{"id":76024,"date":"2021-10-19T07:56:02","date_gmt":"2021-10-19T07:56:02","guid":{"rendered":"https:\/\/websitedesigns.com.au\/elankanew\/?p=76024"},"modified":"2021-10-19T07:56:43","modified_gmt":"2021-10-19T07:56:43","slug":"sls-multi-billion-dollar-ocean-expressway-and-its-impact","status":"publish","type":"post","link":"https:\/\/websitedesigns.com.au\/elankanew\/sls-multi-billion-dollar-ocean-expressway-and-its-impact\/","title":{"rendered":"SL\u2019s multi-billion dollar \u2018Ocean Expressway\u2019 and its impact"},"content":{"rendered":"<h1 style=\"text-align: center;\"><span style=\"font-size: 24px; color: #000000;\">SL\u2019s multi-billion dollar \u2018Ocean Expressway\u2019 and its impact<\/span><\/h1>\n<p><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-76026 aligncenter\" src=\"https:\/\/websitedesigns.com.au\/elankanew\/wp-content\/uploads\/2021\/10\/A-proposed-global-initiative-600x392.jpg\" alt=\"A proposed global initiative\" width=\"600\" height=\"392\" \/><\/p>\n<p><strong><span style=\"font-size: 16px; color: #800000;\">Source:<\/span><\/strong><span style=\"color: #000000;\"><a style=\"color: #000000; font-size: 16px;\" href=\"https:\/\/www.ft.lk\/columns\/SL-s-multi-billion-dollar-Ocean-Expressway-and-its-impact\/4-724285\" target=\"_blank\" rel=\"noopener noreferrer\">FT<\/a><\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><strong>A proposed global initiative to obtain a waiver on debt repayments for Sri Lanka, to redress the damage caused to its economic resources by carriers using our exclusive economic zone<\/strong><\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><strong>The island at the centre of an expressway<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">For centuries, the world\u2019s maritime traffic on the Great East-West Shipping Lane, (transporting cargo both to and from the Atlantic ocean, starting from east-coast of the USA, via UK, Europe, the Mediterranean Sea, through the Suez Canal, passing Sri Lanka, Singapore, Hong Kong, China, South Korea, Japan, and to the Paci\ufb01c Ocean) has been moving very close to Sri Lanka, strategically located at the centre of the Indian Ocean, taking the shortest and the fastest possible route from Aden to Singapore, and also on the return voyage.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><strong>A sea lane that saves billions for global trade<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">This \u2018Ocean Expressway\u2019 enables vessels to sail, just outside the Sri Lanka\u2019s territorial waters \u2013 about 10 miles off the Port of Hambantota, and Dondra Point, the southernmost location of Sri Lanka.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">This course allows for cargo ships to sail in a straight line rather than sailing in a circular route outside of the 200 nautical mile Exclusive Economic Zone (EEZ) of Sri Lanka. This path enables a vessel to reduce its distance travelled by 400 miles, thereby saving one day of sailing time (aircraft also \ufb02y across this zone which saves about one hour of \ufb02ying time).<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><!--more--><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Every year, 35,000 ultra-large container vessels (ULCV) and bulk carriers, and another 5,000 ultra-large Crude Oil Carriers (ULCC) journey through Sri Lanka\u2019s Ocean Expressway which realises importers, exporters, freight companies and consumers, savings to the tune of $ 8 billion per year \u2013 without a cent of revenue being given to Sri Lanka.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">To provide some perspective on the volume of traffic and the cost of passage, the 20,000 vessels that passed through the Suez Canal in 2020 paid $ 6 billion to Egypt. In comparison, Sri Lanka\u2019s \u2018Ocean Expressway\u2019 not only enabled vessel and aircraft owners\/operators to reduce their cost and enhance pro\ufb01ts by about $ 8 billion per annum, but also allows them to offload Carbon Dioxide (CO2) emitted to the tune of 20 million tons annually on Sri Lanka without any levy.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Sri Lanka currently only earns revenue from the 5,000 ships that make direct calls annually to its ports. The 45,000 aircrafts \ufb02y over Sri Lanka annually more or less in a similar manner.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><strong>Assuming additional risk with no reward<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Over a long period of time Sri Lanka\u2019s economy has been bombarded by the above mentioned CO2 and pollution causing crop failure, droughts, \ufb02oods, landslides, famine, human-elephant con\ufb02icts, and threatening our food security, supply of clean water and our biodiversity.