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Wednesday December 6th, 2023

X-Press Pearl fully sunk off Sri Lanka, sonar search planned for lost containers

FIERY END: Containers spilled off the vessel as the fire raged.

ECONOMYNEXT – X-Press Pearl, which caught fire with cargo including sodium hydroxide, acid and plastics has fully sunk in the shallows off Sri Lanka and caretakers are watching the vessel until Monsoon moderates to permits the wreck to be removed, its owners said.

During the fire, dozens of containers tipped off the vessel and some of their contents including plastic nurdles and one burnt and twisted container has floated ashore.

X-Press Feeders said the seabed for containers or other debris using side-scan sonar.

“Additionally, the caretakers will install navigational warning lights and markers on the wreck for the safety of other vessels,” the firm said.

“When conditions allow, side-scan sonar will be used to locate any sunken containers or debris in the anchorage for removal.”

Sri Lanka is in the midst of the South West monsoon season which ends in August.

“Due to the exposed nature of the anchorage to the prevailing South Westerly Monsoon, it is likely that the wreck removal can only start after the SW monsoon subsides; caretaker services will remain on site until then,” the firm said.

“They will continue to minimise pollution and monitor the wreck’s condition and report daily to experts ashore and Government agencies.

Sri Lanka’s Coast Conservation Minister Nalaka Godahewa said the wreck removal company is likely to refloat the vessel using pontoons, break it up and take it away.

Sri Lanka is meanwhile is continuing an investigation into the incident and the ship’s captain was bailed out after being arrested under the maritime environmental protection law.

Sri Lanka has also sought interim damages of 40 million US dollars from the insurers. (Colombo/June17/2021)

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Sri Lanka rupee closes stronger at 327.40/90 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 327.40/90 to the US dollar on Tuesday, from 328.10/30 the previous day, dealers said.

Bond yields were stable.

A bond maturing on 01.06.2025 closed at 13.60/70 percent from 13.70/14.00 percent.

A bond maturing on 01.08.2026 closed at 13.90/14.00 percent from 13.90/14.10 percent.

A bond maturing on 15.01.2027 closed at 14.00/15 percent from 14.00/14.10 percent.

A bond maturing on 01.07.2028 closed at 14.10/20 percent from 14.20/35 percent.

A bond maturing on 15.05.2030 closed at 14.20/35 percent, from 14.25/45 percent.

A bond maturing on 01.07.2032 closed at 14.10/35 percent, from 14.05/40 percent. (Colombo/Dec5/2023)

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Sri Lanka stocks close down as investor sentiment dips

ECONOMYNEXT – The Colombo Stock Exchange closed down on Tuesday, CSE data showed.

The All Share Price Index was down 0.40 percent, or 43.50 points, at 10,700.09.

The S&P SL20 index was up 0.43 percent, or 13.32 points, at 3,054.41.

Turnover was at 711 million. The capital goods sector contributed 172 million, the food, beverage and tobacco sector contributed 140 million, and banks 113 million of this.

Top positive contributors to the ASPI in the day were John Keells Holdings Plc (up at 193.00), Richard Pieris And Company Plc (up at 19.80), and Nation Lanka Finance Plc, (up at 0.40).

Negative contributors were Commercial Bank of Ceylon Plc (down at 89.70), Sampath Bank Plc (down at 71.00), and Central Finance Company Plc, (down at 106.00). (Colombo/Dec5/2023).

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Sri Lanka plans to reduce number of school grades from 13 to 12

ECONOMYNEXT – The Ministry of Education proposes to reduce the number of school grades from 13 to 12, according to a government information department statement.

“Every child will be given the opportunity to finish school in 17 years through the proposed new education reforms,” education officials were quoted as saying after a discussion on budget allocations.

Under the proposed system, pre-school education will be at the age of 4 years, the primary section between grades 1-5, junior section between grades 6-8, and senior section between grades 9-12.

The General Certificate of Education Ordinary Level Exam (GCE O/L) is proposed to be conducted in grade 10, and the Advanced Level Examination in grade 12.

It has also been decided to reduce the number of mandatory subjects at the GCE O/L Exam from 9 to 7.

Three new subjects, information and communication technology (ICT), technical and professional skills, and religion and values will be made mandatory and included in those 7 subjects. (Colombo/Dec5/2023)

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