Colombo Port forges ahead amidst challenges

Sri Lanka Ports Authority Chairman Dr. Prasantha Jayamanna

• Improves rank by one notch as world’s top 22nd on the back of healthy 6% rise in throughput in 2021
• Chairman Dr. Prasantha Jayamanna says SLPA revenue rose to record Rs. 60 b and profit of over Rs. 20 b
• Port sector biggest generator of FDI with over $ 600 m
• Says ECT and WCT will help sustain Colombo’s hub status
• Efforts underway to draw more traffic; ramp up logistics in Colombo

By Nisthar Cassim

The Colombo Port has moved up one notch in globe's best ranking to 22nd thanks to a healthy 6% growth in volumes to a record 7.25 million TEUs.

“We are happy to announce that Colombo Port has moved up to being world's 22nd best up from 23rd in the previous year and the improvement is welcome and in line with request made by President Gotabaya Rajapaksa to elevate our position to within Top 15 by 2025,” Sri Lanka Ports Authority Chairman Dr. Prasantha Jayamanna told the Daily FT.

He also said that SLPA's revenue in 2021 had risen to a record Rs. 60 billion with profit of over Rs. 20 billion as per provisional data.

The Colombo Port saw volume increase by 5.8% to 7.249 million in 2021 from the previous year. Transhipment grew by 4.2% to 5.85 million whilst domestic boxes saw double digit growth of 10% to 1.19 million. SLPA terminals on their part saw a 5% growth to 2.2 million TEUs in 2021 with domestic boxes helping with a 39% growth. 

Dr. Jayamanna described the overall growth in 2021 was commendable given the challenges posted by the COVID pandemic and global supply chain disruptions.

He said proactive measures and support from all stakeholders ensured the Colombo port, considered as the nerve centre of the economy, functioned with resilience amidst local and global shocks in 2021. 

He said development of the East Container Terminal (ECT) and the West Terminal (WCT) and those being ready by 2024/25 will ensure Colombo sustains its hub status. 

“Sri Lanka's port sector has brought in the largest amount of private Foreign Direct Investment of over $ 600 million. This reaffirms its importance and future potential,” the Chairman emphasised. 

He also said that efforts are underway to develop Trincomalee as an industrial port and Galle as a leisure port. He envisages further FDIs in to these two initiatives. 

Dr. Jayamanna said that SLPA as well as other operators Colombo International Container Terminal (CICT) and South Asia Gateway Terminal (SAGT) are continuously improving productivity and efficiency to both retain existing volume as well as woo new traffic. 

He said efforts are already underway to woo more Bangladesh cargo with special incentives and facilities. The moderanisation of Bandaranaike Quay is also underway with expression of interest to be called to boost logistics services.