Ports Shipping and Logistics (Commonwealth Union) – K. D. S. Ruwanchandra, Secretary to the Ministry of Ports, Naval, and Aviation Services, highlighted that Alphaliner, a leading research publication in the shipping sector, acknowledged Colombo Port as the fastest-growing port globally in the first quarter of 2024, thanks to its outstanding operational performance and 23.6% growth rate.
He noted that the port generated a revenue of USD 50 million during the first quarter of 2024, pointing out that previous trade union activities did not hinder this progress.
Speaking at a press conference part of the series “Two Years of Progress and Way Forward” recently the Secretary to the Ministry of Ports, Shipping, and Aviation Services further said “To begin with, I would like to highlight the significant progress in the operational performance of the Colombo Port, which achieved an impressive growth rate of 23.6% in 2024. As a result, Alphaliner, a leading research publication in the shipping industry, recognized the Colombo Port as the world’s fastest-growing port in the first quarter of 2024. We accomplished this progress despite various trade union actions, which did not hinder our operations.
Located in the bustling city of Colombo, Sri Lanka, the Colombo Port is a vital hub for international trade and commerce in the region. As the largest and busiest port in Sri Lanka, it plays a crucial role in the country’s economy by facilitating the import and export of goods to and from the island nation. The port’s strategic location in the Indian Ocean, along the East-West international shipping route, has made it an indispensable component of global maritime trade.
Sri Lanka’s Colombo port, originally known as the Colombo Harbor, has a rich history that dates back centuries. The harbor has been in use since the 14th century, when it served as a key trading point between the East and West. It was during the colonial era, however, that the harbor began to develop into a major port. In 1866, the British colonial administration initiated the construction of a modern breakwater and a series of wharves, transforming the harbor into a bustling commercial center.
One of the key advantages for the Colombo Port is its strategic location. Situated along the East-West international shipping route, the port serves as a vital transshipment hub for cargo moving between Europe, the Middle East, and the Asia-Pacific region. The port’s proximity to major shipping lanes and its ability to accommodate large container vessels have made it an attractive destination for shipping lines looking to optimize their routes and reduce transportation costs.
In 2023, the Sri Lanka Port Authority announced a profit of USD 100 million, and within the first quarter of 2024, it has already achieved a profit of USD 50 million.
All four terminals have played a significant role in these achievements, with continuous efforts to boost their operational capacity. The construction of the Eastern Container Terminal (ECT) and the Western Terminal is ongoing, with the Western Terminal set to commence operations in February 2025.
Furthermore, development is progressing at the Eastern Terminal and Northern Port. Simultaneously, projects are being undertaken at the ports of Trincomalee, Galle, and Kankasanthurai. A passenger ferry service from India arrives every Friday at the newly built terminal building at Kankasanthurai Port.
Eng. Athula Galketiya, Chairman of Airport and Aviation Services (Sri Lanka) Ltd. (AASL), indicated that as of July 2024, international passenger movements have reached 4.3 million. They expect this figure to rise to approximately 9 million by the end of the next six months, marking a 26.10% increase compared to July 2023.
He further indicated that moreover, international air traffic saw a 24.50% increase by June 2024 compared to June 2023, and air cargo volume movement experienced a 28.96% rise during the same period.
As the world’s fastest growing port in q1 2024, the port could play a major on the nation’s road to recovery.
sri lanka’s colombo port, air cargo volume, international passenger movements, the world’s fastest growing port in q1 2024
