Business

Port of Colombo terminal operators say they are completely insulated from national crisis

Published

3 years ago

2022/06/2

Sahan Weerasooriya

‘We are not who the foreign media says we are’

By Sanath Nanayakkare

Sri Lanka Ports Authority (SLPA), South Asia Gateway Terminals (SAGT), Colombo International Container Terminal (CICT), Jaya Container Terminal (JCT) and Ceylon Association of Shipping Agents (CASA) categorically said on Tuesday that negative news reports about the Port of Colombo are increasingly published in the regional countries, which are false and intended to mislead their customers.

Chairman of Sri Lanka Ports Authority Dr. Prasantha Jayamanna said,” In the last couple of months there has been lot of inaccurate, exaggerated reporting about the Port of Colombo continually circulating on web-based media platforms operating from regional countries that cater to the international maritime community. Apparently this is being done by vested interests that find it hard to match with the seamless connectivity and efficiency the Port of Colombo delivers to its customers. Obviously these parties are trying to take undue advantage from certain unfortunate events that took place in the country recently and undermine the versatility of the Port of Colombo as a transshipment hub in the region.

“Their intention is clear because when we request them to publish clarifications to put the record straight, they shirk that responsibility. The long standing relationship with our customers is time-tested and mutually beneficial. However, these particular articles in the foreign media need to be countered with true facts and figures or otherwise this covert operation could damage the reputation of the Port. I want to emphasize the fact that the Port is not impacted by what’s happening beyond the port. We have developed strategies and mechanisms to optimally operate the three terminals in the face of any possible disruptions stemming from fuel supplies or workforce turnout. Port of Colombo has a buffer stock of fuel and most effective shift patterns in place to ensure smooth operations,” he said.

CEO of South Asia Gateway Terminals Romesh David said,” We have seen a rise in negative publicity about the activities of the Port of Colombo in foreign media. They have picked out a couple of incidents that stemmed from the political and economic instability in the country and have attempted to negatively portray the operations at the Port of Colombo.”

“In April 2022, there were several issues in inter-terminal transfers resulting in delays due to Inter Terminal Trucking (ITT) not happening on time. Those delays were not due to fuel shortages. Fuel was issued to all three terminals for their ITT needs as we are primary customers of Ceylon Petroleum Corporation and Lanka IOC. On 9th and 10th of May, due to a lapse in communication, unfortunately work at the Port was hindered for over a day in spite of a clear understanding among all stakeholders that there was nothing to be gained from paralyzing the Port. At that point, even some supposedly responsible new organizations picked out those pieces of news and kept alluding them to issues at the Port. We are confident that the renewed consensus on the value of uninterrupted work which now prevails among all stakeholders will sustain smooth operations at the Port of Colombo.”

“85% of the volume that we handle in the Port is business that has nothing to do with Sri Lanka. It comes here on one ship and goes out on another. That is the primary function of the Port in addition to handling exports and now-restricted imports to the country. Since late 1990s, at every point in time, port operations have been completely insulated from the issues that the country at large undergoes. In 1999, SAGT came into being at the height of the war with a USD 250 million investment. Then in 2008, CICT came in during the global financial crisis with a USD 600 million investment. That was all because of the value the port of Colombo provides to the global shipping lines.”

“So the concern is this kind of negative publicity the Port gets in tandem with the problems the country faces could become ‘self-fulfilling prophesy’ if everybody keeps talking that there is a problem in the Port of Colombo when there is no such problem in the port . Our main customers could also get unnerved by it. Let me say on behalf of all three terminal operators and SLPA that we have sufficient fuel stocks and the Ceylon Electricity Board has given us their assurance to provide us with uninterrupted power generated by fossil fuel and coal. We are also looking at other contingency plans to mitigate any possible risks beyond the six-month horizon. If the need should arise, we as terminal operators are well-positioned to import our own requirement of oil to generate power. We are speaking as a unified team today because we want to send out a clear message to the international maritime community and the foreign media that the Port of Colombo continues to deliver high levels of reliability of service.”

Chairperson of Ceylon Association of Shipping Agents (CASA) Ms. Shehara de Silva said,” We are essentially the customers of the Port of Colombo and all ports in Sri Lanka .We have 132 members and we represent all the shipping lines that call at the Port of Colombo. All our principles are confident about the operations continuing in the Port of Colombo and we are thankful to the SLPA, CICT, SAGT and JCT for continuously handling all the operations effectively during this strenuous period.

