APSEZ sets record cargo volumes in October

APSEZ sets record cargo volumes in October

Adani Ports and Special Economic Zone Ltd (APSEZ) has handled 37 million metric tonnes (MMT) of total cargo in October 2023, implying a year-on-year (YoY) growth of 48 per cent.

For the first time in the company’s history, the total cargo volume of our portfolio of ports in India surpassed the 35 million metric tonnes mark to touch 36 million metric tonnes, reflecting a 43 per cent YoY growth.

Our Haifa Port in Israel handled over 1.1 million metric tonnes of cargo in October, marginally better than the average cargo volume run rate of the last six months.

Overall, in the initial seven months of the financial year 2024 (FY24) (Apr – Oct’ 2023), APSEZ has handled 240 million metric tonnes of total cargo, which is a good 18 per cent YoY growth. Across its ports in India, the recorded volume growth on YoY basis is around 15 per cent.

“The improvement in cargo volumes is testimony to the success of three prong business strategy with encompasses the focus on – higher operational efficiencies, integrated business model with an end-to-end service to our customers, and our long-term strategic partnership model with our stakeholders, including customers” said Karan Adani, CEO and Whole Time Director, APSEZ.

During the initial seven months of FY24, the three broad cargo types – dry bulk, liquids, and containers – have recorded a double-digit YoY growth.

The total containers handled by APSEZ in India increased to 5.5 million TEU which reflects a 13 per cent YoY increase, including 4.2 million TEU at Mundra alone.

The Dry Bulk Cargo volumes have seen an increase of 14 per cent, with this growth primarily driven by iron ore (+260 per cent) and coal volumes (+13 per cent). The jump in the Liquids & Gas volumes has been around 20 per cent.

Adani Ports’ logistics business segment has also delivered record performance, with 24 per cent YoY growth in rail TEU. This takes the total container volumes handled in the initial seven months to 328,000 TEU and 43 per cent YoY growth in bulk cargo volumes with handling of 10.6 million metric tonnes of cargo.

READ: Adani Ports revenues soar 20 per cent in FY 2023

In the initial seven months of FY24, APSEZ has already docked 5,700 ships and serviced 27,300 rakes, including some of the largest ships ever handled by the respective port.

In the period under consideration, Mundra Port successfully berthed MV MSC Hamburg, 399 metres long and 54 metres wide vessel, having a carrying capacity of 15,908 TEU. The port also surpassed its previous record by handling an over-dimensional container/s (ODCs) on a single vessel, M/V CMA CGM Figaro, with 114 units (219 TEU).

Mundra Port also achieved another milestone of handling 16 million metric tonnes of cargo in a month, a benchmark for the Indian ports. On YTD basis, Mundra has reported cargo volumes of 102 million metric tonnes, which is a good 9 per cent YoY growth.

In December 2022, Mundra Port surpassed its record by handling 367 vessels in December 2022.

APSEZ’s sole port in Orissa, Dhamra, observed a 19 per cent YoY growth on the back of pickup in the iron ore exports from India. Similarly, Gangavaram Port, for which was acquired in FY23, saw its cargo volumes grow at 13 per cent YoY in the initial seven months.  

Earlier this year, a large container feeder lost stability and tipped on its side at a private jetty on DP World’s MICT Terminal at Mundra Port.

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