Sri Lanka container volumes rise near 50%

The Sri Lanka Ports Authority (SLPA) has reported a record 48 percent year-on-year (YoY) rise in container volumes in the first quarter (Q1 2024).

The total grew from 441,032 to 652,766 TEU. SLPA attributed this spike to several issues, including the Red Sea crisis and its broader ramifications.

SLPA’s transshipment throughput in the first three months of this year totaled 582,403 TEU, a 49.81 percent increase over the same period last year.

This growth contributed to the Port of Colombo’s (POC) overall transshipment volume, which reached 1.72 million TEU in the first three months of this year, a 24.20 percent increase over the same period in 2023.

Keith Bernard, Chairman of the SLPA, emphasized that the port is ready to become a vital transshipment hub for the Middle East, as many shipping lines reroute boats to avoid current concerns in the Red Sea and the Suez Canal.

“SLPA staff and workers have handled this situation diligently and efficiently, despite challenges,” he said.

SLPA and the POC have effectively managed the situation, resulting in a significant increase in throughput.

The POC experienced a substantial surge in volumes, reaching 2 million TEU, a 24 percent increase.

Furthermore, completing the East Container Terminal (ECT) Stage II and acquiring new ship-to-shore (STS) cranes will further enhance POC’s position as a leading shipping hub in the region.

The new cranes will enable the port to handle ultra-large GMX 24 ships, allowing it to accommodate higher volumes in the future.

Additionally, ongoing infrastructure developments by SLPA will further strengthen the POC’s competitiveness in attracting more volume and enhancing its capabilities in handling larger vessels.