First Major Port Reports Container Losses

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The only major global port that saw a drop in container handling in H1 on 2016 was the Port of Chennai, in South East India, reported The Hindu Business Line

Two private container terminals at the port, which is owned and run by PSA and Dubai Ports, had a 7% drop in container throughput across the board, which sources from the Port of Chennai claim is due to the current market conditions caused by oversupply.

However, Kattupalli Port has seen its container handling increase, putting it in direct competition with Chennai and even perhaps seen as to blame for its losses.

Just a couple of months ago, PTI reported that Chennai Port had set a productivity record, handling  169 moves per hour by handling 1984 box moves in just under 12 hours for Bengal Tiger Line’s vessel ‘MV Euromax’.

Mike Formoso, Managing Director of PSA India, said of the record being set: “These initiatives were carried out on top of the recent move to deepen the Ambedkar Basin to 15 metres, which allows the port to handle 8,000 TEU capacity vessels.

“It is hoped that with sustained momentum on these and other such measures, Chennai Port and port users will benefit even more from the burgeoning economy.”

The volatility of the shipping market at the moment is causing much concern to both ports and shipping companies, who are scrapping younger and younger ships, and the industry has reached its demolition record.  

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