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Sri Lankan ports experience surge in bunker demand

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Sri Lankan ports experience surge in bunker demand

By: Staff Writer

April 01, Colombo (LNW): Sri Lankan ports are witnessing a remarkable surge in bunker demand, driven by ongoing global navigation challenges, particularly in the Red Sea region.

This uptick in demand comes as ships reroute their voyages to avoid affected areas, with Sri Lanka emerging as a key refuelling and restocking destination amidst the uncertainties.

Recent data from Bunkerworld reveals a significant 33 percent increase in bunker sales volume at Colombo, one of Sri Lanka’s major ports, reaching an impressive 40,000 metric tons per month.

This surge underscores the growing importance of Sri Lankan ports in supporting international maritime operations amid evolving geopolitical tensions and navigation disruptions.

As shipowners and charters continue to take longer voyages to avoid Red Sea, bunker demand across ports on India’s west coast has risen and VLSFO supplies at the ports of Kochi and Mumbai remain disrupted.

Despite the increased demand, price movements were mixed as of March 28. Platts, part of S&P Global Commodity Insights, assessed 0.5 percent marine fuel oil delivered to Kochi at US $ 700/mt CFR, up US $ 20/mt on the week, while in Mumbai, prices fell to US $ 698/mt, down US $ 8/mt.

In Sri Lanka, prices at Colombo were assessed at US $ 700/mt, down US $ 7/mt on the week, according to S&P Global data.

“Demand has substantially increased, almost by 30 percent across Mumbai, Kochi and Gujrat ports. Long haul vessels are calling more often now. The volumes that were being lifted at King Abdullah port, Yanbu, Djibouti and Suez Canal have now shifted to Indian and Sri Lankan ports,” a Gujarat-based trader told S&P Global.

“Longer voyages coupled with a shortage of VLSFO at some Indian ports has increased demand at Kandla and Mundra,” said a Kandla-based supplier.

The unavailability of product at the Indian port of Kochi has raised demand at Sri Lankan ports of Colombo and Hambantota.

Supply shortages at Indian ports have also prompted India-based traders to divert their queries to Sri Lanka.

“Demand has almost doubled since January. Tightness across Indian markets during the first few weeks also helped us to capture the demand. Interestingly, we’re seeing a considerable number of inquiries for HSFO. There are three active high sulfur fuel oil suppliers in the market now,” a Colombo-based trader told S&P Global.

Sri Lanka trade account deficit widened in normalising economy

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Sri Lanka trade account deficit widened in normalising economy

By: Staff Writer

April 01, Colombo (LNW): Sri Lanka has widened a deficit in the trade account of the Balance of Payment (BoP)  in February this year Central Bank data showed, maintaining a trend seen since the fourth quarter of 2022, after monetary stability was restored.

The deficit in the trade account of the Balance of Payment (BoP) widened in February from a year ago on higher imports as the economy normalises. But it narrowed from a month earlier levels significantly due to less spending on fuel imports as the demand had been lower than expected.

Sri Lanka imported goods worth US$ 1,378 million and exported goods valued US$ 1,059 million to record a negative trade balance of US$ 319 million for February, nearly ten times the level of US$ 39 million a year ago as the economy was under pressure due to limited foreign exchange at the time. 

However, on a month-on-month basis, the deficit was much lower than the US$ 541 million recorded in January as exports strengthened while imports fell due to aforementioned reasons.

On a year-on-year basis, merchandise imports rose by 35.0 percent while exports increased by 7.9 percent, reflecting largely normalising economic conditions with widely relaxed import restrictions and loose monetary policy.

The export strength came from all three major categories of industrial, agriculture and mineral wherein the former had been driven largely by  petroleum products due to the increase in the volumes of bunkering and aviation fuel exports, the statement from the Central Bank said.

The agricultural sector exports were led by strong tea earnings from both higher volumes and prices.

Meanwhile in a sign of better times for the garments and textiles industry, their earnings have risen in February from January levels.

