$ 125 million investment:

SLPA to build 400m berth

By Gamini WARUSHAMANA

The offshore view of the new Colombo South Port captured by Sunday Observer staff photographer Tilak Perera on a Jetliner cruise.

The Sri Lanka Ports Authority (SLPA) will launch a fast track project to construct a 400m long berth in the newly constructed Colombo South harbour, Chairman SLPA, Priyath Bandu Wickrama told the Sunday Observer. The total investment of this fast track project will be around $125 m. The expansion project of the Colombo harbour is almost complete and the new project will be the East terminal of the harbour.

The project will be completed by January 2013 and this project will bridge the capacity gap of the Colombo harbour, Wickrama said.

This terminal will accommodate mega carriers that the Colombo Port is unable to facilitate today. All main shipping lines now have mega carriers and if we fail to construct infrastructure immediately and cater to the growing demand, they will bypass the Colombo harbour, he said.

Wickrama said that SLPA will launch the project using its own funds and will raise funds later from local and international sources. Fund raising options will be reviewed after the SLPA receives its ratings, he said. Construction of the South terminal by Colombo International Container Terminals (CICT) will be completed by the end of 2013 and operations will begin in 2014.

CICT is a joint venture between China Merchant Holdings, Aitken Spence and SLPA holding 55 percent, 30 percent and 15 percent stakes.

SLPA expects Rs. 32 b revenue this year as against Rs. 28.2 b in 2010.