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">This ocean pollution and the noise is also driving away the endangered blue whales off the island\u2019s coast, also the other sea creatures and diminishing our \ufb01sh supply. The incremental yet compounding effects have begun to threaten the very livelihood of the peasant farmers, \ufb01sherman, and self-employed daily wage earners who comprise of more than half of Sri Lanka\u2019s population \u2013 leading to increase in poverty ratios, and threatening sustainable development. Beach pollution, smuggling and gunrunning are other threats.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Sri Lanka\u2019s \u2018Ocean Expressway\u2019 carries about 30% of the world trade, transported by the world\u2019s largest TEU 20,000 capacity container ships, 350,000 MT capacity bulk carriers, 300,000 MT crude-oil tankers and aircrafts with 500 seating capacity.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">The annual world trade carried by these 35,000 vessels, 5,000 tankers and 45,000 aircrafts crisscross Sri Lanka\u2019s EEZ annually, at their pleasure and convenience, without a levy for passage. Big producer and consumer economies, big corporations, big governments and their citizens around the world all bene\ufb01t from the resulting reduced transportation costs, and faster delivery, whilst the fragile economy of Sri Lanka and its citizens have been burdened by the pollution being offloaded 24 hours per day, and 365 days of the year for decades.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Sri Lanka as a country had emitted 21 million tons of CO2 as documented in the 2018 World Bank study, and has taken on an additional of 20 million tons of CO2 disbursed by passing ocean carriers. This situation leaves the small island of Sri Lanka having to absorb and neutralise a pollution problem double in size without any assistance.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">This burden does not allow for a level playing \ufb01eld, and is not tenable. These difficult conditions have continually eroded the Sri Lankan GDP by about 8% each year, for decades.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">In addition to the economic impact of these environmental factors affecting Sri Lanka, due to COVID-19, the nation has also lost $ 4 billion per year in tourism income, and the nation\u2019s external reserves fell to its lowest level of $ 3 billion in July 2021 from a pre-COVID-19 high of $ 8 billion in December 2019. This has caused the parity to the US Dollar to rise from LKR 190 per dollar to LKR 225 per dollar.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Further, Sri Lanka\u2019s debt service requirement of $ 6 billion per year, the recent 60% rise in crude oil import prices, and the pressure to ease temporary import restrictions that were imposed to arrest the foreign exchange shortage is now crippling the economy.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">This situation now requires thinking that is \u201cout of the box\u201d as well as the implementation of immediate measures to mitigate this foreign exchange crisis.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><strong>An opportunity to mitigate an immediate problem<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">The immediate economic crisis facing Sri Lanka comprises an external debt which stands at $ 60 billion (about 80% of Sri Lanka\u2019s GDP), a debt service requirement of $ 6 billion per year and dwindling foreign exchange reserves of $ 3 billion as of July 2021 from a pre-COVID-19 high of $ 8 billion in December 2019.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Current land based development programs being implemented to rebuild foreign exchange levels are either facing opposition from the people, owed to enforced acquisition of scarce land, or are not progressing at the required pace needed to overcome the burden of this economic problem.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">By looking to Sri Lanka\u2019s \u2018Ocean Expressway\u2019 and the unused sea within our Exclusive Economic Zone (EEZ), there lies an opportunity to negotiate a waiver of the repayment of external debt from global trade partners.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">In this regard, as an independent professional and citizen of Sri Lanka, I have researched and published a concept paper entitled \u201cSEA \u2013 Sri Lanka\u2019s Competitive Advantage\u201d (published 2 March 2021 \u2013 ISBN 978-624-97686-0-4) proposing that international development partners, who are the ultimate bene\ufb01ciaries of the economic bene\ufb01ts of cheaper and quicker cargo delivery via Sri Lanka\u2019s \u2018Ocean Expressway,\u2019 could waive off our external debt repayment obligations against the damage caused to economic resources of Sri Lanka by ocean passage through our Exclusive Economic Zone (EEZ).