July 08, 2009 (LBO) – The Sri Lankan unit of Indian Oil Corporation said it has chartered a bunker barge to supply ship fuel in Colombo port as sales were increasing. LIOC is the newest player in Colombo port’s bunker business.
Competition in the business has been growing after a court order ended an effective monopoly held by Lanka Marine Services, a unit of conglomerate John Keells Holdings. “We have chartered a 1,800 metric tonne tanker barge as deliveries are increasing,” Lanka IOC managing director Suresh Kumar said.
LIOC, which is listed on the Colombo stock exchange, had been using two barges chartered locally.
The three barges will be used to transport ship fuel from shore-based storage tanks to vessels calling at the port.
Kumar said the ship fuel business was growing and that it had potential to grow further in Colombo given its location on the main east-west shipping route.