Speaking to Ceylon FT, Laugfs Holdings Managing Director Thilak de Silva said that the company had incorporated a fully-owned subsidiary called Laugfs Maritime Services (Pvt) Ltd., as a Board of Investment (BOI) approved project to venture into international shipping, logistics and maritime services.
The firm (LMS) will own operate, hire and charter various types and size of ships including liquefied petroleum gas (LPG) vessels and other types of vessels that can carry various energy products.
“We have already signed a Memorandum of Understanding (MoU) to purchase a LPG vessel with an initial investment of US$ 6.9 million, which will be named as ‘Gas Challenger’ and registered under the Sri Lankan flag,” de Silva added.
The company is confident of buying another gas carrier vessel by the end of this year.
De Silva said in line with the government’s vision of making Sri Lanka a maritime hub; this was the best time for us to enter the industry. “Right now majority of the gas carriers trade LPG and other energy products via Singapore; so our objective is to shift a considerable proportion of that to Sri Lanka. In this background our immediate goal is to be a significant regional player.”
The firm is open for partnerships in the future to further strengthen the business enterprise. “It need not necessarily be financial, but expertise,” he said.
When inquired about the tax incentives the firm received for the venture, de Silva said it was too early to disclose it.
