Investors sought to take over Sri Lanka’s top shipyard

Japan’s Onomichi Dockyard is cashing out of Sri Lanka’s largest shipyard.

The Japanese company intends to sell its 51% shareholding in Colombo Dockyard and end a management agreement that has been in operation for over three decades

Colombo Dockyard is in preliminary discussions with a number of parties who have expressed interest in investing in the strategically well-located facility.

The shipbuilding and repairing company suffered its worst year in 2023 with losses totalling more than $25m.