Adani’s West Terminal to go ahead in Q1
Sri Lanka has been continuously expanding its Colombo Port in line with global changes and in this respect the Adani Group took over a stake of the West Terminal that is scheduled to commence operations early next year.
The Adani Group is currently embroiled in a fraud case filed in the US, as a result of which S&P Ratings have highlighted that the Port management company of the group handling the operations at the West Terminal at the Colombo Port has been given a negative outlook in terms of their financial backing going forward.
However, industry sources stated that the opening of the Colombo West International Terminal (CWIT) will be on schedule in the March quarter of 2025.
S&P Global Ratings had reportedly stated that the credit rating downgrade includes Adani Ports and Special Economic Zone Ltd. This is a company involved in the terminal project at the Colombo Port. Its BBB- rating has now been assigned a negative outlook, reflecting potential challenges in funding and governance for the company.
In a media release issued by the terminal it was stated that they will be receiving the new cranes for the terminal by December 1 that will include two Ship-to-Shore (STS) cranes and three Yard Gantry Cranes (CRMGs), as part of its ongoing development.
With this delivery, CWIT’s fleet of equipment will be significantly strengthened, bringing the total number of STS cranes to four and Yard Gantry Cranes to 11, adding to the existing two STS and eight CRMGS cranes that are already under Commissioning. The terminal is also preparing to receive an additional four STS cranes in January 2025 which will increase the total STS count to 8 along with yard gantry Cranes increasing to 18, the release stated.
The release also stated that the development of CWIT aligns perfectly with the broader development plans for the Port of Colombo, which is on a trajectory to double its container handling capacity over the next two years. With an ambitious goal of reaching 15 million TEUs by 2026, the development of CWIT and the Port of Colombo will ensure Sri Lanka remains a key trans-shipment hub for global trade.
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