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Wednesday February 1st, 2023

China firm proposes US$200mn cargo services centre in Colombo Port

ECONOMYNEXT – Colombo International Container Terminal, a unit of China’s CM Ports group has proposed a 200 million US dollar cargo services centre inside Colombo Port, cabinet spokesman Minister Keheliya Rambukwelle said.

“We believe that we can make our country a shipping hub with its geographical location,” Minister Rambukwelle said.

“So in order to gain a considerable amount of market share in Asia, there are a few shortcomings. There is a need to invest to clear the shortcomings. We expect an investment of around 200 million dollars for this.”

The cabinet of ministers had cleared a request by the Minister of Shipping to set up a Cabinet Appointed Negotiations Committee to evaluate the proposal.

CICT has proposed setting up the centre in a 5.3-hectare plot in the Battenberg area of the Colombo South Harbour as a public-private partnership, a statement from the state information office said.

With the building of Colombo East Terminal and Colombo West Terminal, Colombo Port’s throughput is expected to go up to 10 million twenty-foot equivalent units by 2023, raising the demand for cargo services.

The Bloemendal area and also the Unity Container Terminal areas have been identified for value-added services. (Colombo/July27/2021)

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Sri Lanka bond yields down at close

ECONOMYNEXT – Sri Lanka’s bond yields were down at close following a bond auction on Wednesday, dealers said while a guidance peg for interbank transactions remained unchanged.

“The rates were steady at the auction,” a dealer said.

“This can be a signal to the market saying the rates will go down in the future.”

A bond maturing on 01.07.2025 closed at 32.40/60 percent, down from yesterday’s 32.60/85 percent.

A bond maturing on 01.05.2027 closed at 29.10/35 marginally down from yesterday’s 29.20/75 percent.

The Central Bank’s guidance peg for interbank US dollar transactions remained unchanged at 362.14 rupees against the US dollar.

Commercial banks offered dollars for telegraphic transfers at 371.38 rupees on Friday, data showed. (Colombo/Feb 01/2022)

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Sri Lanka bill auction hits pothole after 2025 bond spike

ECONOMYNEXT – Sri Lanka sold only 45 billion rupees in Treasury bills at Wednesday’s auction after offering 120 billion rupees, data from the state debt office showed, amid market confusion over a spike in a two year bond at an earlier action.

30.1 billion rupees of 3-month bills were sold at 29.91 percent, unchanged from a week earlier after offering 60 billion rupees for auction.

5.1 billion rupees of 6-month bills were sold at 28.72 percent, flat after offering 30 billion.

10.3 billion rupees of 12-month bills were sold at 27.72 percent after offering 30 billion.

Phase II subscriptions have been opened.

The market was foxed after the 2025 bonds were accepted at sharply higher yield than market on January 30, dealer said.

There was further confusion as the there was an outright purchase of 2025 at around 29 percent earlier in January.

Some investors speculated that the authorities were trying to drive more buyers towards short end bonds as bill volumes were getting larger. (Colombo/Feb01/2023)

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Sri Lanka services exports down 5.9-pct in 2022

ECONOMYNEXT – Sri Lanka’s services exports were estimated to have fallen 5.9 percent to 1,876.3 million US dollars, the island’s Export Development Board said.

Services exports estimated is made up of ICT/BPM, construction, financial services, transport and logistics.

There are more than 500 ICT companies, the EDB said.

Sri Lanka’s merchandise exports were up 4.6 percent to US dollars 13.1 billion dollars in 2022 from 2021.

Sri Lanka’s goods exports are slowing amid lower growth in Western markets. (Colombo/ Feb 01/2023)

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