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People’s Bank coughs up Rs. 9 Bn for Chinese ships

29 May 2014 02:12 am - 12     - {{hitsCtrl.values.hits}}

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The Ceylon Shipping Corporation (CSC) has signed a USD 70 million (over Rs. 9.1 billion) loan agreement with the state-owned People’s Bank to purchase two 63,600 MT DWT bulk cargo-carrying ships from China, to revive the corporation.

The two ships will be built by AVIC International Beijing Company Limited of China. The first ship will be delivered on October 31, 2015 and the second on January 31, 2016.

There are plans to use the ships for transporting thermal coal imported for the coal fired power plant in Norochcholai.

The agreement was signed by Navy Commander Vice Admiral Jayanath Colombage, who is also the Chairman of the Shipping Corporation, and the General Manager of the People’s Bank Wasantha Kumar.

These ships are also specially designed, to add an extra deck at an extra cost, to accommodate around 25 persons in addition to its standard crew complement, with the view of providing mandatory onboard sea-training for nautical and engineering cadets.

During the 1970s and 1980s the Ceylon Shipping Corporation owned and operated over 20 ships including commercial ships but with the war, its operations and strength gradually declined.

The Corporation earlier said the need to acquire ships for the CSC was in the interest of the country and the national economy as well. (Supun Dias)
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  Comments - 12

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  • rw Thursday, 29 May 2014 03:27 PM

    new ships or old used ones via DM Android App

    Dimuthu Heendeniya Thursday, 29 May 2014 10:36 AM

    Now they are going to transport heroine using their own ship via DM iPad app

    old citizen Thursday, 29 May 2014 05:10 PM

    Another white Elephant and added burden to the citizens.

    sunil Nonis Friday, 30 May 2014 08:56 AM

    Good news for sri-lanka. Hope they dedicated competive people to run and manage them.
    I worked as Marine Engineer officer for almost 10 years, where I started my career as a sea going Engineer.
    since my starat with CSC, It is 33 years of sailing and my present ship a 180,000 DWT panamax Bulk carrier carrying coal to china from Quensland..
    The Life time of Bulk carrier is around 10 years.
    After 5 years the maintenance cost goes up.
    It is for the financial planner to do the costing and make it aprofitable venture Employing & Traing Sea farers like how the former Ceylon shipping corporation did. If it noperates like the Srilankan Airways, It will succeed..since we have advanced so much in shipping.
    .

    RG Thursday, 29 May 2014 10:42 AM

    Mixed with Coal

    Ginipoli Thursday, 29 May 2014 08:19 AM

    Finally its the people of Sri Lanka who cough up money. Not the President or the PM

    thilinie Thursday, 29 May 2014 08:28 AM

    finally via DM Android App

    kjk Thursday, 29 May 2014 03:44 AM

    it is a pleasure to hear that CSCL is being Strengthened with its own ship operations,in the mean time it should be freed from unnecessary political interference which damage its progress and way forward.

    Saman Thursday, 29 May 2014 02:27 PM

    What happened to KP's 18 ships.

    Lanka Shantha Thursday, 29 May 2014 03:55 AM

    If we have such lot of cargo to export or to import it may be worth. Other wise it is commission making business for some individuals..

    sss Thursday, 29 May 2014 02:46 PM

    This is somewhat better than loans issued on bogus deeds for premises having public bus stands as security

    Shaul Thursday, 29 May 2014 03:28 PM

    Chinese built Neruncholai power plant had so many problems.It was out of commission until Chinese Engineers came to repair it. Now, to add insult to injury the Govt is buying two Chinese built bulk cargo ships.


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