The merchandise imports have also been driven by all three categories of consumer, intermediate and investment goods.

Consumer goods, which first began to rise in a normalising economy, saw spending on both food and beverage imports and non-food consumer goods increasing.

Fuel imports were sharply down in the month to US$ 290.5 million from US$ 417.5 million in January.

The investment goods imports were driven by machinery and equipment – mainly the cranes and building materials such as iron and steel.

The type of the equipment brought down in February depicts the revival seen in the construction sector activity which the construction PMI showed through two back-to-back months of expansion through February.

On a cumulative basis, Sri Lanka has imported goods worth US$ 2,890 million and exported goods valued at US$ 2,030 million in the first two months, resulting in a negative trade balance of US$ 860 million, up sharply from the US$ 484 million in the corresponding period in 2023.

SL Katchatheevu Island turns to a political issue in Indian elections 

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SL Katchatheevu Island turns to a political issue in Indian elections 

By: Staff Writer

April 01, Colombo (LNW): Katchatheevu island ownership of Sri Lanka is set to turn to a political issue on the eve of Indian elections as it could be leveraged for securing fishing rights and canvas vote of Tamil Nadu fishermen.

Despite India’s first Prime Minister Jawaharlal Nehru’s, dismissing the island issue as “inconsequential” on May 10, 1961 now Katchatheevu ownership  has become a significant issue during upcoming Tamil Nadu’s Lok Sabha campaigns..

Handing over Katchatheevu to Sri Lanka in 1968 has impacted Indian fishermen, mostly from Tamil Nadu, who often get detained by the Sri Lankan Navy.

In this citcusmtance Indian Prime Minister Narendra Modi on Sunday lashed out at the Congress party over a controversial island, Katchatheevu that was given to Sri Lanka by former Indian Prime Minister Indira Gandhi in 1968.

The Katchatheevu island debate has taken centre stage in Tamil Nadu politics as the Lok Sabha election nears.

PM Modi on Sunday cited a report in Times of India that said, ‘RTI reply shows how Indira Gandhi ceded the island to Sri Lanka’. The PM on the X platfrom wrote, “Eye-opening and startling! New facts reveal how Congress callously gave away Katchatheevu”.

PM Narendra Modi added, “Weakening India’s unity, integrity, and interests has been Congress’ way of working for 75 years and counting”.

According to the document obtained by Tamil Nadu’s Bharatiya Janata Party (BJP) chief K Annamalai via an RTI application, the Indira Gandhi government in 1974 handed over the Katchatheevu Island, located in Palk Strait to Sri Lanka.

The report also cited the statement of India’s first Prime Minister Jawaharlal Nehru on the issue.PM Modi to kickstart BJP’s LS election campaign in UP from Meerut today.

Sri Lanka, then Ceylon, pressed its claim on the island after independence. The island country said that the Indian Navy (then Royal Indian Navy) could not conduct exercises on Katchatheevu without its permission.

On 10 May 1961, Nehru said he would not hesitate to give up claims to Katchatheevu. “I attach no importance to all to this little island and I would have no hesitation in giving up our claims to it, ” Nehru wrote as quoted by Times of India.

‘Modi govt want to strangulate opposition financially’, Congress attacks BJP Commonwealth Secretary YD Gundevia quoted Nehru’s minutes. However, until 1974 the final decision on Katchatheevu island was not finalised.

Then-Attorney General MC Setalvad in 1960 also stated that India had a stronger claim on the island formed due to volcanic eruptions in a reference to the Zamindari Rights given by the East Indian Company to Raja of Ramnad over the islet and fishery resources around it.

The Raja enjoyed rights in Katchatheevu Island from 875 to 1948 which later got vested in the State of Madras after the abolition of the Zamindari system.