<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><strong>The one sided equation<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">For the carriers and bene\ufb01ciaries of cargo:<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><em>1. The Sri Lankan Ocean Expressway saves one day of sailing per voyage.<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><em>2. Crossing Sri Lanka\u2019s EEZ saves commercial airlines one hour of \ufb02ying time.<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><em>3. 30% of world trade moves through the EEZ, comprising 35,000 ultra-large container vessels (ULCV) and bulk carriers, another 5,000 ultra-large crude oil carriers (ULCC), and 45,000 aircraft per year.<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><em>4. Carrier\u2019s and bene\ufb01ciaries of cargo save $ 8 billion per annum by crossing Sri Lanka\u2019s EEZ.<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><em>5. Quicker delivery of cargo reduces the global stock holding inventory cost by about $ 2 billion per year.<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><em>6. The ships have absolute freedom of navigation and unimpeded access through Sri Lanka\u2019s EEZ, and they accrue operating cost and bunker savings without contributing any revenue to Sri Lanka.<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><strong>The impact on Sri Lanka\u2019s economic resources<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><em>1. Whilst in passage through or passing over our EEZ, ships and aircrafts offload 20 million tons of CO2 on Sri Lanka each year, and have been doing so for the past decades.<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><em>2. The resulting damage to Sri Lanka\u2019s economic resources over this time is assessed at about 8% of GDP per annum (approximately $ 8 billion in 2020).\u00a0<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><em>3. To compound matters, the COVID-19 impacted Sri Lankan economy has lost $ 4 billion in tourism income and $ 2 billion in worker remittances.<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><em>4. Sri Lanka\u2019s debt servicing requires $ 6 billion per annum.<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><em>5. Sri Lanka\u2019s foreign exchange reserves fell to $ 3 billion in July 2021 from $ 8 billion pre-COVID-19, forcing the parity to the US Dollar to rise to Rs. 230 from Rs. 190, and enforce import restrictions further impacting economic activity of the nation.\u00a0<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">For decades, Sri Lanka has been silently suffering, taking an environmental and economic beating, whilst helping the world trade, and now its fragile economy is now in peril.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Sri Lanka needs help from the global powers to redress this one sided equation which negates the principle of reciprocity and works against sustainable development.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">To provide some perspective, the major bene\ufb01ciaries of cargo carried are the G7 Countries, People\u2019s Republic of China, and the Fortune Global 500 Companies. As per the World Bank and Wikipedia the 2020 GDP of USA was $ 21 trillion, China was $ 15 trillion, and the revenues of the Fortune Global 500 Companies amounted to $ 33 trillion.\u00a0 In comparison, Sri Lanka has a GDP of only $ 85 billion and a debt of $ 60 billion, which is just a fraction of the size of the revenues earned by these bene\ufb01ciaries.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">To overcome the imbalance against Sri Lanka, a global initiative is required to be put in place the form of a \u201cwaiver\u201d on debt repayments set-off against the damage caused to the economic resources of Sri Lanka.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><strong>A global initiative for consideration<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">The debt repayment \u201cwaiver\u201d being asked for from the bene\ufb01ciaries of passage and use of Sri Lanka\u2019s \u2018Ocean Expressway\u2019 is to provide Sri Lanka with a quick supply of life-giving economic oxygen. Providing time and opportunity for the nation\u2019s economy to regain its strength and continue its development going forward.