Since 1998, the Ceylon Shipping Corporation Ltd (CSCL) has been making marginal profits and operating without seeking financial assistance or subsidies from the Treasury. Over the years CSCL has seen mixed fortunes. When the Corporation was established in 1971, it had conventional liner services to Europe and the Far East.

During its first two decades of operation CSCL was one of the country's premier institutions, helping the economy by carrying 90% of the country's exports to Europe and a significant percentage to other destinations.

In 1982 CSCL switched to container line services and played a pioneering role in popularizing containerization in Sri Lanka and South Asia.

As a result of the acquisition of its container fleet in 1983, and the liberalisation of shipping in 1990 which saw mega carriers coming to Colombo, CSCL's financial position reflected long standing borrowing amounting to around Rs. 330 million, but in 2006, as a result of prudent fiscal management CSCL was able to settle all monies outstanding, inclusive of income tax for the financial years 2004, 2005 and 2006.

Today the Corporation offers its imports and exports services on a NVOCC basis to all parts of the world and has diversified into clearing and forwarding for air and sea cargo where customers are given a total logistics solution.

Since the CSCL is has been a profit-making institution over the post 10 years, the new management who took over the CSCL in 2007, have much grater plans which include increasing its fleet and diversifying into other maritime activities to develop the marine sector of Sri Lanka.
(DN 08052008)