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Tuesday May 21st, 2024

CMA CGM in relay transshipment at Sri Lanka’s Hambantota Port

ECONOMYNEXT – France based CMA CGM shipping group has engaged in a relay transshipment at Sri Lanka’s Hambantota port with two vessels from the line calling, while Colombo was hit with a Coronavirus outbreak.

“The port is to an extent isolated and we are doing regular PCR checks for all our employees coming into our premises from outside areas,” Sylesh Peerez, Senior General Manager Operations of Hambantota International Port Group said in a statement.

“We greatly appreciate the opportunity given to us by CMA CGM to handle this transshipment operation.

“While it is an advantage for HIP, we are also helping the Colombo Port by providing an alternative to handle transshipment, and moreover, we are ensuring that transshipment volumes stay within Sri Lanka, fulfilling HIP’s promise of positioning itself to build capacity for the country.”

Singapore-flaggd MV Glacier Bay from Jabel Ali, Dubai had berthed at Hambantota and discharged containers on November 25.

Cypress-flagged MV Aldi Wave had arrived from Nava Shiva and docked at Hambantota on November 26 to take the containers to take the containers aboard destined for Durban.

Colombo Port was hit by a Coronavirus outbreak in late November and dozens of workers and gantry operators were quarantined for two weeks causing congestion.

“Since theHambantota Port could handle this move, we quickly got the paperwork ready and handed over the operation to HIP, who efficiently handled the transshipment,” Ikram Ghazali, Group Director, CMA CGM Sri Lanka said.

“Four containers earmarked for Colombo, were also discharged in Hambantota and are to be sent by road under customs supervision.”

He said some CMA CGM vessels had diverted to India due to the congestion at Colombo earlier.

Hambantota Port is operated by China’s CM Ports. (Colombo/Nov30/2020)

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Sri Lanka declares May 21 as National Mourning day over Iranian President’s death

ECONOMYNEXT – Sri Lanka declared a national mourning day on Tuesday, May 21 in view of expressing its solidarity with Iran after sudden death of Iran President Ebrahim Raisi following a helicopter crash.

President Raisi and eight others including Iranian Foreign Minister Hossein Amir Abdollahian were killed in the crash when the helicopter had a “hard landing” reportedly due to adverse weather conditions with heavy fog. However, President’s two convoy helicopters reached the destination safely.

“The Sri Lankan government has declared a national mourning day on tomorrow (May 21) on behalf of the sudden death of Iranian president Mr. Ebrahim Raisi,” the Department of Government Information said in a statement.

It also urged all the state institutions have to hoist the national flag half mast.

Raisi was in Sri Lanka on April 24 to launch the Uma Oya dam on a one-day official visit amid tight security. His helicopter crashed when he was returning to Iran after launching a dam in the Azerbaijan border.

President Raisi is seen as a hardliner and a potential successor to Supreme Leader Ayatollah Ali Khamenei.

Earlier this month, Sri Lanka’s Foreign Minister Ali Sabry said the island nation will deal with Iran for investments and trade without being caught into the United States-led sanctions.

Sri Lanka was unable to receive $450 million from Iran for a recently opened Uma Oya multipurpose project started before the sanctions.

Sri Lanka now exports tea to Iran for no dollar payment. Instead, Sri Lanka tea producers are paid by the state-owned Ceylon Petroleum Corporation (CPC) in rupees for the pending crude oil import payments for Iran.

President Ranil Wickremesinghe expressed his condolences on the tragic incident.

“Sri Lanka is deeply shocked and saddened by the tragic death of President Ebrahim Raisi, Foreign Minister Amir Abdollahian and other senior Irani official,” he said in his official X-platform.

“I express my deepest sympathies and sincere condolences to the bereaved families, the government and the people of Iran.”

Raisi, a Muslim jurist, served as the eighth president of Iran from 2021 until his death. (Colombo/May 20/2024)

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Sri Lanka helps launch Global Blended Finance Alliance

ECONOMYNEXT – Sri Lanka has joined a group of nations led by Indonesia which aims to mobilise capital to achieve carbon neutrality, Minister of Water Supply and Estate Infrastructure Jeevan Thondaman said.

The Global Blended Finance Alliance mooted by Indonesia in 2018, was formally launched at the World Water Forum in Bali today.

Among the other founding members are Fiji, France, UAE, Kenya, Luxembourg and Canada.

“Through our collective efforts, the Global Blended Finance Alliance aims to mobilise both public and private capital to help nations achieve carbon neutrality and the SDGs,” Thondaman said on social media platform X (twitter).

“The world has a USD 2.5 trillion funding gap to achieve the Sustainable Development Goals (SDGs) by 2030,” he said.

Blended finance is the strategic use of development finance, such as public and/or philanthropic funds, for the mobilisation of additional commercial finance towards sustainable development in developing countries. (Colombo/May20/2024)

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Sri Lanka rupee closes slightly stronger at 299.60/75 to US dollar

ECONOMYNEXT – Sri Lanka’s rupee appreciated slightly to close at 299.60/75 to the US dollar on Friday, from 299.70/80 the previous week, dealers said. Bond yields were up.

A bond maturing on 15.12.2026 closed up at 10.15/35 percent from 10.05/15 percent.

A bond maturing on 15.09.2027 closed up at 10.45/55 percent from 10.25/40 percent.

A bond maturing on 01.07.2028 closed at 10.80/90 percent.

A bond maturing on 15.01.2030 closed at 11.70/80 percent.

A bond maturing on 01.10.2032 closed up at 11.90/12.05 percent from 11.85/12.00 percent. (Colombo/May20/2024)

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