Voyage Sri Lanka 2024

Unleashing the Potential of Sri Lanka’s Maritime Future

Sri Lanka has immense potential to establish itself as a global maritime hub, but it needs to leverage its strategic location and untapped marine potential to truly emerge as a leader. “Voyage Sri Lanka 2024”, the country’s first-ever marine summit, served as a landmark event to spotlight the enormous opportunities in Sri Lanka’s blue economy.

Held from the 24th to 26th of November 2024, the event brought together international investors, industry experts, and key stakeholders to explore investment prospects in port development, offshore energy, boat building, shipbuilding, and marine services.

While the conference in Colombo was the summit’s centrepiece, the pre-event port visits to Trincomalee and Hambantota set the stage for more in-depth discussions to explore the business opportunities in Marine Sector. These visits provided investors with a first-hand look at the on-ground infrastructure, potential, and strategic role that Sri Lanka’s key ports play in regional and global trade.

This article covers the highlights of the port visits, exploring the key takeaways, investment prospects, and why Sri Lanka’s maritime sector is on the cusp of transformative growth.

For an overview of the conference see here.

Day 1: Trincomalee Port – A Deepwater Asset with Untapped Potential

The first leg of the investor tour took place on 24th November, as a delegation of 20 foreign investors from countries including India, Saudi Arabia, the Maldives, France, Japan, Thailand, the United States, and Cambodia visiting Trincomalee Port.

Why Trincomalee Matters

• One of the world’s finest natural deep-water harbours – Trincomalee’s depth and expansive bay make it an ideal location for large-scale maritime projects.
• Strategic location – Positioned along the East-West shipping route, the port has the high potential to serve as a logistics and bunkering hub.
• Existing infrastructure – the port is home to Sri Lanka’s largest fuel storage facilities, making it a viable site for future energy-related investments.

Investment Opportunities Discussed

The discussions at Trincomalee focused on expanding its role in regional trade by enhancing its bulk cargo handling, ship repair facilities, rig layups and bunkering services. Key areas of interest included:

• Marina development – Given the natural beauty of the coastline, there is strong potential to position Trincomalee as a high-end marine tourism hub.
• Shipbuilding and maintenance – Investors expressed interest in establishing joint ventures to expand Trincomalee’s capacity for ship building and repair services.
• Energy infrastructure – The port’s proximity to fuel storage facilities presents opportunities for offshore energy projects and LNG (liquefied natural gas) bunkering services.

Sri Lanka’s Export Development Board (EDB) led these discussions, reinforcing the government’s commitment to harnessing public-private partnerships (PPPs) to drive development of the country.

Day 2: Hambantota Port – Sri Lanka’s Gateway to Global Trade

The second site field visit, held on 25th November, shifted focus to Hambantota International Port, Sri Lanka’s fastest-growing deep water port located at the southern end of the Island.

Hambantota: A Logistics Powerhouse in the Making

• Deep-water capabilities – Able to accommodate large container vessels and oil tankers, positioning it as a major trans-shipment hub.
• Proximity to international trade routes – Located just 10 nautical miles off the world’s busiest shipping lane, offering strategic advantages for global logistics.
• Diversified services – Currently handling roll-on/roll-off (RoRo) cargo, energy storage, and port-related industries, with further expansion underway.

Investment Opportunities Discussed

The delegation explored the Hambantota International Port and met with key stakeholders of the Hambantota International Port Group (HIPG) to discuss:

• Bunkering and fuel services – Expansion of fuel storage and supply to attract more global shipping companies.
• Free Trade Zone (FTZ) development – The potential to establish manufacturing and assembly operations within the port’s industrial zone.
• Shipbuilding and repair expansion – The possibility of collaborating with potential international partners to enhance ship repair services facilities.

Hambantota is already showing strong signs of growth, with its transhipment volumes increasing from 100,000 to 700,000 units in just six years. Investors were particularly drawn to the port’s multipurpose capabilities, which allow it to handle containerised cargo, bulk goods, and energy-related services.

Sri Lanka’s Blue Economy: A Sector Poised for Growth

The port visits provided strong evidence of Sri Lanka’s potential to become a dominant player in the Marine & Offshore Services industry. The country’s geographical advantage, expanding infrastructure, and commitment to sustainability make it an attractive destination for marine sector investments.

Key Factors Driving Growth in the Marine & Offshore Services Sector

1. Strategic Location on Global Shipping Routes
   • Over 200 vessels pass Sri Lanka daily, reinforcing its potential as a Marine hub.
   • Colombo, Hambantota, and Trincomalee offer distinct advantages in container handling, energy storage, and industrial development.
2. Government and Private Sector Investment Initiatives
   • The Sri Lanka Ports Authority (SLPA) and private investors are actively working to modernise port infrastructure.
   • Public-private partnerships (PPPs) are being encouraged to attract foreign direct investment (FDI).
3. Expansion of Shipbuilding & Repair Services
   • The marine services industry in Sri Lanka is growing, with facilities like Colombo Dockyard and Hambantota’s repair zone gaining traction.
   • The expansion into offshore oil and gas services offers further opportunities for growth and development within the industry.
4. Renewable Energy & Offshore Wind Potential
   • Trincomalee is being explored as a site for LNG bunkering and offshore wind energy projects.
   • The World Bank’s offshore wind map has already identified high-potential zones in the country for sustainable energy investment.
5. Growing Demand for Marine Tourism & Recreational Boating
   • Sri Lanka’s coastline is underutilised for marine tourism, with opportunities for luxury marinas, yacht services, and coastal resorts.

Sri Lanka: A Maritime Hub in the Making

The Voyage Sri Lanka 2024 port visits to Trincomalee and Hambantota showcased Sri Lanka’s immense potential in the marine and offshore sector. Investors left with a clearer understanding of the country’s port infrastructure, trade potential, and emerging opportunities.

With proactive government policies, strategic investments, and global partnerships, Sri Lanka is well on its way to solidifying its status as a premier maritime hub in the Indian Ocean region. As the country continues to modernise its ports and expand its blue economy, the global marine industry is watching closely – ready to invest in Sri Lanka’s growth story.

For an in-depth understanding of Voyage Sri Lanka and its accomplishments see our White Paper – “Voyage Sri Lanka 2024: Exploring the Future of Marine & Offshore Export Services Growth”.