Sri Lanka Ports Development Authority (SLPA) is set to raise tariffs in accordance with the government’s revenue enhancement and administration reforms, official sources divulged.
Approval has been granted to revise the tariff structure of navigation, stevedoring, harbour tonnage, container operations, conventional cargo operations etc, the Finance Ministry’s latest fiscal situation report revealed.
An official noted the SLPA has been directed to improve efficiency and reduce unnecessary costs and eliminate delays to increase its bottom-line.
The total revenue of SLPA during the first four months of 2023 was Rs. 26,79 billion of which 36 per cent came from stevedoring, 24 per cent from navigation and 9 per cent from the wharf.
The gross profit of the SLPA for the first four months of 2023 was Rs.11.48 billion, compared to Rs.14.22 billion in the same period of 2022.
Ports and Shipping Minister Nimal Siripala de Silva disclosed that approval was given for China Merchants Port Holdings leads consortium of investors to invest US$ 392 million to build a South Asia Commercial and Logistics Hub in the port of Colombo.
SLPA and Access Engineering will each hold 15 percent equity in the venture, he said adding that that the current 8.5 million TEU handling capacity at the Colombo Port will be increased to 35 million.
This target will be achieved with the completion of the ECT, Jaya Container Terminal V (JCT-V), Western International Container Terminal (WICT), and the proposed North Port Projects in the future.
The construction of the ECT operations building began on March 8, 2023. The 1300-metre terminal will be built at a cost of USD 580 million.
The gantry cranes required for operations at the terminal have already been ordered. The construction of the four-story main operations building at the terminal will be completed at a cost cost of Rs. 1.3 billion by February next year, he divulged.
