Category: Shipping and Transport
Mahindra expands business foot print with Ideal Motors Sri Lanka
Mahindra & Mahindra Ltd., a part of the USD 17.8 billion Mahindra Group based in India, today announced that it is set to expand its business footprint in Sri Lanka. The company will set up three new businesses in the country together with its proud partners for over 7 years Ideal Motors. Mahindra along with […]
South Korea court to declare shipping giant Hanjin bankrupt
Feb 02, 2017 (LBO) – South Korea’s shipping giant Hanjin Shipping is expected to be declared bankrupt this month, foreign media reports said. The Seoul Central District Court told media that it would end court receivership and declare the company bankrupt on February 17 following a two-week period for appeals. Demise of Hanjin Shipping is […]
‘s Sail Lanka Charter hosts PM on-board catamaran
Jan 27, 2016 (LBO) – Sri Lanka’s Sail Lanka Charter hosted Prime Minister Ranil Wickremasinghe and his wife on-board their 53ft sailing catamaran, Sapphire, during the Fairway Galle Literary Festival. The vessel reflects local talent as it was built in Sri Lanka using local materials, the company said. Established in 2014 as part of the […]
New leasing scheme for vehicles comes into effect
Jan 18, 2017 (LBO) – Central Bank of Sri Lanka has advised commercial banks and leasing companies to follow new regulations in granting loans for vehicle leasing including three wheelers. “The new circular has slapped additional controls over credit facilities afforded to three wheelers. Under the new leasing regulations the leasing facility offered will be 25 […]
Sri Lanka to regularize small commercial vessels
Jan 18, 2017 (LBO) – Sri Lanka’s cabinet has decided to regularize small commercial vessels that have been in service as well as new vessels including pleasure vessels used for profit or reward. Accordingly, commercial vessels, which are cargo and passenger vessels of less than 24 meters, but five meters or more in length, which […]
Sri Lanka ratifies the ILO Maritime Labour Convention
Jan 16, 2016 (LBO) – Sri Lanka recently deposited the instrument of ratification with the International Labour Office (ILO) of the Maritime Labour Convention, 2006 (MLC, 2006), a statement said. The island is the 81st ILO member State and the 16th Asian State to have ratified the Convention and the MLC, 2006 will enter into force […]
Sri Lanka’s Laugfs buys third LPG carrier vessel for USD2.9mn
Jan 06, 2017 (LBO) – Sri Lanka’s Laugfs Maritime Services has purchased its third Liquefied Petroleum Gas (LPG) carrier vessel for 2.875 million US dollars. The company said in a stock exchange filing that the vessel earlier named as “Lady Martine” will be renamed as “Gas Courage” under the Sri Lankan flag. Laugfs Maritime Services […]
Hambantota port proceeds to be used to pay-off higher interest loans: Ravi
Jan 05, 2017 (LBO) – Sri Lanka’s government is planning to use Hambantota port proceeds to pay off higher interest loans which have already been taken, Finance Minister Ravi Karunanayake said. Karunanayake told reporters Thursday that the expected value of 1.1 billion US dollars will be initially used to pay off the loans taken at […]
Colombo Port volumes grow, CICT surpasses 2mln TEUs
Jan 02, 2017 (LBO) -Colombo International Container Terminals (CICT) has reported a throughput of two million TEUs for the 12 months ending 31 December 2016, a year-on-year growth of 28 percent in volume, enabling the Port of Colombo to register overall incremental growth during three consecutive years. CICT said ULCCs (Ultra Large Container Carriers) and VLCCs (Very […]
Sri Lanka’s JVP demands President reveals Hambantota port agreement
Dec 27, 2016 (LBO) – Sri Lanka’s Marxist JVP today insisted the President should reveal the Hambantota port agreement to the country before signing the agreement with China. Writing a letter to the President, JVP Parliamentarian and COPE Chairman Sunil Handunnetti said their party is strongly against what they called ‘selling’ the port which is […]
Sri Lanka to improve public transportation in 2017: Fin Min
Dec 23, 2016 (LBO) – Several steps have been taken to improve public transportation with the building of new roads, upgrading railway, deploying priority bus lanes and building light rail, Sri Lanka’s finance ministry said on Friday. Plans are underway to construct two new roads, one between New Kelani Bridge and Athurugiriya and, the second […]
Sri Lanka seeks Chinese loan for South expressway consultancy
Dec 21, 2016 (LBO) – Sri Lanka is seeking a loan of Renminbi Yuan 577 million from China to finance the consultancy services for design review and construction supervision of civil works for the extension of the southern expressway project. The Cabinet nod has been given to a proposal made by Finance Minister Ravi Karunanayake […]