Sri Lanka's container volumes surge amid Red Sea attacks

Leading up to February 2024, transshipment volumes had already seen a substantial uptick of 27.2 per cent.

Simultaneously, domestic container volumes witnessed a resurgence, propelled by the country’s economic recovery from a currency crisis and heightened tourism inflows, which bolstered people’s incomes and spurred increased imports.

Domestic containers also saw a remarkable surge of 39 per cent in February 2024, rising from 66,236 TEUs  to 92,097 TEUs compared to February 2022.

Overall, Sri Lanka’s total container volumes in February soared by 30.3 per cent, amounting to 1,337,557 TEUs. Notably, in 2023, Colombo Port handled 6.951 million TEUs, marking a 1.17 per cent increase from the previous year.

However, the increased activity has led to challenges, with container yards at Colombo terminals reaching full capacity as the port grapples with disrupted traffic due to the Red Sea attacks.

Shipping industry officials have also noted similar traffic surges in Mediterranean ports, indicating broader disruptions in global maritime trade routes.

The significant rise in container volumes underscores Colombo Port’s growing importance as a key transshipment hub in the region, driven by strategic shifts in shipping routes and economic dynamics.

Sri Lanka’s ability to manage and leverage this increased traffic will be crucial for sustaining its position as a vital player in the global maritime trade network.

Fibre2Fashion News Desk (DR)