Hambantota International Port (HIP) reported a 22% growth rate in 2024, maintaining the momentum from the previous year. The port has set ambitious goals for 2025, with plans to upgrade infrastructure, including the addition of gantry and yard cranes in its container yard. These developments aim to strengthen HIP’s position as a key hub in the Indian Ocean region, catering to increasing demands in the shipping and logistics sectors.
Bulk Cargo and Cement Imports Drive Growth
The bulk and break-bulk cargo sectors demonstrated significant progress, with volumes rising 134% in the first half of 2024 compared to the same period in 2023. Total volumes surged from 236,012 metric tons to 552,297 metric tons, largely fueled by the recovery of Sri Lanka’s construction sector. This rebound, following the sector’s collapse in 2022, led to a sharp increase in cement imports, solidifying HIP’s role as a bulk cargo distribution hub.
LPG Operations Thrive
HIP’s gas operations also experienced robust growth, with LPG volumes increasing by 46% in the first half of 2024, from 127,232 metric tons to 185,214 metric tons. The second quarter saw a 100% increase in LPG throughput compared to 2023. The port further expanded its services in the energy sector, introducing LPG vessel gas-ups, direct bunker supplies, and preparing for Liquid Bulk Ship-to-Ship operations, aligning with its strategy to prioritize energy market growth.
Container Transshipment Milestone
A key achievement in 2024 was the launch of HIP’s first-ever container transshipment service in April, operated by the Mediterranean Shipping Company (MSC). The port transitioned into a fully operational container port, handling 43,777 TEUs by mid-2024, a remarkable leap from just 44 TEUs in the same period of 2023—an extraordinary growth rate of 99,300%. To support this expansion, HIP is developing a dedicated container yard for transshipment operations, positioning itself as a potential regional hub for container transfers.
Looking Ahead to 2025
With continuous upgrades and a focus on meeting the evolving demands of the shipping, logistics, and energy sectors, HIP is poised for another year of growth. The port’s strategic initiatives underscore its commitment to becoming a leading player in the Indian Ocean region.