Honda Motors takes legal action against three Sri Lanka counterfeiters

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Honda Motors takes legal action against three Sri Lanka counterfeiters

By: Staff Writer

April 01, Colombo (LNW): The Japanese multinational automobile giant Honda Motor recently took criminal action against several infringing entities who were engaged in the sale and possession of counterfeit automobile spare parts bearing the Honda brand and trademarks in Sri Lanka.

Consequently, three wholesale dealers in automobile spare parts located in Colombo 10 and Homagama were subjected to criminal raid actions instituted by the Colombo Crime Division (CCD), based on the complaints lodged by Honda Motor Co., LTD through their local legal representatives, Sudath Perera Associates with the CCD.

Upon application by the CCD, the search warrants were granted by Magistrate Lochana Abeywickrama of Magistrate’s Court of Maligakanda against Kevin Motors and Rebecca Motors, the two infringing entities located in Colombo 10 and Magistrate Rajeendra Jayasooriya of Magistrate’s Court of Homagama against D.M. Auto Holdings, another infringing entity located in Homagama, for the raid and seizure of any counterfeit Honda products bearing the registered logos and trademarks.

Subsequently, the raid executed at D.M. Auto Holdings located in Homagama was followed by the raids conducted against Kevin Motors and Rebecca Motors located in Colombo 10 were carried out simultaneously, and the CCD was able to seize and take into custody a large volume of counterfeit Honda spare parts which were in the possession of the aforementioned accused entities.

Notably, the CCD officers were also able to seize a large quantity of empty packaging containing Honda logos, trademarks and the Honda wing device, which were manufactured and/or sourced through illegal channels and suspected to be utilized to package and sell counterfeit spare parts under the disguise of genuine Honda spare parts.

The sale of and dealing in counterfeit products is a strict violation and a criminal offense under the Intellectual Property Act No. 36 of 2006.

Counterfeit products pose a major threat not only to the legitimate brand owners but also to the unsuspecting consumers as well.

While this unlawful and/or illegal conduct causes substantial damage, reputation, and economic loss to the brand owners, it also poses severe safety issues to the unsuspecting consumers.

As these counterfeit products are related to motor spare parts, there is a grave concern of consumer safety and road safety when unsuspecting consumers use these counterfeit products, as there is no assurance that these products are manufactured adhering to the quality and safety standards pertaining to the safe functioning of motor vehicles, especially considering the growing number of motor vehicle accidents recorded in Sri Lanka presently. 

Sri Lanka Original Narrative Summary: 01/04

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Sri Lanka Original Narrative Summary: 01/04

