Port of Colombo Sees Growth in Container Volumes amid Global Dynamics
August 30, Colombo (LNW): The Port of Colombo (POC) experienced a notable 24% increase in container volumes, surpassing 2 million TEUs in the first quarter of 2024.
The Sri Lanka Ports Authority (SLPA) reported that alongside this growth, the port’s overall transshipment volume reached 1,729,314 TEUs in the first quarter, reflecting a substantial 24.20% increase compared to the same period last year.
SLPA terminals saw a significant year-on-year rise in container volume handling, with a 48% increase to 652,766 TEUs in the first quarter.
The surge in container volumes has been linked to several factors, including the ongoing Red Sea crisis and its broader effects. SLPA’s transshipment volume for the first three months of this year rose by 49.81% year-on-year to 582,403 TEUs.
SLPA Chairman Keith D. Bernard highlighted that the port is well-positioned to become a critical transshipment hub for the Middle East, as many shipping lines are rerouting vessels to avoid risks in the Red Sea and the Suez Canal.
In response to recent news reports suggesting that the Port of Colombo is losing business to Indian ports, the SLPA countered these claims, stating that they misrepresent the actual situation.
The SLPA clarified that seasonal variations and global economic conditions have temporarily reduced cargo handling at many ports worldwide, including Colombo, which is a normal occurrence in the shipping industry and not due to any immediate competition.
The recent discharge of new equipment for the East Container Terminal (ECT) at the Port of Colombo briefly affected normal container operations at the ECT.
Additionally, adverse weather conditions in Colombo disrupted some scheduled ship movements, though these factors did not significantly impact the overall volumes handled at the port.
In 2024, the Port of Colombo demonstrated strong growth in container handling, with operations increasing significantly.
The POC managed 5,023,632 TEUs in 2024, compared to 4,584,843 TEUs the previous year, marking a 9.6% increase. This consistent growth has solidified Colombo’s status as a major regional player.
The SLPA reaffirmed that the port is progressing well, driven by efficient operations and the global economic recovery. The Port of Colombo remains a crucial component of the global supply chain, playing an essential role in both regional and international trade.
