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Wed 2 Sep 2009, 09:29 GMT

Lanka IOC claims 35% market share - source


Supplier is reported to have gained a significant percentage of the Colombo market since establishing operations there.

Lanka IOC, the Sri Lankan unit of Indian Oil Corporation, has staked claim to approximately one third of the bunker market in the port of Colombo since commencing bunker supply operations there just 10 months ago, Lanka Business Online reports.

Speaking to the local news firm, Lanka IOC managing director Suresh Kumar said "We started last November and we have about 35 percent market share."

Bunker prices in Sri Lanka have become more competitive since leading supplier Lanka Marine Services (LMS) was ordered by the Supreme Court to vacate the tank farm it occupied in Colombo in September 2008.

The Supreme Court decided there had been serious irregularities in the manner in which LMS had been privatized by John Keells Holdings Ltd and ordered the company to pay back taxes and give up the land it used for refuelling ships.

Since the ruling, the tank farm can now be used by any licensed bunker firm in Colombo. The market is now said to be almost evenly divided between Lanka Marine Services, Lanka IOC and Lanka Maritime Services, a unit of Sri Lanka Shipping.

Licence holder Lanka IOC Plc. is understood to have the capacity to store around 8,000 tonnes of bunker fuel at the Bloemendhal Road oil storage complex.

Monthly bunker volumes at Colombo are currently estimated at around 30,000 metric tonnes.

In July, Lanka IOC announced that it had chartered an additional bunker barge to meet increasing bunker demand at the port. The company, which up until then had been using two locally-chartered barges for delivering marine fuel to customers, chartered its third vessel - a 1800 metric tonne tanker barge - to keep up with the recent rise in orders.

The three barges will be used to transport marine fuel from shore-based storage tanks to ships calling at Colombo.

Meanwhile, last month Lanka Maritime Services said that it had acquired an 8,800 dead weight tonne tanker to supply marine fuel directly to its barges and avoid docking delays at Colombo's only bunker terminal.

Sri Lanka  Colombo (LK) 
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