  1. President Ranil Wickremesinghe announces plans to modernise Sri Lanka’s film industry, transitioning an outdated film corporation into a development company: Emphasising the importance of embracing technology, he highlights intentions to provide foreign training opportunities for artists and production designers: mentions plans to support the production of Sri Lanka’s first AI film, noting the integration of artificial intelligence into the global film industry.
  2. Opposition Leader Sajith Premadasa says certain ‘cardboard socialists’ are boasting of free health and free education in the guise of socialism when in reality they are sending their children to private universities and are receiving treatment from private hospitals: responds to criticism that he only knows of ‘distributing items’, the Opposition Leader stresses that he acts in no interest of personal gain, but for the well-being of the people of Sri Lanka.
  3. Sources says three prominent members of the Sri Lanka Freedom Party (SLFP) are reportedly preparing to pursue legal action after being ousted from their positions during a meeting of the executive committee and seat organisers on March 30: The decision saw Duminda Dissanayake removed from the role of National Organiser, Mahinda Amaraweera from Senior Vice President, and Lasanta Alagiyawanna from Treasurer.
  4. MP Wimal Weerawansa acquitted of invalid passport charges by Negombo Magistrate’s Court: Charges stemmed from 2015 incident of using an expired passport for travel, later replaced: Defense argued Immigration’s inaction during initial attempt and legality of using valid visa from old passport alongside renewed one: Court found in favour of Weerawansa, ending legal proceedings.
  5. State-run LP gas distributor LITRO Gas Lanka announces price reductions for domestic cylinders effective midnight today (01): Prices reduced by Rs. 135 for 12.5 kg cylinder, Rs. 55 for 5 kg cylinder, and Rs. 23 for 2.3 kg cylinder.
  6. Sri Lanka’s trade deficit expanded in February due to increased imports as the economy resumed normal activities: However, the deficit contracted significantly from the previous month, mainly due to reduced spending on fuel imports: Imports totalled US$1.378 billion, while exports were US$1.059 billion, resulting in a US$319 million trade deficit for February: This improvement is attributed to strengthened exports and reduced imports: Y-o-Y data shows a 35.0% increase in merchandise imports and a 7.9% increase in exports, reflecting gradual economic normalisation.
  7. The SLTDA provisional data shows that Sri Lanka has seen a remarkable rise in tourist arrivals, surpassing 600,000 in the first 27 days of March 2024: This surge indicates a rapid recovery compared to the previous year, with arrivals expected to exceed 200,000 by month-end: Leading the influx are visitors from India, Russia, Germany, the UK, and China: Additionally, tourism earnings for the first two months of the year soared by 118.2% year-on-year, totaling US$ 687 million.
  8. Dry weather conditions have affected around 10,000 individuals from 3,027 families across the country, with Gampaha and Kegalle districts experiencing the most significant impact: The Meteorology Department of forecasts hot weather throughout April, with scattered showers or thundershowers expected in various provinces, especially in the afternoon: Misty conditions are anticipated in certain areas during the morning period.
  9. The United States National Transportation Safety Board discloses that the cargo ship involved in the Baltimore bridge collapse was carrying hazardous materials, including corrosive substances, flammables, and lithium-ion batteries: Owned by Grace Ocean Private Ltd. and chartered by Maersk, the MV Dali was en route from Baltimore to Sri Lanka.  
  10. Sri Lanka set a Test cricket record by scoring 531 runs without an individual century in the second match against Bangladesh: This followed a standout partnership and century performances in the first Test: Sri Lanka’s achievement joins a short list of teams accomplishing similar feats in cricket history.

Weerawansa acquitted in passport case

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Weerawansa acquitted in passport case

April 01, Colombo (LNW): National Freedom Front (NFF) Leader MP Wimal Weerawansa has been acquitted from the case concerning the use of an invalid passport.

The Negombo Magistrate’s Court rendered its verdict today (01), absolving the MP of the charges brought against him.

The legal proceedings stemmed from an incident in 2015, during which Weerawansa attempted to travel abroad using an expired passport.

Subsequently, he procured a renewed passport but was apprehended during a subsequent travel attempt.

Allegations arose when it was discovered that the MP presented an expired passport, containing a valid visa, for travel purposes. However, he was detained only upon attempting to travel with a renewed passport.

In defense, MP Weerawansa’s legal counsel argued that the Immigration officials failed to act during his initial attempt to depart with the expired passport, contrary to their actions during his subsequent travel endeavour with the renewed passport.

Furthermore, it was highlighted that the Immigration and Emigration Department permits the utilisation of a valid visa from an old passport alongside a renewed one for travel.

Considering these aspects, the Negombo Magistrate’s Court exonerated MP Wimal Weerawansa from the case, bringing closure to the legal proceedings.

LITRO announces gas price revision

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LITRO announces gas price revision

April 01, Colombo (LNW): State-run LP gas distributor LITRO Gas Lanka has declared a reduction in the prices of its domestic LP Gas cylinders.

Effective from midnight today (01), the updated prices are as follows:

  • 12.5 kg cylinder: Reduced by Rs. 135, with the new price set at Rs. 4,115.
  • 5 kg cylinder: Reduced by Rs. 55, with the new price set at Rs. 1,652.
  • 2.3 kg cylinder: Reduced by Rs. 23, with the new price set at Rs. 772.

This announcement aims to provide relief to consumers and reflects the company’s commitment to offering competitive pricing in the domestic gas market.

