SLPA container volumes expand 48% YoY in 1Q24

Jaya Container Terminal

• Increase attributed to various factors, including the Red Sea crisis and its wider implications
• Total transshipment volumes expand 24.20% YoY

The Sri Lanka Ports Authority (SLPA) yesterday announced it achieved a record 48 percent Year-on-Year (YoY) increase in container volumes in the first quarter (1Q24).

The numbers increased from 441,032 TEUs to 652, 766 TEUs. This increase can be attributed to various factors, including the Red Sea crisis and its wider implications, the SLPA said.

SLPA’s transshipment volume for the initial three months of this year reached 582,403 TEUs, reflecting a growth of 49.81 percent compared to the same period last year. 
This increase contributed to the overall rise in Port of Colombo’s (POC) total transshipment volume, which reached 1,729,314 TEUs for the first three months of this year, representing a 24.20 percent growth compared to the same period in 2023.

Sri Lanka Ports Authority (SLPA) Chairman Keith Bernard emphasised that the port is poised to become a key transshipment serving the Middle East, as many shipping lines are rerouting vessels to avoid prevailing risks in the Red Sea and the Suez Canal.
“SLPA staff and workers have handled this situation diligently and efficiently, in the face of challenges,” he said.

SLPA and the Port of Colombo (POC) have effectively managed the situation which has resulted in a significant increase in throughput. The Port of Colombo (POC) experienced a substantial surge in volumes, reaching 2,002,077 TEUs, a notable increase of 24 percent. This demonstrates the port’s ability to attract more volumes and establish a position as a leading shipping hub in the region.

Furthermore, the completion of the East Container Terminal (ECT) Stage II and the acquisition of new ship-to-shore cranes will further enhance POC’s position as a leading shipping hub in the region. The new cranes will enable the port to handle ultra-large GMX 24 ships, allowing it to accommodate higher volumes in the future.
Additionally, ongoing infrastructure developments by SLPA will further strengthen Port of Colombo’s competitiveness in attracting more volume and enhancing its capabilities in handling larger vessels.