Sri Lanka Misses Out On $25m Insurance Payout For Oil Tanker Fire Ship - Numbers.lk
The Panama flagged MT New Diamond was heading to a port in India when an onboard explosion ignited a fire off the coast of Sri Lanka Indian Coast Guard
Reports in the Sri Lankan media suggest that a misstep by the Sri Lankan Government could have cost the country up to $25 million following a major fire on the Panama-flagged oil supertanker, the MT New Diamond. This is all due to a little known quirk in an obscure shipping law. Sri Lanka’s Attorney General has since reached out for $2 million to the owners and insurers of the vessel on 16 September, an amount ten times less.
Several countries had been involved in the dramatic vessel rescue two weeks ago, where a fire raged for several days following an onboard boiler explosion. Uncertainty continues as the heavily damaged vessel is towed to be inspected in the Bay of Bengal in India to understand the full extent of the damage.
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Sri Lanka’s cabinet has issued a go-ahead to form a committee that will oversee a possible venture into digital banking, blockchain, and crypto mining solutions.
A new report by the Institute of Development Studies, a UK-based think tank, has placed Sri Lanka as the 5th poorest country in the world in terms of food affordability
The report, which was compiled through a publicly available global cost-of-living database, Numbeo, was used in creating a ‘cost of food basics’ analysis that compares the monthly minimum recommended spend on food per adult and monthly average wage in 107 countries across the world.
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Expolanka Holdings PLC, delivered another record-breaking performance during the quarter ended 30 June 2021 (Q121). Group revenue recorded a remarkable 165% Year-on-Year (YoY) expansion to reach Rs. 95.7 billion resulting in Gross Profit of Rs. 14.4 billion, up 130% YoY.