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Monday December 5th, 2022

X-Press Pear sinking off Sri Lanka while being towed

ECONOMYNEXT – The gutted container vessel X-Press Pearl was seen sinking as it was being towed away to deeper waters off Sri Lanka continuing to emits smoke, raising fears of an oil spill.

Salvors who boarded the vessel on June 01 had round the engine room flooded, X-Press Feeders, the operators of the vessel said.

Though there were no visible flames, smoke was coming out from cargo holds 1,2 and 3 intermittently, the firms said.

Sri Lanka’s State Minister of Fisheries Kanchana posted pictures of a partially sunk 37,000 Dead Weight Tonne X-Press Pearl being towed away by the multipurpose vessel Posh Teal.

There are also fears of an oil spill.

It is not clear whether over 300 tonnes of bunkers on board have burnt off or are still on board.

Sri Lanka is continuing to clean up beaches.

Authorities have also launched a criminal probe in the incident with the Captain and member of the crew being questioned by police.

“..[S]elect seafarers continue helping local police with their enquiries into the fire and are cooperating with investigators,” X-Press Feeders said.

“We will respect this process and not publicly discuss operational details until the investigation has been completed.” (Colombo/June02/2021)

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Sri Lanka proposed power tariff not to recover past losses: Minister

ECONOMYNEXT – The government has not proposed a power tariff increase to recover past losses, Minister of Power and Energy Kanchana Wijesekera in response to a statement attributed the head of the power regulator commission.

“The proposal that was presented was for an automatic cost reflective tariff mechanism to be implemented to supply uninterrupted power & to recover the current cost of power supply,” Minister Wijesekera said in message.

“Govt has not proposed to recover past loses of CEB from a tariff revision…”

The cabinet of ministers had given the nod tariff revisions twice a year to prevent large losses from building up as in the past.

The Public Utilities Commission has disputed costs protected for the power utility saying the petroleum utility was keeping large margins in selling fuel.

The government in a budget for 2022 also proposed to tax surcharge to recover losses.

The regulator also disputed power demand forecasts.

Also read; Sri Lanka regulator disputes CEB costs, demand projections for 2023

The PUCSL cannot increase tariffs to recover past losses, Chairman Janaka Ratnayake said. (Colombo/Dec05/2022)

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Sri Lanka’s shares gain in mid market trade

ECONOMYNEXT – Sri Lanka’s shares edged up in mid day trade on Monday (05), continuing the positive run for seven straight sessions on news over a possible debt restructuring from Paris Club, analysts said.

All Share Price Index gained by 0.69% or 60.10 points to 8,829, while the most liquid shares gained by 0.96% or 26.59 points to 2,801.

“The market was pushed up over the news of a potential 10 year debt moratorium,” analysts said.

The Paris Club group of creditor nations has proposed a 10-year debt moratorium on Sri Lankan debt and 15 years of debt restructuring as a formula to resolve the island nation’s prevailing currency crisis. 

Related – Paris Club proposes 10-year moratorium in 15-year Sri Lanka debt re-structure: report

The market generated a revenue of 2.1 billion rupees.

Top gainers during 1130 hours were Expolanka, Browns Investment and LOLC.  (Colombo/Dec05/2022)


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Sri Lanka bond yields slightly down

ECONOMYNEXT – Sri Lanka’s bond yields were slightly down at open on Monday while t- bills were inactive, dealers said.

The Central Bank’s guidance peg for interbank transactions was at 363.18 rupees against the US dollar, appreciated from 363.19 rupees on Friday.

“Only one bond is being quoted today, and the rest remaining unquoted” a dealer said.

A bond maturing on 15.05.2026 quoted at 29.30/30.00 percent down from 29.50/75 percent at Friday’s close.(Colombo/ Dec 03/2022)

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