Sri Lanka to seek private capital for four Colombo port terminals
ECONOMYNEXT – Sri Lanka will seek private investments to build four container terminals in Colombo Port with expressions interest called for the first one in 2025, Deputy Minister of Ports and Aviation Janitha Ruwan Kodithuwakku said.
Sri Lanka is planning to call expression of interest for Colombo West Terminal II in 2025, he said.
“Ports are a globally a very large sector. We necessarily need private players for that,” Ports and Aviation Minister Bimal Rathnayake told parliament on March 07.
“For West Terminal II and the North Port which is a big project in the port expansion masterplan. We will call EoIs from top global shipping lines very soon.”
Deputy Minister Kodithuwakku said the feasibility study for West Terminal, which will have a capacity of 3 million twenty foot equivalent units (TEUs) had been completed.
Funding had been allocated for detailed engineering drawings.
“The North Port project consists of three terminals with a total volume of 10 million TEUs,” he said.
“With all these terminals, Colombo port will reach a capacity of 30 million TEUs by the end of 2035.
Singapore, which was the second largest container port now were now handling 35 million TEUs. By end 2035 they were targeting 65 million TEUs, Kodithuwakku said.
Sri Lanka was planning a 22 million TEU increase compared to 30 million in Singapore, he said.
“We have to increase the volume of the port. Without increasing the volume of the port we cannot get any business.”
Sri Lanka currently had a capacity of 7.5 million TEUs. The West Terminal I by Adani and John Keells is coming on stream this year which will add 2.5 million TEUs and East Terminal 3 million.
By end 2026, capacity at Colombo Port will be 14 million TEUs, Kodithuwakku said.
By July the first phase of East Terminal will also start operations, Minister Rathnayake said.
