Key Points:
- Adani Ports and Special Economic Zone Ltd (APSEZ) reported a 9% increase in cargo handling at its seaports for the fiscal year that ended on March 31st, with a cargo volume of 339 million tones.
- Mundra, the flagship port located in Gujarat, remained India’s largest port in terms of cargo handling with a total cargo volume of 155 million tones.
- The logistics division also set a new record this year, with a 24% increase in the container rakes transported and a year-on-year increase of 62% in bulk cargo carried.
- APSEZ achieved several milestones during this fiscal year, including 6,573 docked ships, 40,482 serviced rakes, and 48,89,941 trucks, trailers, and tankers handled, providing services to 3,068 distinct customers across its various business units.
- APSEZ strives to diversify cargo at all of its ports, with Krishnapatnam Port adding soybeans, edible oil, and sugar to its cargo mix, while Dighi Port transported sugar for the first time and Dhamra Port handled its first rice shipment bound for export to Bangladesh.
- The rise in port cargo volumes indicates the growth of the economy, as nearly 95% of India’s trade volumes are transported by sea.
- Adani Ports is constructing two transshipment ports in Vizhinjam, Kerala and Colombo, Sri Lanka, and recently finalized the acquisition of Karaikal Port.
Details of Adani Ports:
Adani Ports and Special Economic Zone Ltd (APSEZ), owned by billionaire Gautam Adani, announced a 9% increase in cargo handling at its seaports for the fiscal year that ended on March 31st.
According to a statement from APSEZ, the cargo volume of 339 million tones is the highest ever recorded for the port.
In March, the company processed approximately 32 million tones of total cargo, representing a year-on-year increase of 9.5%.
For the first time since July 2022, the volumes have surpassed the 30-million tone threshold.
The company stated, “APSEZ achieved its highest port cargo volumes ever with 339 million tones in FY23 (April 2022 to March 2023), representing a significant 9% year-on-year increase.”
Adani Ports has consistently expanded its market share over the years, surpassing India’s overall cargo volume growth. As the country’s largest port operator, Adani Ports manages six ports on the west coast and five on the east, and is continually acquiring new ports.
The acquisition of Karaikal Port was finalized earlier this week.
Even though the 11 ports managed by Adani Ports process a quarter of the total port volumes, the company is also constructing two transshipment ports in Vizhinjam, Kerala and Colombo, Sri Lanka.
According to Karan Adani, CEO of APSEZ, “The rise in cargo volumes is evidence of the trust that our customers have in us. Mundra, our flagship port located in Gujarat, is exceeding the performance of its closest competitors and remains the country’s largest port in terms of cargo handling. Mundra’s infrastructure meets global standards and provides a level of service that is on par with its international counterparts, making it India’s premier gateway for container goods.”
APSEZ’s total container volume in India rose to 8.6 million TEUs (twenty-foot equivalent units), reflecting a 5% year-on-year increase, with Mundra handling 6.6 million TEUs on its own.
During the year, Mundra maintained its position as India’s biggest seaport, handling a total cargo volume of 155 million tones.
The logistics division also set a new record this year. The container rakes transported surpassed 500,000 TEUs (a 24% increase), while the bulk cargo carried exceeded 14 million tones, indicating a year-on-year increase of 62%.
According to the statement, “During this fiscal year, APSEZ achieved several milestones, including 6,573 docked ships, 40,482 serviced rakes, and 48,89,941 trucks, trailers, and tankers handled. Adani Ports provided services to 3,068 distinct customers across its various business units.”
The rise in port cargo volumes indicates the growth of the economy, as nearly 95% of India’s trade volumes are transported by sea.
As per the statement, “APSEZ strives to diversify cargo at all of its ports. This year, Krishnapatnam Port added soybeans, edible oil, and sugar to its cargo mix, while Dighi Port transported sugar for the first time and Dhamra Port handled its first rice shipment bound for export to Bangladesh.”
“The accomplishment of APSEZ highlights its capacity to adjust to rapid changes caused by global market and geopolitical instability while continuing its path towards sustainable growth,” the statement said.
About Adani ports:
Adani Ports and Special Economic Zone Limited (APSEZ) is the largest commercial ports operator in India accounting for nearly one-fourth of the cargo movement in the country.
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