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War risk surcharge on cargo vessels no more

The war risk surcharge which had been enforced on cargo vessels to Colombo Port following the terrorist attack on Katunayaka Airport in 2001 has been lifted Port Authority sources told the Sunday Observer.

This move has been taken by the War Security Committee of Llyods Insurance Company in London after assessing the present security situation in Sri Lanka. This decision by Llyods has been communicated to the Sri Lankan High Commission in England, sources said.

Following implementation of this war risk surcharge in 2001 all ships reaching Colombo Port had to incur an additional expenditure. It was three times higher than the cost of normal coverage. Since then some routine shipping lines stopped their operations via Colombo Port, sources added.

With the lifting of this surcharge shipping charges in turn on cargo in and out of Colombo will be reduced and more ships will arrive at Colombo Port, he pointed out.
(OB - 03/07/2005)

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