Oct 17, 2019 (LBO) – The Hambantota International Port Group (HIPG) has entered into a Terminal Service Agreement (TSA) with Japanese Shipping Conglomerate NYK, the first RoRo specific TSA entered into by the shipping line with a Sri Lankan Port.
Nippon Yusen Kaisha (NYK), whose 130-year history runs parallel to that of its maritime nation, is Japan’s largest shipping company and world’s no 1 RoRo fleet operator.
Under the TSA, NYK will bring RORO, machinery and equipment cargo to the Hambantota International Port (HIP), for transshipment to the various parts of the world.
It is significant that NYK entered into the TSA with HIPG, after a hiatus of 4 years during which they did not bring any transshipment cargo to Sri Lanka.
The upgraded services at HIP including the latest in equipment, increase in productivity and zero accident policy, combined with the benefits and concessions offered by the port encouraged NYK to enter into the agreement and renew their operations with Sri Lanka.
The TSA will be instrumental in increasing volumes of transshipment cargo to the Hambantota Port, from Japan and Thailand with the possibility of India joining the equation in the future.
Tissa Wickramasinghe, COO of HIPG says that the TSA with NYK is a considerable boost to the port and proof of its international status.
“This is the second TSA we signed with a Japanese shipping line and it’s a testament to the efficiency levels and commercial benefits HIP can offer. We also hope that NYK Line, Japan’s No. 1, entering into an agreement to bring transshipment cargo to HIP, would encourage other Japanese shipping lines to follow suit.”
The enhanced service quality and constant improvements HIPG has brought to the port has paid off, inspiring trust and confidence amongst their customers and attracting global industry leaders like NYK.
“We’re convinced our partnership with HIP is the beginning of mutually beneficial cooperation. With our global reach, combined with the expertise and location advantage of the Hambantota International port, we can anticipate optimising business opportunities in the future," says Sagara Peiris, Director of NYK Line.
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"NYK is committed to looking for new and alternative ways of operating and we believe the TSA with HIPG will help us in furthering this goal.”