expertise – former CAA chair
The financial affairs of national carrier Sri Lankan Airlines could be turned around along with the fortunes of Mattala Airport, using local management expertise without divesting these assets, former chairman CAA and veteran travel and tourism expert Upul Dharmadasa said.
“Sri Lanka has experts and knowledgeable persons to develop Sri Lankan Airlines into a viable entity. But when it comes to the debt restructuring process the government should absorb the losses to salvage our national carrier, former chairman Civil Aviation Authority Upul Dharmadasa told The Island Financial Review.
Speaking on Mattala Airport Dharmadasa said that during the Covid 19 pandemic he spearhead the airlines’ operations to bring more than 138,000 Sri Lankans back into the country. “At that time Mattala Airport functioned as a second international airport and it assisted the government in managing Covid patients in a more systematic way, he said.
Dharmadasa added: ‘Further, Mattala Airport’s 12 anniversary falls today. It falls on the government to develop it as the second international airport. It could attract large aircraft.
“We need to deploy proper and qualified persons to streamline the entire process.
“I have been in the airline industry for more than four decades. The number of airline arrivals in the country and departures from it have come down considerably after Covid 19 pandemic.
“In this scenario, Sri Lankan Airlines should focus on launching new flights to US and Canada. Together they account for more than 1.4 million Sri Lankan diaspora members who fly to Sri Lanka.
“Sri Lankan Airlines should resume Rome flights as well, which is a lucrative market. Apart from that Sri Lankan Airlines should focus on new destinations, wherein they could sell tickets and attract huge revenue to the airline.
“The airline should have 25 aircraft to offer uninterrupted services to air travelers but at present it has only 23 aircraft.”
By Hiran H Senewiratne
LOLC Al-Falaah, Sri Lanka’s leading provider of alternate financial solutions, proudly announces the launch of ‘Al-Falaah Wakalah Future-Cash’, a pioneering Shariah-compliant alternative for Factoring, Invoice & Cheques discounting facility, designed to transform business financing. This ground-breaking financial solution empowers businesses to elevate and realize future cash flows in real-time, while maintaining adherence to ethical financial principles. Setting a new benchmark in Sri Lanka’s Islamic financial services sector, this initiative strengthens LOLC Al-Falaah’s commitment to innovation and excellence in the alternate finance arena.
Unlike conventional Factoring, which relies on interest-based returns against receivables, LOLC Al-Falaah’s ‘Wakalah Future-Cash Today’ product is structured under the ‘Wakalah-Bil-Istithmar’ concept, ensuring full compliance with Islamic economic jurisprudence. Through this model, LOLC Al-Falaah provides capital infusion into business operations in exchange for a pre-determined Anticipated Profit Return (APR), eliminating interest-based transactions. Businesses are appointed as agents to deploy these funds within their operations, with surplus earnings allocated as a performance incentive. This structure enhances financial discipline, promotes transparency, and encourages ethical business practices.
The introduction of this pioneering facility is particularly timely as Sri Lanka transitions towards economic recovery and long-term stability. Shiraz Refai, Head of Alternate Financial Services at LOLC Al-Falaah, emphasized the significance of this initiative: “As Sri Lanka embarks on a path of economic resurgence, businesses require the right financial instruments to capitalize on emerging opportunities. As a trailblazer in the alternate financial services sector, LOLC Al-Falaah has identified a critical gap in the bills-discounting and factoring industry. The launch of LOLC Al-Falaah’s ‘Wakalah Future-Cash Today’ product presents a strategic solution that enhances liquidity and working capital efficiencies while adhering to Islamic financial principles.
City Cycle Industries Manufacturing (Pvt) Ltd, a leading provider of sustainable mobility solutions and renowned for its household brand Lumala, has been honored with the Best National Industry Brand award under the Large-Scale Other Industry Sector at the recent National Industry Brand Excellence Awards 2024.
Organized by the Sri Lanka Technical Development Board under the Ministry of Industry and Entrepreneurship Development, the award ceremony was held on 21 February at Eagle Lakeside and saw the participation of distinguished leaders from diverse industry sectors. The vent was graced by Prime Minister Harini Amarasuriya as the Chief Guest.
Cabinet approves amendments to Aswasuma Welfare Benefit payment Scheme
Fertilizer, financial subsidy to farmers who are cultivating the paddy in the Yala season 2025
Cabinet approves the submission of amendments for the Personal Data Protection Act No. 9 of 2022
-
Foreign News3 days agoSearch continues in Dominican Republic for missing student Sudiksha Konanki
-
Features6 days agoRichard de Zoysa at 67
-
News7 days agoAlfred Duraiappa’s relative killed in Canada shooting
-
Features3 days agoThe Royal-Thomian and its Timeless Charm
-
Midweek Review7 days agoRanil in Head-to-Head controversy
-
Features6 days agoSL Navy helping save kidneys
-
News4 days agoDPMC unveils brand-new Bajaj three-wheeler
-
Features3 days ago‘Thomia’: Richard Simon’s Masterpiece