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">The big governments and big economies of the G7 Countries, People\u2019s Republic of China, and multilateral agencies such as the World Bank, ADB, IBRD, IDA, IMO, WTO and UNDP are requested to work out a road map for a waiver of debt repayment for Sri Lanka, under the World Bank umbrella.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Considering the gains made by the Fortune Global 500 Companies who are also bene\ufb01ciaries of cost savings of passage through Sri Lanka\u2019s EEZ, are respectfully requested to redress Sri Lanka\u2019s predicament, by the provision of CSR grants\/donations to this initiative, under the purview of the World Bank.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Well-wishers of Sri Lanka, please support this urgent humanistic gesture for Sri Lanka, review and share with others to create awareness and exert continuous pressure on the \u201cpowers that be\u201d as a global initiative.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/bmkltsly13vb.compat.objectstorage.ap-mumbai-1.oraclecloud.com\/cdn.ft.lk\/assets\/uploads\/image_6d25443627.jpg\" width=\"50%\" \/><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><em>[The writer is an independent Financial Advisor and a Consultant, and an Accredited Director of Sri Lanka, former Chairman \u2013 Sri Lanka Ports Authority and Ceylon Shipping Corporation; former Head of Finance\/ Planning Zambia Consolidated Copper Mines (Billion Dollar NYSE Listed Company), former Finance Director George Steuarts, a former Independent, Non-Executive PLC Director, and a former Chairman of an Information Tech start-up company. He is a FCMA (UK), FCCA, ACC.Dir.SL, CGMA. He can be reached via email at ranjith_wickramasinghe@ymail.com]<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><img decoding=\"async\" src=\"https:\/\/bmkltsly13vb.compat.objectstorage.ap-mumbai-1.oraclecloud.com\/cdn.ft.lk\/assets\/uploads\/image_db4f555efe.jpg\" width=\"50%\" \/><\/span><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/bmkltsly13vb.compat.objectstorage.ap-mumbai-1.oraclecloud.com\/cdn.ft.lk\/assets\/uploads\/image_6a205dd9d2.jpg\" width=\"50%\" \/><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/bmkltsly13vb.compat.objectstorage.ap-mumbai-1.oraclecloud.com\/cdn.ft.lk\/assets\/uploads\/image_336140c699.jpg\" width=\"50%\" \/><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/bmkltsly13vb.compat.objectstorage.ap-mumbai-1.oraclecloud.com\/cdn.ft.lk\/assets\/uploads\/image_f99fc78f76.jpg\" width=\"50%\" \/><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/bmkltsly13vb.compat.objectstorage.ap-mumbai-1.oraclecloud.com\/cdn.ft.lk\/assets\/uploads\/image_d10fa4d90e.jpg\" width=\"50%\" \/><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/bmkltsly13vb.compat.objectstorage.ap-mumbai-1.oraclecloud.com\/cdn.ft.lk\/assets\/uploads\/image_fd95c60c61.jpg\" width=\"50%\" \/><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/bmkltsly13vb.compat.objectstorage.ap-mumbai-1.oraclecloud.com\/cdn.ft.lk\/assets\/uploads\/image_4d1dc6407e.jpg\" width=\"50%\" \/><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px;\"><strong><em>Over a long period of time Sri Lanka\u2019s economy has been bombarded by CO2 and pollution causing crop failure, droughts, \ufb02oods, landslides, famine, human-elephant con\ufb02icts, and threatening our food security, supply of clean water and our\u00a0biodiversity. This ocean pollution is worsening the situation and the incremental yet compounding effects have begun to threaten livelihoods<\/em><\/strong><\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SL\u2019s multi-billion dollar \u2018Ocean Expressway\u2019 and its impact Source:FT A proposed global initiative to obtain a waiver on debt repayments for Sri Lanka, to redress the damage caused to its economic resources by carriers using our exclusive economic zone The island at the centre of an expressway For centuries, the world\u2019s maritime traffic on the [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":76026,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"aside","meta":{"footnotes":""},"categories":[35513],"tags":[38156],"class_list":{"0":"post-76024","1":"post","2":"type-post","3":"status-publish","4":"format-aside","5":"has-post-thumbnail","7":"category-elanka-finance","8":"tag-ultra-large-container-vessels","9":"post_format-post-format-aside"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SL\u2019s multi-billion dollar \u2018Ocean Expressway\u2019 and its impact<\/title>\n<meta name=\"description\" content=\"A proposed global initiative to obtain a waiver on debt repayments for Sri Lanka, to redress the damage caused to its economic resources\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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