Sri Lanka Ports Authority (SLPA) has initiated the structural design work and preparation of tender documents for civil engineering work to develop and operate the East Container Terminal (ECT) under State’s full ownership.
The announcement of the development work of ECT goes in tandem with Adani Ports and John Keells’ West Container Terminal (WCT), of which the development is set to begin early next year. The terminal is expected to become fully operational in 2025.
The investment that goes in to developing WCT is estimated between US$ 70 – US$ 80 million. However, SLPA didn’t say how much it expected to spend on developing the ECT during next five years.
During the first four months of 2021, SLPA generated Rs.17.0 billion revenue, up 23 percent while its profit before tax increased by 7 percent to Rs.4.99 billion.
SLPA earns its revenues through navigation, stevedoring, wharf handling, port facilities and other service operations.
During the first four months of 2021, SLPA-operated ports in Colombo, Galle and Trincomalee and saw 1303 cargo, other ships and vessels being called to while they handled 700,000 TEUs, logging 35 percent increase over the same period last year.
Besides ECT, SLPA is also in the process of developing the Port of Galle as a regional port for tourism and commercial activities in collaboration with the private sector.
By end April, SLPA had outstanding foreign loans with rupee equivalence of Rs.55.1 billion and local debt worth Rs.8.8 billion.
Source : Daily Mirror
