Chinese Firm Pays $584 Million to Secure 99-Year Lease of Sri Lanka Port

COLOMBO, June 20 (Reuters) - China Merchants Port Holdings has made a $584 million payment as part of a $1.12 billion deal to operate Sri Lanka's deep sea Hambantota port, a state-run agency said on Wednesday. Under the deal, signed in July 2017, China Merchants Port (CM Port) will run the $1.5 billion Chinese-built port on a 99-year lease. The $1.12 billion total price is … [Read more...]

Sri Lanka Signs $1.1 Billion China Port Deal

by Ranga Sirilal and Shihar Aneez (Reuters) - Sri Lanka signed a long delayed $1.1 billion deal on Saturday to lease its southern Hambantota port to China ignoring an appeal by opposition parties to debate the pact in parliament. The deal was signed between the two state firms -- Sri LankaPorts Authority (SLPA) and China Merchants Port Holdings(0144.HK) to handle the … [Read more...]

Sri Lanka Approves $180 Million Shipbuilding Order at Colombo Dockyard

COLOMBO, March 1 (Reuters) - Sri Lanka's cabinet has approved the awarding of a $180 million deal for three offshore patrol vessels for the country's coast guard to Colombo Dockyard , a government document said on Wednesday. Colombo Dockyard has agreed to arrange a loan for the deal, with 40 percent provided by the Japanese Funding Institution of JBIC, another 40 percent … [Read more...]

Sri Lanka Opens First Phase Of Chinese-Funded Port Expansion

By Shihar Aneez and Ranga Sirilal COLOMBO, Aug 5 (Reuters) - On Monday, Sri Lanka commenced the first phase of a $500 million container terminal, part of a Chinese-funded expansion of the country's main port which is intended to double its capacity by 2020 and make shipping a key driver of economic growth. The new terminal, one of three planned for the Colombo Port, can … [Read more...]

Chemical Tanker Fairchem Sabre Rescues 73 Offshore Sri Lanka

Images via Sri Lanka Navy While enroute to Zhangjiagang, China, the chemical tanker Fairchem Sabre responded to a distress call from an overcrowded trawler which was packed full of 73 Sri Lankans attempting to make their way to Australia.  The vessel had encountered engine problems approximately 290 nautical miles southeast of Galle, a port on the southwestern tip of Sri … [Read more...]