Business

SAGT introduces fleet of Inter Terminal trucks to Colombo Port to boost efficiency

Published

3 years ago

2022/11/13

South Asia Gateway Terminals (Pvt) Ltd introduces a fleet of Inter Terminal Trucks (ITT) to enhance ITT Service Integrity South Asia Gateway Terminals (Pvt) Ltd (SAGT), Sri Lanka’s first Public Private Partnership Container Terminal recently introduced 30 new Prime Movers and Terminal Trailers to enhance the service integrity of its Inter-Terminal Transfers (ITT) in support of Port of Colombo’s (PoC) hub aspirations, a company news release said.

PoC recorded the highest ever volume in a single calendar year in 2021 with a throughput of 7.24 million Twenty Foot Equivalent Unit (TEU). PoC’s volume composition consists of Transshipment volumes, predominantly to and from the region.

“In recognition of the need to enhance services to meet evolving customers expectations especially in a day and age where vessel schedule reliability is of great importance, SAGT invested in its own fleet of ITT Trucks to facilitate and guarantee the connection of containers especially on short transit,” the release said.

“The terminals within PoC are currently in the process of developing a platform for ITT of the Port extending greater visibility to customers from around the world of their ITT connections between the terminals. This single reference point will assist customers improve their planning processes not only for their operations at PoC but also estimates of vessels schedules for proceeding ports.”

“The service will also ensure guaranteed cargo deliveries to shipping line’s end customers. The introduction of a dedicated fleet of ITT trucks is timely and an investment for the future as SAGT expands its scope of services and ensures sustained business operations for the future.”

Commenting on the commissioning of new Prime Movers for ITT, Upul Jinadasa, Chief Operating Officer of SAGT stated “SAGT is committed to providing best in class services to our customers. With the addition of the new machines SAGT is fortifying its commitment to driving sustainable economic performance through improved efficiency and reliable service to our customers”.

South Asia Gateway Terminals (SAGT) is the first Public Private Partnership container terminal in Sri Lanka (with approximately 60% Sri Lankan shareholding) and commenced operations in 1999, launching the Port of Colombo as global trade’s preeminent gateway hub to South Asia.

Today, the terminal is one of three operators in the Port of Colombo and continues to offer the international container shipping community a competitive best in class service. SAGT is a Board of Investment flagship company whose shareholders include – John Keells Holdings, Maersk/APM Terminals, SLPA and Evergreen Marine Corporation.

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Business

Sri Lanka secures IMF staff-level deal for USD 700 million tranche

Published

5 hours ago

2026/04/10

Thilina Walpola

Sri Lanka has reached a staff-level agreement with the International Monetary Fund to secure the next tranche of funding under its ongoing bailout programme, marking a key step in the country’s fragile economic recovery.

The agreement, announced this week, will enable Sri Lanka to access approximately USD 700 million, subject to approval by the IMF Executive Board. The funds form part of the USD 2.9 billion Extended Fund Facility (EFF) programme agreed following the 2022 economic crisis.

The latest development covers the combined fifth and sixth reviews of Sri Lanka’s reform programme, indicating that the country has made sufficient progress to move forward, while highlighting the need to sustain reform efforts.

Sri Lanka’s economy has shown signs of stabilisation in recent months, supported by improved revenue collection, easing inflation, and a gradual buildup of foreign reserves. However, the recovery remains vulnerable to both domestic and external pressures.

By Ifham Nizam

Business

Israeli attack on Lebanon triggers local stock market volatility

Published

5 hours ago

2026/04/10

Thilina Walpola

Initially CSE trading was somewhat volatile despite the ceasefire in West Asia but it experienced further volatility after Israel attacked Lebanon yesterday.

However, the IMF delegation which is now in Sri Lanka to release two tranches of its relief package created some positive sentiments for the market, analysts said.

The All Share Price Index went down by 73.06 points, while the S and P SL20 rose by 10.57 points.

Turnover stood at Rs 2.96 billion with six crossings. Those crossings were: JKH 5.5 million shares crossed to the tune of Rs 807.6 million and its shares traded at Rs 19.70, CIC Holdings two million shares crossed for Rs 54 million; its shares traded at Rs 32, Access Engineering 600,000 shares crossed for Rs 44.4 million; its shares traded at Rs 74, Central Finance 116,000 shares crossed to the tune of Rs 27.5 million ; its shares sold at Rs 237, LMF 250,000 shares crossed for Rs 22.8 million; its shares fetched Rs 91.10 and Kelani Cables 200,000 shares crossed for Rs 21 million and its shares traded at Rs 105.

In the retail market seven companies that mainly contributed to the turnover were; Dialog Rs237 million (7.5 million shares traded), LMF Rs 203 million (22 million shares traded), Colombo Dockyard Rs 199.7 million (1.1 million shares traded), HBA Foods Rs 163 million (18.5 million shares traded), JKH Rs 156 million (7.8 million shares traded), JKH Rs 156 million (7.8 million shares traded), Softlogic Holdings Rs 117 million (9.6 million shares traded) and Acme Printers Rs 107 million (15.6 million shares traded). During the day 133.3 million share volumes changed hands in 23666 transactions.

It is said that manufacturing sector counters, like JKH, performed well, while food sector counters, especially LMF and HBA Foods, performed well. Other sectors too performed somewhat well during the day.

Yesterday the rupee was quoted a Rs 315.42/48 to the US dollar in the spot market from 315.30/40 the previous day, dealers said, while bond yields were quoted higher.

By Hiran H. Senewiratne

Business

HNB Assurance marks 25 years with strategic transformation to ‘HNB Life’

Published

5 hours ago

2026/04/10

Thilina Walpola

Highlights from the new brand reveal as HNB Assurance transforms into HNB Life

Marking 25 years of trust, growth, and service excellence, HNB Assurance PLC has unveiled its new corporate identity, transitioning to HNB Life PLC a strategic evolution that reflects the company’s forward-looking vision and commitment to empowering lives with protection and the freedom to thrive, no matter where life takes them.

This milestone signifies more than a change in name or visual identity. It represents a deliberate transformation shaped by strong performance over the past few years, during which the company has achieved remarkable growth, strengthened its market position and enhanced its customer-centric capabilities.

The newly introduced logo, inspired by the form of a wing, symbolises HNB Life’s role as a proactive enabler. It reflects the organisation’s commitment to supporting individuals in navigating life’s journey with confidence, empowering them to pursue their aspirations and live life on their own terms.

The official unveiling took place at a launch event attended by key stakeholders, strategic business partners, well-wishers and employees.

Addressing the gathering, Chairman, Stuart Chapman highlighted the significance of this transformation, stating, “As we mark 25 years of progress, the transition to HNB Life reflects our strategic intent to evolve with the changing needs of our customers and the broader market. This new identity embodies our purpose, to enable and empower individuals to achieve what they truly aspire to in life, with confidence and security. As a company we are extremely excited on what the future holds for as, as we build on an incredible foundation laid over the past two and a half decades.”

The new Vision of the Company is “To be the leader in empowering lives with protection and freedom to thrive, no matter where life takes them”.