“The negative press around the region is caused by a lot of ‘competing ports’. There are other ports that compete for the business of these shipping lines. Shipping lines prefer to use Colombo as a transshipment hub because there are so many facilities Colombo offers them. Even though there may be more advanced ports in the region, they still prefer to use Colombo. So we need to maintain that confidence of the shipping lines in the Port of Colombo and not leave any room for doubt that the crisis will affect operations. When you look at the volumes; exports are 4% more than last year and imports are less in line with government policy. And transshipment volumes are the same as last year. There have been some media reports that month of May witnessed a drop in volumes and in the number of vessels.

“But you have to understand and take that in context. There is seasonality in all areas. If you look at some of other ports that have suffered because of Covid, the condition in Port of Colombo is desirable. The information publicized by foreign media is completely unsubstantiated. As a customer, we give our testament that we are extremely happy with our working relationship with the Port of Colombo. Occasionally there may be operational issues which are not related to the crisis. We are in continuous dialogue with the three terminals to improve efficiency, digitalization and various other aspects. But those have nothing to do with the crisis of country.”

Last but not least, CEO of Colombo International Container Terminal (CICT) Jack Huang, said,” Port of Colombo is an international maritime hub in this region and everybody has a responsibility to cherish the Port of Colombo and help it grow because it is vital not only for Sri Lanka but also very critical for this region as well.”

Pics by Nishan S. Priyantha

All News Advertisement

Business

Foreign Direct Investment records 90% Increase in First Quarter of 2025

Published

2 hours ago

2025/06/20

Priyan

The Board of Investment (BOI) of Sri Lanka has successfully increased Foreign Direct Investment (FDI) by US$96 million in the first quarter of 2025, compared with the same period in 2024.

This was disclosed today (20) during a progress review meeting of the Board of Investment of Sri Lanka, chaired by President Anura Kumara Disanayake at the Presidential Secretariat.

BOI officials also noted that, relative to the first quarter of 2024, domestic investment rose by US$21 million, while export income increased by US$176 million during the first quarter of 2025. In total, Sri Lanka has attracted US$4,669 million in investment proposals thus far in 2025.

The meeting also focused on the issues and challenges associated with attracting investment to the country and discussed potential strategies to address them.
Addressing the gathering, President Anura Kumara Disanayake stated that the Board of Investment holds a pivotal role in enhancing the national economy and improving the living standards of the rural population.

He stressed that opportunities to attract investment in traditional sectors are becoming increasingly limited and therefore the nation must identify new areas for investment, an endeavour that falls under the BOI’s mandate.

The President further noted that Sri Lanka has attracted only around US$22 billion in investment since 1978. In comparison to other countries in the region, he stated, Sri Lanka must advance rapidly, referencing Vietnam’s achievement of securing US$23 billion in investment in 2022 alone.

He went on to state that the BOI should prioritise the expansion of investment in the services sector and proactively seek new investment opportunities, rather than focusing solely on recapturing missed ones.

The event was attended by senior officials of the Board of Investment, including Duminda Hulangamuwa, Senior Advisor to the President on Economic Affairs; Arjuna Herath, Chairman of the Board of Investment; and Ms Renuka Weerakone, Acting Director General of the Board of Investment.

Business

The World of the Black Leopard

Published

16 hours ago

2025/06/20

Thilina Walpola

Sri Lankan explorer, photographer, and author Senaka Kotagama unveils his debut book, The World of the Black Leopard, at its highly anticipated launch in Colombo. This self-published masterpiece, born from over five decades of global exploration—from Sri Lanka’s misty tea highlands to Kenya’s rugged Laikipia plateau—chronicles Senaka’s groundbreaking discovery of Giza (Black Beauty in Swahili), a rare melanistic leopard. In 2023, Senaka became the first Sri Lankan to track this elusive “ghost in the darkness,” inspired by wildlife photographer Will Burrard-Lucas’s pioneering camera-trap images. Blending gripping adventure with a noble cause, all profits from the book support the Rotary for Little Hearts project.

Born in the mid-1960s in Sri Lanka’s lush tea country, Senaka grew up in a family that cherished the outdoors. The rolling hills and dense forests were his playground, fostering a deep connection to nature that would define his life. This early bond with the natural world set him on a path of exploration that few from his homeland have followed. By profession, Senaka is a Tea Taster, but his true calling lies beyond the tasting room—in the untamed corners of the planet.

Senaka’s adventures read like a catalogue of the world’s wildest places. In South America, he tracked jaguars and anacondas through the dense Amazon rainforest. He dived into Brazil’s Abismo Anhumas, a surreal underwater cave, and rafted beneath the roaring Iguaçu Falls. His scuba-diving exploits took him from Sri Lanka’s coastal waters to the pristine Similan Islands, all the way to the Myanmar border, where he swam alongside rare tiger sharks, and the whale-rich seas off Vietnam. In Chile’s Patagonian Andes, he pursued elusive pumas across windswept peaks, while Tanzania’s Serengeti brought him face-to-face with cheetahs and a near call with an angry lioness. India’s Bengal tigers, China’s Manchurian tigers, and Indonesia’s Komodo dragons have all crossed his path, each encounter fuelling his insatiable curiosity.

