Sri Lanka, July 7 -- State-owned Ceylon Shipping Corporation (CSCL) plans to replace its long-running vessel management arrangement with Singapore-based Wallem Shipping, with a direct brokerage model, as it seeks to reduce management costs and improve access to international freight markets, following concerns raised by Parliament's Committee on Public Enterprises (COPE).
The proposed shift, expected after the expiry of the current agreement in September 2026, emerged during a recent COPE review of the corporation's management, financial controls and operational performance, based on the Auditor General's reports for 2021, 2022 and 2023.
The COPE examined the agreement with Wallem Shipping, which has managed the commercial operations of t...