South Harbour Expansion Project:

SLSC delegation to inspect progress

by Lalin FERNANDOPULLE

A delegation of Sri Lanka Shippers' Council (SLSC) expected to visit the Colombo Port to inspect the progress of the South Harbour Expansion Project and explore business opportunities in the area, said an official of the SLSC.

He said, there is immense potential for business development in the port and the tour would help shipping lines to set up new ventures.

"The need for more facilities would increase with the recovery of the global economic crisis and the growth in trade volumes", he said.

The Shippers' Council played a keyrole in initiating the project which is essential to develop the shipping industry in Sri Lanka and uphold the hub status in the region.

"The Council has called upon the authorities to expedite work on the project which was on the back burner for several years incurring losses for the shipping sector", he said.

Shipping industry experts have warned that regional ports would pose a threat to the Colombo Port if the authorities drag its feet on the port expansion project.

The SLSC applauds the support extended by the Sri Lanka Ports Authority (SLPA) to ensure the project is completed on time. Work on the breakwater is progressing and it would be completed within six months.

Aitken Spence which is the sole bidder of the Colombo South Harbour Expansion Project has given a three-year time frame for the completion of the project.

The SLSC delegation will discuss matters pertaining to the development of the port sector and setting up businesses with various organisations. Chairman of the Sri Lanka Port Authority Dr. Priyath Bandu Wickrama is expected to participate in the tour.

The Shippers' Council was concerned over the sharp rise in freight rates affecting the shipping industry. Freight rates have increased by US$ 300-400 on a forty foot container to USA and Europe while its around US$ 200 to the Far Eastern region.