October 22, 2024 at 11:33 am | Uncategorized | No comment
Stocks struggled Monday as rising oil prices and higher Treasury yields weighed on market sentiment. The Dow Jones Industrial Average dropped 398.51 points, or 0.94%, ending at 41,954.24. The S&P 500 slid 0.96% to 5,695.94, and the Nasdaq Composite lost 1.18% to close at 17,923.90. The benchmark 10-year Treasury yield rose more than 4 basis […]
Read moreSeptember 26, 2024 at 4:30 pm | Uncategorized | No comment
Port congestion has become an inevitable issue due to factors like typhoons, hurricanes, geopolitical disruptions in the Red Sea, and labor actions along the U.S. East Coast (USEC). In September 2024, both Ningbo and Shanghai ports experienced operational halts caused by Typhoon Bebinca, though they managed to reduce vessel anchor and container dwell times compared […]
Read moreSeptember 24, 2024 at 5:32 pm | Uncategorized | No comment
The Colombo International Maritime and Logistics Conference 2024 will bring together leading experts from the shipping, ports, and logistics industries to discuss regional and global sector developments. Scheduled for its seventh edition from November 27 to 29 at the Cinnamon Grand in Colombo, the event takes place amid rapid regional changes, with South Asia experiencing […]
Read moreSeptember 20, 2024 at 5:17 pm | Uncategorized | No comment
Sri Lanka’s Cabinet of Ministers has approved adjustments to the Personal Income Tax (PIT) structure, aiming to provide tax relief while maintaining fiscal stability. The revisions include an increase in tax bands from Rs. 500,000 to Rs. 720,000, allowing taxpayers to enjoy a broader income range within lower tax brackets. However, the tax-free threshold remains […]
Read moreSeptember 15, 2024 at 3:21 pm | Uncategorized | No comment
Vizhinjam Port, with its strategic location and deep draft, is emerging as a potential competitor to Colombo Port in the transshipment sector. Approved in April 2024 to operate as India’s first transshipment port, Vizhinjam is equipped with advanced automation and infrastructure to handle Megamax container ships. In its initial phase, it will handle one million […]
Read moreSeptember 10, 2024 at 2:27 pm | Uncategorized | No comment
On September 5, 2024, the Port of Colombo welcomed the container vessel EVER ARM at the Colombo East Container Terminal (CECT), marking a significant milestone for South Asia’s busiest port. The vessel, part of Evergreen’s fleet, is on the China-Europe-Mediterranean (CEM) route and is designed to carry up to 24,000 TEUs. With a length of […]
Read moreSeptember 10, 2024 at 2:23 pm | Uncategorized | No comment
In 2024, the Port of Colombo saw a significant milestone, handling 1,541,034 TEUs, marking a 16% year-on-year growth. South Asia Gateway Terminals (SAGT) processed 1,281,642 TEUs, reflecting a 10.4% increase compared to the same period in 2023. On the other hand, the Colombo International Container Terminals (CICT) reported a 5% rise, reaching 2,200,956 TEUs. The […]
Read moreAugust 30, 2024 at 12:02 pm | Uncategorized | No comment
Sri Lanka’s manufacturing and service sectors continued to expand in August 2024, with both sectors reporting index values above 50, according to the Purchasing Managers Index (PMI) compiled by the central bank. The Manufacturing PMI was 55.5 in August, down from 59.5 in July, with growth mainly driven by the food and beverage manufacturing sector. […]
Read moreAugust 26, 2024 at 7:24 am | Uncategorized | No comment
Sri Lanka’s merchandise exports in August 2024 amounted to US$ 1,165.4 million, reflecting a 4.18% increase compared to the same month in 2023. This growth was primarily driven by higher earnings from key sectors including Apparel & Textiles, Tea, Rubber-based products, Coconut-based products, and Spices & Concentrates. Notably, Apparel & Textiles exports exceeded the US$ […]
Read moreAugust 24, 2024 at 4:15 pm | Uncategorized | No comment
SeaLead Shipping officially launched its new direct liner service in collaboration with the Sri Lanka Ports Authority (SLPA) on October 2, 2024, at the Port of Colombo. The service, named the Far East India Djibouti (FID) service, enhances maritime connectivity between the Far East, India, and East Africa. The inauguration ceremony saw prominent representatives from […]
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