Hambantota Port Records Rs.5.4bn Revenue In 2014
Posted on July 19th, 2015
Daily Mirror 2014-12-29
The Chinese-funded Magam Ruhunupura Mahinda Rajapaksa Port (MRMRP) in Hambantota has recorded revenue of Rs.5.39 billion for the year 2014, compared to Rs.585.2 million in 2013, statistics released by Sri Lanka Ports Authority showed (SLPA). The bulk of the revenue— Rs.4.26 billion— has come from bunkering operations that began June this year, with a US $ 76.5 million bunkering terminal. The port received 134 vessels calling for bunkers up to December for a total volume of 53,487 metric tonnes.According to the SLPA, replenishment of stocks are ongoing with major suppliers getting actively involved in the supply chain ensuring timely supplies and quality of the products.
MRMRP is fast becoming a major stopover for vessels to stem bunkers with its brand new tank farm and terminal complex in full operation. The main customers are the very large bulk carriers and Crude Oil tankers which are plying the busy sea lanes in the region,” SLPAsaid in a statement. The tank farm with 8 tanks for fuel bunkering facilities for vessels, 3 tanks for aero fuel and 3 tanks for storing LP gas can initially handle 55,000 tonnes of shipping fuel and is expected to add another 100,000 tonnes under the second phase.Meanwhile, revenue from vehicle handling for the year 2014 stood at Rs.1.12 billion. The port handled 254 vessels carrying vehicles (Ro-Ro vessels) against 137 Ro-Ro vessels in 2013.
–The total number of motor vehicles handled this year was 188,791 against 64,524 units in 2013, SLPAsaid.As a measure to ease the long berthing delays experienced by Ro-Ro vessels in Colombo, SLPA has been routing such vessels to MRMRP from June, 2012.Meanwhile, MRMRP has handled 37,631 domestic and 151,160 transshipment units in RO-RO operations this year, against last year’s 25, 875 and 38, 649 units, respectively.
SLPA said, 70 percent of the second phase of MRMRP has been completed by now and will be ready for operations during the final quarter of 2015. The phase one of MRMRP is estimated to cost US $ 361 million, excluding bunkering terminal, while phase two is priced at an estimated US $ 808 million.
The ‘Agreement on Key Terms for Supply, Operate and Transfer (SOT) of Container Terminal Hambantota Port Development Project Phase II’ was entered into this September in the presence of President Mahinda Rajapaksa and his Chinese counterpart Xi Jinping. Dr Wickrama signed on behalf of Sri Lanka.
Signing for China were representatives of China Merchants Holdings International (CMHI) and China Communication Construction Company Ltd. (CCCC). The former already operates the new Colombo International Container Terminal (CICT) and the latter is building the 233-hectare Colombo Port City.
The partners in the Hambantota SOT will be CMHI and China Harbour Engineering Company Ltd, an engineering contractor and subsidiary of CCCC.
According to a filing made by CMHI to the Hong Kong Stock Exchange, it will hold 64.98 percent of the project company while SLPA will have the remaining 35.02 percent.The concession period to be granted to the project company under the SOT agreement shall initially be 35 years from the commencement of operation of the SOT project, which can be extended by five years at the option of the project company,” CMHI said in the filing.
See more at: http://www.dailymirror.lk/59873/hambantota-port-records-rs-5-4bn-revenue-in-2014#sthash.srTYXuRi.dpuf
July 18th, 2015 at 3:41 pm
Here we go!!
This revenue is measurable. Our ungrateful people can see if this is published in the main stream media.
The Cost Benefits gained from the Highways built by MR can not be measured. So the foolish can be fooled easily saying MR wasted the money or looted the money.
Our nation has a long way to go to separate truth from the lies.
July 18th, 2015 at 3:46 pm
All th hype about the H’thota Port being a total white elephant and a financial failure was “bunkum” to fool the People ! How the People of Lanka have been fooled by political fools is pathetic. This should be a good lesson for all not to believe in ‘kata katha’ till facts are proved. Even the educated folks were fooled about the H’Port being a loss.
July 18th, 2015 at 4:10 pm
The Channel Tunnel between UK and France – (Dover- Callais) produced a profit Pound or an Euro only recently and that is after 20 years of project inception. Large scale infrastructure projects are generally not built by private sector and usually only built by governments on foreign loans.
This is how the Leader of modern South Korea Gen Park Chung He, built his country to be what it is today. He built highways, motorways, railroads, ports (Busan today is one of the biggest ports in the world) and airports. This is the way he developed the country. South Korea people had to make huge sacrifices to be what they are today. This third world country which was one of the poorest countries in the world was able to host Olympic Games in 1988 – in less than 30 years of clear sighted no nonsense development.
