Hambantota International Port
Port in Sri Lanka / From Wikipedia, the free encyclopedia
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The Hambantota International Port[lower-alpha 1] is a deep water port in Hambantota, Sri Lanka, notable for its 99-year lease to China Merchant Ports. Opened in 2010, it is Sri Lanka's second largest port, after Colombo. In 2020, the port handled 1.8 million tonnes of cargo.[3]
Hambantota International Port | |
---|---|
Location | |
Country | Sri Lanka |
Location | Hambantota |
Coordinates | 06°07′10″N 81°06′29″E |
UN/LOCODE | LKHBA[1] |
Details | |
Opened | November 18, 2010; 13 years ago (2010-11-18) |
Operated by | China Merchants Port, Sri Lanka Port Authority |
No. of berths | 3 |
Draft depth | 17.0 m.[2] |
IATA | HBT |
Statistics | |
Website www |
Construction of the port commenced in January 2008. In 2016, it reported an operating profit of $1.81 million but was considered economically unviable.[4] As debt repayment got difficult, the newly-elected government decided to privatise an 80% stake of the port to raise foreign exchange in order to repay maturing sovereign bonds unrelated to the port.[5][6] Of the two bidding companies, China Merchants Port was chosen,[5] which was to pay $1.12 billion to Sri Lanka and spend additional amounts to develop the port into full operation.[7][8][9]
In July 2017, the agreement was signed, but CMPort was allowed a 70% stake. Simultaneously a 99-year lease on the port was granted to CMPort.[10][11]
As of May 2024, the port has transformed into a busy transshipment hub in the Indian Ocean, specifically for vehicles, facilitating a turnover of 700,000 units per month. Hambantota is poised to increase its involvement in the bunkering and oil refining industries, and it has the potential of becoming a significant hub for cruise activities.[12]