Trade Deficit widens in February, reflecting economic normalisation

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Trade Deficit widens in February, reflecting economic normalisation

April 01, Colombo (LNW): In February, the deficit in Sri Lanka’s trade account of the Balance of Payments (BoP) expanded compared to the previous year, primarily due to increased imports as the economy resumed normal activities.

However, the deficit contracted significantly from the previous month, largely attributable to reduced spending on fuel imports due to lower demand.

Imports totaled US$ 1,378 million, while exports amounted to US$ 1,059 million, resulting in a trade deficit of US$ 319 million for February.

This figure represents a notable increase from the US$ 39 million deficit recorded a year earlier when the economy faced foreign exchange constraints.

Nevertheless, the month-on-month deficit of US$ 319 million was substantially lower than the US$ 541 million deficit recorded in January.

This improvement can be attributed to strengthened exports and reduced imports, as mentioned earlier.

Year-on-year data indicates a 35.0 per cent increase in merchandise imports and a 7.9 per cent increase in exports.

These figures reflect the gradual normalisation of economic conditions, supported by relaxed import restrictions and accommodative monetary policies.

Export growth was observed across all major sectors, including industrial, agricultural, and mineral categories.

Notably, petroleum product exports, particularly bunkering and aviation fuel, drove industrial exports, while robust tea earnings contributed to agricultural exports.

Garments and textiles exports showed signs of recovery in February compared to January, indicating positive developments for the industry.

Imports were driven by consumer, intermediate, and investment goods categories. Consumer goods imports increased, reflecting rising expenditures on both food and non-food items.

However, fuel imports notably declined in February compared to January levels.

Investment goods imports, particularly machinery and equipment such as cranes and building materials, surged, indicating a revival in construction sector activity.

Cumulatively, Sri Lanka’s imports totaled US$ 2,890 million, and exports amounted to US$ 2,030 million in the first two months of the year, resulting in a trade deficit of US$ 860 million.

This represents a significant increase from the US$ 484 million deficit recorded in the corresponding period of 2023.

Dollar rate at commercial banks today (April 01)

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Dollar rate at commercial banks today (April 01)

April 01, Colombo (LNW): The Sri Lankan Rupee continues to appreciate against the US Dollar steadying below the Rs. 300 threshold today (01) in comparison to last week’s Thursday, as per leading commercial banks in the country.

At Peoples Bank, the buying price of the US Dollar has dropped to Rs. 294.59 from Rs. 294.93, and the selling price to Rs. 304.56 from Rs. 304.91.

At Commercial Bank, the buying price of the US Dollar has dropped to Rs. 293.80 from Rs. 294.46, and the selling price to Rs. 303.50 from Rs. 303.75.

At Sampath Bank, the buying and selling prices of the US Dollar remain unchanged at Rs. 295.50 and Rs. 304.50, respectively.

Sri Lanka faces dry weather impacting nearly 10,000 people across the island

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Sri Lanka faces dry weather impacting nearly 10,000 people across the island

April 01, Colombo (LNW): The dry weather prevailing in Sri Lanka has adversely affected approximately 10,000 individuals from 3,027 families nationwide.

The district of Gampaha is experiencing the greatest impact, with 7,053 individuals affected by the dry conditions.

In addition, 2,813 people in the Kegalle district are also facing challenges due to the lack of rainfall.

Hot weather conditions are expected to persist throughout the month of April, according to the Department of Meteorology.

In its forecast, the Meteorology Department predicts scattered showers or thundershowers in several areas of the Western, Southern, Sabaragamuwa, and Uva provinces after 2:00 p.m.

Some regions may experience fairly heavy showers exceeding 50 mm.

Additionally, showers or thundershowers may occur in a few places in the North-western and Central provinces, as well as in the Mannar and Vavuniya districts during the evening or night hours.

Misty conditions are anticipated in certain areas of the Central, Sabaragamuwa, Uva, and Western provinces, along with the Galle and Matara districts during the morning period.

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