Colombo Port achieves surge in transshipment volumes

The Port of Colombo witnessed a remarkable surge in transshipment volumes, marking a record 25.5 percent year-on-year increase to 562,527 Twenty-Foot Equivalent Units (TEUs) in January. 

This substantial growth, observed for the second consecutive month, was attributed to ongoing disruptions at the Red Sea, which continued to benefit the port's operations.

Furthermore, the overall container throughput at the Port of Colombo experienced robust expansion, rising by 28 percent year-on-year to 691,150 TEUs in January. Transshipment volumes accounted for a significant 81 percent of the total throughput, underscoring the port's growing significance as a transshipment hub.

Import container volumes surged by 22.5 percent year-on-year to 40,364 TEUs, while export container volumes marginally increased by 2.2 percent year-on-year to 21,913 TEUs. Notably, restoring volumes at the port recorded an impressive 176 percent year-on-year growth, reaching 37,764 TEUs in the month.

The surge in port activity can be attributed to attacks on vessels in the Red Sea by Yemen's Houthi rebels since late last year. The Port of Colombo emerged as a crucial transit point for major shipping lines rerouting their vessels around the Cape of Good Hope to avoid disruptions and high insurance premiums. 

Consequently, shipping lines are unloading additional cargo at the Port of Colombo to be taken by feeder vessels, ensuring adherence to tight schedules on the longer Cape of Good Hope route.

The Colombo International Container Terminal (CICT), the port's only fully operational deep container terminal, handled 305,396 TEUs during the year, reflecting a 16.1 percent increase from the previous year. Additionally, the Jaya Container Terminal (JCT) and the partially operational East Container Terminal (ECT), managed by the Sri Lanka Ports Authority (SLPA), together handled 236,680 TEUs in January, recording a significant 60.4 percent year-on-year growth. 

Container volumes handled by the South Asia Gateway Terminal (SAGT) also rose by 15.3 percent year-on-year to 149,174 TEUs in the month.

In January, 350 ships called on the Port of Colombo, compared to 347 vessels from a year ago. This included 317 container cargo ships, four conventional ships, and other cargo ships, which nearly doubled to 20 ships, indicating the port's increasing activity and importance in global maritime trade.