Is China to get the revenue from the boarding of Ever Ace Ship?

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Circulating news

A news reading “This ship that was talked about in so much pomp only boarded at the Chinese jetty (CICT) Aren’t those dollars for China as well? This is the size of investments”  is circulating on social media.

Source- https://www.facebook.com/groups/215394893288419/permalink/412159293611977/

 

 

What is CICT?

Colombo International Container Terminals Ltd (CICT) is a joint venture between China Merchants Port Holdings.

Moreover, it is a blue-chip company listed on the Hong Kong Stock Exchange, and under a 35-year Building Operations and Transfer Agreement with the Sri Lanka Ports Authority (SLPA), the Colombo Third Container Terminal has been constructed under the Colombo South Port Expansion Project with a capacity of 3 million container terminals.

CMPH owns 85% of the partnership and the remaining 15% is held by the Sri Lanka Ports Authority.

Source- https://www.cict.lk/about

Ever Ace ship

The Ever Ace ship is the first of the 24,000-TEU class container vessels on the Evergreen Line. The Class A ship is 400 meters long and 61.5 meters wide, with a draft design of 14.5 meters, with a speeds of up to 22.6 miles per hour. Its nominal capacity is TEU 23,992.

Source – https://www.dailymirror.lk/business-news/Ever-Ace-sets-sail-for-Malaysia-after-docking-24-hrs-at-Colombo-Port/273-221955

Conclusion

CICT is not a Chinese jetty and the Sri Lanka Ports Authority owns 15% of the 35th Container Terminal in Colombo under the 35-year Construction Operations and Transfer Agreement.

Therefore, the profits from the boarding of the Ever Ace Ship in the evening of 5th October at the CICT Terminal in the Port of Colombo will not be fully gained by China but will be shared with Sri Lanka on the basis of shared and existing agreements.

 

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