Sri Lanka Archives - The Loadstar

X-Press Pearl claims case reopened after allegations of corruption

Angelo Mathais India correspondent — Tue, 05 Nov 2024 12:29:46 +0000

The 2021 X-Press Pearl fire, reportedly the worst maritime disaster in Sri Lanka, has become controversial amid allegations of corruption in handling compensation claims under the previous government.
The island nation had a political leadership change in September, with left-leaning Anura Kumara Dissanayake elected as its new president.
Containership X-Press Pearl, owned by Singapore-based X-Press Feeders, burned for almost two weeks before sinking off the Sri Lankan coast, sparking serious environmental concerns. The ...

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Transhipment boom at port of Colombo fades as the competition grows

Alexander Whiteman — Tue, 27 Aug 2024 11:11:28 +0000

The unusually strong transhipment cargo gains by Sri Lanka’s Colombo port this year, driven by Red Sea-linked vessel diversions, seem to be ebbing.
The port saw a 6% year-on-year drop in transhipment volumes in July following the 5% decline reported for June, according to the latest data.
Still, Colombo ended H1 24 with a 9.6% rise in transhipment cargo handling, seeing double-digit percentage upswings from January through April.
“The port is poised to ...

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Port of Colombo: there’s good news – and there’s bad news

Alexander Whiteman — Wed, 31 Jul 2024 11:00:42 +0000

Sri Lanka’s Colombo Port has had the highest growth rate in container volumes among leading global hubs this year, thanks to incremental gains from Red Sea-linked vessel diversions, according to new data.
Colombo logged a throughput increase of 23.6% year on year in H1 24, edging out California’s Long Beach, which reported a 23.3% rise in the same period.
One of Asia’s busiest container hubs, Colombo has box four facilities: Jaya Container ...

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Carriers forced to seek alternatives as capacity crunch at Colombo Port tightens

Alexander Whiteman — Fri, 10 May 2024 11:00:05 +0000

Terminal capacity pressure building in Sri Lanka’s Colombo port, linked to the Red Sea-linked transhipment boost, seems to be spilling over to other ports in the subcontinent region.

According to local industry sources, Adani Ennore Container Terminal (AECTPL), near Chennai, has seen a flurry of ad-hoc MSC vessel calls with transhipment cargo, rerouted from Colombo due to the space crunch there.

MSC has an interest in AECTPL, following the purchase of a ...

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Maersk opens a new warehouse in Sri Lanka

LoadstarEditorial — Mon, 08 Apr 2024 13:53:49 +0000

PRESS RELEASE
The new 100,000 sq. ft. facility, with export consolidation and 3PL services, lies close to key manufacturing hubs, consumption markets, and port infrastructure for quick turnaround times.

Colombo: A.P. Moller – Maersk (Maersk) today inaugurated its brand new warehouse in Sri Lanka at Wattala, spread over 100,000 sq. ft. Present at the inauguration were Vikash Agarwal, Managing Director, Maersk South Asia, Biju Ravi, Head of Maersk Sri Lanka and Dr Parakrama ...

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India cuts red tape as it aims to become the ‘repair capital of the world’

Joe Ortiz — Thu, 01 Jun 2023 12:18:49 +0000

China and Malaysia could lose up to 20% of the $100bn global electronics repair market as major companies begin to test processes in India – with shipping demand likely to grow as a result.
 New Delhi has rolled out an industry-friendly pilot programme to boost its electronics repair services outsourcing (ERSO) capabilities, targeting large manufacturers looking to shift production from China.
It will relax Customs and e-waste rules, according to local ...

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Wan Hai adds Colombo call as Sri Lanka repairs unrest damage

Alex Lennane — Mon, 22 May 2023 09:22:40 +0000

Wan Hai Lines has added a call at Colombo, Sri Lanka, to its Asia-US East Coast service. On 16 May, the newly built 13,000 teu Wan Hai A10 docked at Colombo as part of the adjusted AA7 service.
The stop at Colombo International Container Terminal (CICT) intends to tap on growing cargo volumes from the Indian subcontinent; Sri Lanka is a major textile exporter.
The AA7 service now calls at Shanghai, Ningbo, ...

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Shippers cry foul as Sri Lanka government reneges on all-in rate rule

Alex Lennane — Tue, 14 Mar 2023 13:32:07 +0000

Shippers in Sri Lanka have raised serious concerns over government action to deregulate export/import freight pricing, ending all-in rates and bringing back surcharges.
Thanks to a legal framework enacted in 2013 and re-approved in 2017, since January 2014, exporters/importers needed to pay just an “all-in” freight rate and this antitrust legal immunity has been cancelled.
It is in line with a wave of policy reforms under way in Sri Lanka, arguably to ...

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Sri Lanka wants western designer labels to use its manufacturing capacity

Alexander Whiteman — Mon, 13 Feb 2023 12:31:29 +0000

Sri Lankan garment manufacturers are eyeing an export rebound, avoiding a substantive recession, with the west sourcing new brands.
Apparel volumes out of the South Asian island declined dramatically in the fourth quarter of 2022, as economic collapse in Europe and the US exposed Sri Lanka’s reliance on big name brands to keep the industry moving.
“Europe and the US have always had the largest market share, and our fortunes are absolutely ...

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Airlines cut capacity and import cargo to Sri Lanka as its fuel crisis bites

Alex Lennane — Fri, 08 Jul 2022 13:09:52 +0000

Sri Lanka’s economic crisis and lack of fuel has resulted in airlines cutting capacity to the country and embargoing inbound cargo.
The lack of passengers and fuel, which airlines have to carry for the return journey, have isolated the country as carriers cut capacity or ban imports.
One Sri Lankan forwarder said: “We are getting into a peak in Colombo, as prominent carriers have cut capacity. A severe shortage in jet fuel ...

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