India’s biggest private port operator posts single digit growth in overall cargo and in containers from double digits the previous year.
Adani Ports and Special Economic Zone Ltd (APSEZ) handled 339 million tonnes (mt) of cargo – the highest ever-across its network of 13 ports, some 9 percent more than the 312 mt handled in the previous year, India’s biggest private port operator said on Wednesday.
APSEZ’s cargo scorecard for FY23 indicates a slackness in global trade amidst recession concerns in the West triggered by inflation and geopolitical developments.
In FY22, APSEZ posted a 26 percent growth to reach 312 mt from 247 mt a year earlier.
The ports/terminals run by APSEZ handled 8.6 million twenty-foot equivalent units (TEUs), marginally up from the 8.2 million TEUs a year earlier, representing a 5 percent growth. In FY22, APSEZ posted a 14 percent growth in container volumes over the previous year.
Of the total volumes handled by APSEZ, Mundra port alone handled 155.54 mt and 6.64 million TEUs. In FY22, Mundra handled 150 mt and 6.5 million TEUs.
The container rakes handled in FY23 crossed 5 lakh TEUs at a growth rate of 24 percent, while the bulk cargo transported exceeded 14 mt, translating into a year-on-year increase of 62 percent.
“The improvement in cargo volumes shows our commitment to using improved efficiencies and technological integrations to drive and achieve customer satisfaction,” said Karan Adani, CEO and Whole Time Director, APSEZ.
Mundra, the flagship port of APSEZ, continues its march as India’s largest commercial port by volumes handled.
“Mundra’s infrastructure meets world standards and provides service levels on par with those of its global competitors, making it India’s gateway for container goods,” Karan Adani stated. APSEZ’s achievement underlines its ability to adapt to fast-paced changes due to global market and geopolitical volatility and continue its journey towards sustainable growth, the port operator said. Improved port infrastructure means better logistics performance and higher seaborne trade and economic growth, key to India becoming a $5 trillion economy, APSEZ added.