Category: Shipping and Transport
CICT to enhance Colombo Port’s deep water capacity by March 2019
Dec 13, 2018 (LBO) – Colombo International Container Terminals (CICT) has announced a significant equipment addition that will enhance the terminal’s deep water capacity and make Colombo one of the few ports in Asia capable of handling vessels of 22,000 + TEUs. The Company said the enhancement encompasses the addition of two new mega Quay […]
Cruise ships calling Port of Colombo up 29-pct in 2018
Dec 04, 2018 (LBO) – A remarkable growth of cruise ships calling at the Port of Colombo has been reported in this year, Sri Lanka Ports Authority said. According to the authority, 45 cruise ships have been called at Port of Colombo for the first 10 months of this year which is a 28.8 percent growth against […]
Luxury vessel Mein Schif 3 calls Colombo Port with 2,430 passengers
Nov 27, 2018 (LBO) – Super luxury passenger vessel MV Mein Schif 3 of TUI Cruises with 2,430 passengers and 995 crew on board made her maiden call at the Port of Colombo on 26 November 2018. Sri Lanka Ports Authority said in a statement that the vessel was welcomed at the East Container Terminal […]
Sri Lanka port volumes up
Nov 13, 2018 (LBO) – State owned Jaya Container Terminal (JCT) of Sri Lanka Ports Authority (SLPA), witnessed the highest growth of 23.3 percent in transshipment container throughput for the first nine months (from January to September) in 2018 as against the corresponding period in 2017. During the first nine months of 2018, the transshipment […]
Sri Lanka reiterates that Colombo East Terminal will not be given to any country
Oct 25, 2018 (LBO) – East terminal of Sri Lanka’s busiest Colombo port will not be given to any other country as it is being developed by the Sri Lanka Ports Authority, Port Minister Mahinda Samarasinghe reiterated today. In the master plan of Colombo port expansion project, the East Container Terminal (ECT) has a 1200m […]
Mangala reveals fuel pricing formula
Oct 18, 2018 (LBO) – Sri Lanka’s Finance Minister Mangala Smaraweera reveled to media the recently introduced fuel price formula calculation method following repeated calls for it. “The Maximum Retail Price (MRP) of auto fuels has been established as follows MRP = V1 + V2 + V3 + V4,” he told reporters in Colombo a short while […]
Sri Lanka vehicle registrations down in Sept 2018
Oct 17, 2018 (LBO) – Sri Lanka’s motor car registrations dropped to 4,990 units in September 2018 from 7,003 in the previous month following hike in taxes imposed by the government earlier this year, data compiled by JB Securities equities research shows. Total registrations were down to 34,293 units from 43,190 in the month of August. […]
ICJ orders US to ease Iran sanctions; India to continue purchasing crude oil from Iran
Oct 07, 2018 (LBO) – India will buy a total of 9 million barrels of oil from Iran in November, foreign media reported yesterday, citing an industry source, despite US sanctions on Tehran to return early next month. In May, Trump pulled the US out of the Iran nuclear deal despite objection from the other […]
Fuel price formula will be useless if we reveal it: CBSL Senior Deputy Governor
Oct 05, 2018 (LBO) – Senior Deputy Governor of Sri Lanka’s Central Bank, Nandalal Weerasinghe says that the fuel price formula will be useless if everyone knows how to calculate the future prices of petroleum products under the new pricing mechanism.Speaking at a recent TV program, Weerasinghe emphasized that the fuel price formula is considered […]
Ceylon Motor Traders Association pushing for registration of vehicle importers
Oct 04, 2018 (LBO) – Ceylon Motor Traders Association (CMTA) suggests that the Government implements a scheme to register vehicle importers as it could be a first step towards controlling the quality and quantity of imports of motor vehicles. Releasing a statement, the association said through the registration, the consumer is at least to some […]
ADB provides USD300Mn for elevated highway
Sept 28, 2018 (LBO) – The Asian Development Bank’s (ADB) has approved a US 300 million dollar loan to help in the construction of about 5.3 kilometers (km) of elevated toll highway with related facilities between the New Kelani Bridge (NKB) and Galle Face in central Colombo in Sri Lanka. The new highway is expected […]
Margin deposit requirement against LCs opened with commercial banks for vehicles
Sept 20, 2018 (LBO) – The Monetary Board of the Central Bank of Sri Lanka imposed a 100 per cent margin deposit requirement against Letters of Credit opened with the commercial banks for the import of motor vehicles,which are generally used for non-commercial purposes,with immediateeffect.Accordingly, Letters of Credit for the importation of these vehicle categories […]