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Monday September 25th, 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 sells 2028 bonds at 14.52-pct

ECONOMYNEXT – Sri Lanka sold all offered bonds in 2026 and 2028 maturities raising 220 billion rupees from an auction Monday, data from the state debt office showed.

The debt office sold 135 billion rupees of 1 June 2026 bonds to yield 15.64 percent.

Another 85 billion rupees in 01 July 2028 bonds were sold to yield 14.52 percent.

The 2028 bond is offered on tap at the weighted average yield. (Colombo/Sept25/2023)

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Sri Lanka’s stocks end down on Monday after slow day of trading

ECONOMYNEXT – Sri Lanka shares were down at close of trading on Monday.

Turnover was 550 million rupees.

The main All Share Price Index was down 0.36 percent or 40.02 points to 11,216.50, while the S&P SL20 was down 0.44 percent or 14.07 points to 3,164.52.

Trading in the Capital Goods Industry (174,037,134) drove turnover.

Commercial Bank, Expolanka Holdings, and Aitken Spence plc saw losses, while National Development Bank, John Keells Holdings and Melstacorp saw gains in the day’s trading.

The market saw a net foreign inflow of 13 million rupees, while the yearly net foreign inflow was 429 million rupees. (Colombo/Sep25/2023)

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Sri Lanka rupee closes at 324.75/324.90 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 324.75/90 to the US dollar on Monday, from Friday’s close at 324.70/325.00 dealers said.

Bond yields were up.

A bond maturing on 01.07.2025 closed up at 15.55/15.70 percent on Monday, after closing at 14.95/15.30 percent on Friday.

A bond maturing on 01.08.2026 closed up at 15.50/15.65 percent up from 14.95/15.10 percent.

A bond maturing on 15.09.2027 closed up at 14.75/15.50 percent from 14.55/15.00 percent.

A bond maturing on 01.05.2028 closed up at 14.25/14.60 from 14.00/14.30 percent.

A bond maturing on 15.05.2030 closed stable at 13.00/13.50.

A bond maturing on 01.07.2032 closed at 12.95/13.45 percent from 13.00/13.45 percent. (Colombo/Sept25/2023)

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