Amid a severe ordering drought, Sri Lanka’s only shipbuilder is having to seek alternative revenue streams.
Colombo Dockyard, which received just one order in 2016, is looking at getting into passenger vessels, as well as servicing the up and coming wind installation vessel sector.
“As countries across the globe begin to seek out sustainable solutions to meet their energy requirements, we anticipate that our early steps into this new market will yield strong positive results for the company over the medium to long term,” the yard’s CEO, D.V. Abeysinghe said in his annual review to shareholders.
Colombo Dockyard has been hit by a string of offshore cancellations and has seen its revenues drop by 50% last year.