Sri Lanka May 2007 Newsletter

Silver Shadow calls at Colombo Port
The super luxury cruise vessel “Silver Shadow” became the latest arrival at the Port of Colombo last week with 800 passengers and crew on board, from Phuket in Thailand. To mark the ships maiden voyage to Colombo, the traditional exchange plaques ceremony was held on board between the Additional Managing Director of Sri Lanka Ports Authority (SLPA), Capt. Nihal Keppetipola and the Ship’s Master Captain. Emaniele Chiesa.

Meanwhile, Colombo Port set a record during the tourism season receiving six luxury passenger vessels within 48 hours with foreign passengers on board. This also marks the first ever instance, where six luxury passenger vessels arrived at the port.

A large number of passengers from Great Britain, the United States of America, Germany, Italy and France arrived at the Colombo has gained high recognition in the fields of maritime and tourism industries.

The six ships that arrived were, “Ocean Odyssey”, “Amadia”, “Astot”, “Maxim Gorky”, Sagarose” and “Silver Shadow”.

Vehicle transshipment via Colombo port booms
Port of Colombo has gained high recognition during the first three months of this year in transshipment of vehicles manufactured in India, to other countries. The port is being used as the transshipment hub for vehicles manufactured at Maruti and Tata companies in India which are exported to South Africa, Ghana, Italy, Spain, Turkey, Malta and Alexandria.

Vehicles carried in small vessels from Mumbai in India are unloaded at the Port of Colombo and transshipped to other countries in large vehicle carrier vessels. In 2006 Colombo Port has transshipped 3,018 vehicles. This year from 01st January to 14th April there has been 2,357 vehicles transshipped. Recently another 886 number of vehicles and 117 numbers of vehicles were transshipped via the vehicle carriers. “Bellong” and Sagterious Leadrer” respectively.

The security and efficient services offered by the Sri Lanka Ports Authority in transshipment of vehicles have also gained higher recognition of relevant agent institutions involved in vehicle transshipments enabling an increasing number of vehicle transshipment at the port. Hence it has also contributed towards the growth of revenues of the Sri Lanka Ports Authority.

ECONOMY: 4Q GDP growth rate sinks to lowest in one and half years

The economic growth in the fourth quarter of last year sank to its lowest level in one and half years or six quarters prompting concerns over prospects for 2007.

The GDP growth in the fourth quarter was 6.2%, lowest since the second quarter of 2005 which incidentally was the same rate. The slower growth in fourth quarter also checked a much higher figure for the full 2006. The country posted its highest ever growth 7.4% in 2006. “The signs of economy losing momentum are clearly evident by the fourth quarter numbers and indications are that the impact of all negative factors would be more pronounced in the economy from the first quarter of 2007 onwards.” Analysts said. They expressed doubt over governments optimistic forecast of 7 to 8% growth in 2007 and such high growth would require a big stimulus on several fronts which however is unlikely.

Tea: Low Grown Prices at all time high
The larger weight of 2.4 Mkg of Low Growns that were on offer this week met with improved demand. In leafy category, select best BOP1/OP1s advanced Rs.10/- to Rs.15/- poorer sorts too appreciated.

The best and the below best OPAs gained Rs.5/- to Rs.10/-, however, the poorest met with lower market. Once again the shotty well made pekoes advanced sharply. The bolder varieties too saw better demand with prices advancing in value.

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