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China’s Cosco Shipyard and CHEC eye Sri Lanka drydock

ECONOMYNEXT – China’s Cosco Shipyard Group Company Ltd and China Harbour Engineering Company Ltd are studying the feasibility of building a drydock in Sri Lanka’s Hambantota port, a top official said.

Sri Lanka Ports Authority Chairman, Dhammika Ranatunga said the Chinese firms were conducting a new financial feasibility after the original location planned for the dry dock was shifted.

There is an existing memorandum of understanding between the Chinese firms and the state port agency to build the drydock.

Earlier reports said the drydock may require a 600 million US dollar investment.

The Hambantota port was built with a Chinese loan which has been a strain on the finances of the SLPA.

The management is trying to boost activity at the port with new investments and is also on a drive to increase business in the main Colombo port, Ranatunga said.
 

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