The World of the Black Leopard immerses readers in Laikipia’s wilderness, a hidden Kenyan gem often eclipsed by the Maasai Mara. Few outsiders have glimpsed Giza, a revered “freak of nature” among the Samburu and local tribes. Senaka’s multiple journeys to this mystical plateau spotlight its wonders, inspiring Sri Lankan and global wildlife enthusiasts to explore this remote region. His vivid prose—often penned on his phone amidst rugged terrain—pairs with stunning photography from his vast archive, capturing the wild’s fleeting magic with authenticity and depth.

More than a memoir, the book fuses drama, firsthand knowledge, and philosophical reflection, offering a window into a shrinking habitat through the eyes of a modern explorer inspired by literary giants like Wilbur Smith. Accompanied by breathtaking illustrations, it invites readers on a journey of empathy, awe, and cognitive awakening. For Senaka, the true reward lies in nature’s lessons, not financial gain. All proceeds from The World of the Black Leopard will fund Rotary for Little Hearts, a Rotary District 3220 initiative aiming to raise $1 million for Sri Lanka’s Lady Ridgeway Hospital. This project seeks to expand intensive care and surgical facilities for over 3,000 children born annually with congenital heart defects, giving them a chance at life through Senaka’s lifelong passion.

By Senaka Kotagama

Business

War and panic take their toll on bourse which recovers somewhat at close

Published

16 hours ago

2025/06/20

Thilina Walpola

The CSE kicked off yesterday on a positive note but later selling pressure mounted due to the West Asian crisis which went on to trigger panic- selling of shares. However, at the tail end of the day the market indicated a slight recovery, market analysts said.

The All Share Price Index went down by 253 points, while the S and P SL20 declined by 55.19 points. Turnover stood at Rs 3.32 billion with five crossings.

Those crossings were reported in Central Finance, where 313,000 shares crossed to the tune of Rs 71.6 million; its shares traded at Rs 228, People’s Leasing 2.2 million shares crossed for Rs 40.7 million and its shares traded at Rs 18.50, Commercial Bank 200,000 shares crossed for Rs 30.4 million; its shares traded at Rs 152, Central Industries 150,000 shares crossed for Rs 23.3 million; its shares sold at Rs 150 and Hemas 745,000 shares crossed to the tune of Rs 20.6 million; its shares traded at Rs 27.60.

In the retail market top six companies that mainly contributed to the turnover were; HNB Rs 212 million (672,000 shares traded), Commercial Bank 197 million (1.31 million shares traded), Sampath Bank Rs 164 million (1.4 million shares traded), Lanka IOC Rs 120 million (871,000 shares traded), Browns Investments Rs 114 million (15.3 million shares traded) and Dipped Products Rs 96.5 million (1.9 million shares traded). During the day 139 million share volumes changed hands in 27968 transactions.

It is said that the banking and financial sector led the market, especially Central Finance and HNB, while the manufacturing sector was the second largest contributor to the market, especially Central Industries. Further, the services sector and the plantations sector did not perform well.

Lankem Ceylon plans a one for three rights issue of 17.15 million ordinary shares at Rs 70 each to raise Rs 1.2 billion, CSE sources said. The cash will be used for part settlement of bank loans. The firm’s current stated capital is Rs1.28 billion made up of 55.4 million ordinary shares.

The rights issue is subject to Colombo Stock Exchange and shareholder approval. A subdivision of shares will follow if the proposed rights issue is fully subscribed, the company said, with 68,627,676 ordinary shares split “on the basis of every One (1) Existing issued Ordinary Share being Sub-divided into Two (2) issued Ordinary Shares, thereby increasing the number of shares of the Company to 137,255,352 shares.”

Yesterday, the rupee opened at Rs 300.50/70 to the US dollar in the spot market, broadly flat against previous day’s close of Rs300.40/60, dealers said, while bond yields were up, particularly in the mid tenors and above.

A bond maturing on 15.12.2026 was quoted at 8.15/25 percent, up from 8.14/20 percent. A bond maturing on 15.09.2027 was quoted at 8.50/60 percent, up from 8.54/60 percent. A bond maturing on 15.10.2028 was quoted at 8.90/9.00 percent. A bond maturing on 15.12.2029 was quoted at 9.62/67 percent, up from 9.52/56 percent. A bond maturing on 15.03.2031 was quoted at 10.05/20 percent, up from 9.98/10.10 percent. A bond maturing on 15.12.2032 was quoted at 10.35/40 percent, up from 10.31/38 percent.

By Hiran H.Senewiratne ✍️