General
IMF says “strong expectation” on Sri Lanka deal with private creditors
ECONOMYNEXT – Sri Lanka’s container transshipment volumes rose 29.1 percent to 528,348 twenty foot equivalent unit (TEUs), in February 2024 as shipping lines use Colombo port to drop off and pick up cargo linked to by-passed Middle Eastern ports.
Up to February 2024, transshipment volumes were up 27.2 percent.
Meanwhile domestic container volumes were also picking up as the economy recovered from a currency crisis and tourism inflows boosted incomes of the people, driving more imports, despite foreign reserve collections.
Domestic containers surged 39 percent to 92,097 in February 2024, from 66,236 in February 2022.
Sri Lanka’s total container volumes in February were up 30.3 percent to 1,337,557 TEUS.
In 2023 Colombo Port handled 6.951 million TEUs, up 1.17 percent from a year ago.
Related Sri Lanka sails in to the breach as ships by-pass Middle East over Houthi attacks
Container yards at Colombo terminals are full as the port copes with traffic disrupted by the Red Sea attacks.
Shipping industry officials say Mediterranean ports are also facing similar surges in traffic. (Colombo/Apr05/2024)
