Colombo port nets 5 m TEUs, Rs. 29b income

Targets to be amongst top 20 ports by next year

By Waruni Paranagamage    

The Sri Lanka Ports Authority (SLPA) yesterday revealed that it has recorded Rs. 29 billion of annual income in 2015 and crossing of 5 million TEUs has placed it among the world’s top 26 ports.   

Minister of Ports and Shipping Arjuna Ranatunga speaking at the celebration marking the arrival of  5 million containers  at the Colombo port, asserted that the next target was to enhance port of Colombo to be amongst world’s top 20 ports list.

“Colombo port has earned Rs.29 billion of annual income by this year. However, there is a significant portion from Colombo port earnings allocated to cover the debt payments of the Hambantota port.  According to estimations the Hambantota Port has to settle Rs. 192 billion of debt and Rs. 8 billion from Colombo port’s annual income is being allocated for the purpose.

Due to this high debt servicing, a huge sum of monetary drain from Colombo port earnings is allocated, resulting us in a big financial trouble especially in terms of providing welfare facilities to the employees who are working at Colombo port,” the Minister said.

However the Minister further revealed perhaps the set targets could be achieved via finishing the construction of the Eastern terminal of the Colombo port.

Ports and Shipping Minister Arjuna Ranatunga flags off the handling of the 5 millionth container at Colombo Port yesterday

“Our target is to increase container arrivals to the Colombo port by 10% by the end of 2016. However, if we are able to complete the constructions of the Eastern terminal, we could boost the amount up to 25%,” Ranatunga added.

Further clarifying his point the Minister said that the set targets were achieved while facing many barriers in the available facilities at Colombo port.  

“We are still continuing the port operations using its old equipment and machines, but at the same time the production capacity has been increased from 19 containers to 29 containers per hour. We achieved all those targets by getting the valuable support from our team,” the Minister pointed out.

Ranatunga said that he would further discuss actions that could be implemented to reduce the debt payments from the Colombo Port with the President, Prime Minister and the Finance Minister.

The event was also attended by the SLPA Chairman Dhammika Ranatunga and other key officials of SLPA and Ministry of Ports and Shipping.