Adani Ports And Special Economic Zone Logs 48% Growth In Cargo Handling In October

According to APSEZ, its Haifa Port in Israel handled over 1.1 MMT of cargo in October, marginally better than the average cargo volume run rate of the last six months

Adani Ports and Special Economic Zone Ltd (APSEZ) on Friday reported a 48 per cent growth in cargo handling at seaports it operated in October. Gautam Adani's conglomerate handled about 37 million metric ton (MMT) of total cargo in October, up 48 per cent year-on-year (YoY).

"APSEZ records its highes-ever monthly cargo volumes of 37 MMT, with approximately 36 MMT contributed by its ports in India. For the first time in the company's history, the total cargo volume of our portfolio of ports in India surpassed the 35-MMT mark to touch 36 MMT, which is a good 43 per cent YoY growth," the company said.

According to APSEZ, its Haifa Port in Israel handled over 1.1 MMT 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 FY24 (Apr-Oct 2023), APSEZ has handled 240 MMT of total cargo, which is a good 18 per cent YoY growth," the company said, adding that across its ports in India, the recorded volume growth on YoY basis is around 15 per cent.

APSEZ CEO and Whole-Time Director Karan Adani said the improvement in cargo volumes is testimony to the success of three-prong business strategy which encompasses the focus on higher operational efficiencies, integrated business model with an end-to-end service to our customers.

APSEZ said during the initial seven months of FY24 (Apr-Oct '23), the three broad cargo types, drybulk, liquids, and containers, have recorded a double-digit YoY growth. The total containers handled by APSEZ in India increased to 5.5 MTEUs (13 per cent higher YoY), including 4.2 MTEUs at Mundra Port alone, it added.

The company's logistics business segment has also delivered record performance, with 24 per cent YoY growth in rail TEU's, taking the total container volumes handled in the initial seven months to 3,28,000 TEUs and 43 per cent YoY growth in bulk cargo volumes with handling of 10.6 MMTs of cargo.

In the initial seven months of FY24, the company said the firm 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 TEUs.