The Colombian scum who feed on the rest of the country wants to keep the country eternally poor so that they can wine, dine and have gay parties for kingdom come! This is why Gay Ranil and his Red Lipped Brigade is driving the Sri Lankan electorate towards Badajari Politics.
President Rajapakse managed the economy well during the war and after the war. It is true that he irked the ever jealous India and Imperialist Western Christian forces because of their agendas to continuously keep Sri Lanka destabilised. They have never been friends of Sri Lanka whether the country was under a UNP government or else. Sri Lanka must learn to do without these enemy nations!
July 18th, 2015 at 4:12 pm
Why didn’t Meeharka De Silva highest qualified Economist manipulate the figures??
July 19th, 2015 at 2:23 am
No massive National Infrastructure Project turns a profit in a very short time.
The Old Colombo Harbour and the Old Katunayake International Airport took years to turn a profit, but returned much more than expected on the investments made.
That is the VERY DEFINITION of spending on National Infrastructure: INVEST in the SHORT TERM, and RECOUP n the LONG TERM!
If takes time for the news of availability of the new facilities to be disseminated, for shippers and shipping lines to rearrange their operations after evaluation the potential advantages, to raise the necessary capital, and to setup their onshore offices and labor forces.
POLITICALLY MOTIVATED Naysayers BRAY at every VISIONARY PROJECT, and FOOLISH VOTERS sometimes BELIEVE THEM and are MISLED, but in the LONG TERM the Naysayers sink under the weight of their OWN MUD covering their own faces!
CONTINUATION of the Program of Rapid Infrastructure Development undertaken by the UPFA/MR Govt is what is at stake in the upcoming General Election on August 17, 2015.
May the Noble Triple Gem help President Mahinda Rajapaksa sweep to a Landslide Victory; the Nation needs him to steer the ship of state AGAIN towards that gleaming Vision of Sri Lanka as the New Wonder of Asia!
July 19th, 2015 at 4:24 am
What does the great central bank robber has to say about this?
Or the fat ass cricketer turned politician?
Traitors! absolute traitors! Nothing to offer, never do anything for the country!
Good at criticising and thuggery and thieving.
That’s all the UNPatritoic party done in the last 75 years. There are a lot of Sinhalese (Asinhalese) supporting
them whatever they do. So why bother? Please the minorities. Win! win!
Traitor chief BB (butcher of batalande) rw knows. His job is easy. We wonder how he can sleep at night when
he is doing so much damage to our motherland (obviously not his, otherwise he can’t do what he does).
July 19th, 2015 at 2:34 pm
The Island newspaper did a yeomen service to the nation during the Eelam war. However, it has gone to dogs now! Thirisanie, the media prostitute, who was chased away during the previous management has been allowed to write once again in the Island and to sling mud at Mahindha. So, instead of The Island, we must read The Nation and Rivira more and more!
July 19th, 2015 at 10:02 pm
Tax revenue increased by 18.6 percent to Rs. 457 billion during January to May 2015 in comparison to Rs. 386 billion recorded during the same period of 2014 while non-tax revenue also increased by 16.7 percent to Rs. 45 billion in the reference period benefiting from increased profits and dividends from State Owned Business Enterprises (SOBEs).
July 19th, 2015 at 10:12 pm
H’tota port earnings to exceed Rs 15B by end 2014
By Mario Andree
Ceylon FT: The port at Hambantota is set to surpass the revenue generated by the Colombo Port as a result of the increasing number of vessels calling at the port and the successful bunkering operations, a senior official said.
Hambantota Port has since 22 June this year, handled more than 9,000 tonnes of bunkering, adding more than Rs 750 million to revenue, which is expected to reach Rs 15 billion by the end this year.
Sri Lanka Ports Authority Chairman, Dr. Priyath B. Wickrama, addressing a forum organized by the National Chamber of Commerce of Sri Lanka, said that the “much criticized port has managed to overcome all criticism and proved to be a success by increasing volume and revenue”.
According to him bunkering services at the Hambantota port which began last month had been successful as the facility managed more than 9,000 tonnes.
Further, the number of ships calling at Hambantota has increased to 40 ships a month, from 40 ships a year in 2012 with hopes of handling more than 100 vessels a month from next year onwards.
He said that the revenue of the Hambantota port was expected to reach Rs 15 billion this year matching the revenue of the Colombo port, paving the way to surpass the Colombo port’s revenue from next year onwards.
The Sri Lanka Ports Authority is aiming to triple its revenue to US$ 1 billion by 2020, and has initiated several programmes islandwide to make the country a shipping hub.