Laugfs to propel maritime sector

11 June 2015 03:20 am - 0 - {{hitsCtrl.values.hits}}

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By Dulasha Hettiarachchi
Laugfs Holdings PLC is planning to expand its thrust in the maritime sector with the purchasing of a US $ 6.9 million ship.

“Amidst challenges, we made a bold move to purchase our first vessel, a gas carrier which we named as Gas Challenger for obvious reasons.

Our intention is to expand the activities of Laugfs Maritime Services (Pvt.) Ltd into all spheres of maritime economy, capitalizing our core competencies, benefitting from seamless cross functional integration and collaboration, to ensure smooth operations,” Laugfs Holdings PLC Chairman and Group CEO W.K.H. Wegapitiya said in the latest company annual report.

Laugfs transports approximately 7000 metric tons of gas per month and in the process lessens the dependability on suppliers and reduces logistic costs while promoting flexibility.

“There are plenty of economic advantages in the Indian Ocean as we are neighbours with many growing economies,” said Wegapitiya when inquired about the rationale behind venturing into the maritime industry.

He further added that Sri Lanka is an ideal location for a maritime hub rather than countries like Singapore and those in the Middle East.

“We, as a nation, engrossed with a discussion over the years, arguably, making Sri Lanka a maritime hub in the midst of its strategic location in the maritime silk route,” he stressed.

Moreover, during the previous regime, under the Mahinda Chinthana manifesto, there were plans to make Sri Lanka a maritime hub.

Wegapitiya speaking to Mirror Business about their plans on buying a second ship said they were looking at one with a reasonable price tag.

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Laugfs to propel maritime sector

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