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Homechevron_rightBusinesschevron_rightAdani Ports reports a...

Adani Ports reports a 48% increase in cargo handling for October

Adani Port

Ahmedabad: Adani Ports and Special Economic Zone Ltd (APSEZ) has disclosed a remarkable 48% growth in cargo handling at the seaports it operates for the month of October.

The company, owned by billionaire Gautam Adani, efficiently managed approximately 37 million metric tons (MMT) of total cargo, reflecting a 48% year-on-year (Y-o-Y) increase.

APSEZ celebrated its highest monthly cargo volume to date, with almost 36 MMT of this being contributed by its Indian ports. The record-breaking 35-MMT milestone was surpassed, indicating a substantial 43% Y-o-Y growth.

In addition, APSEZ's Haifa Port in Israel successfully handled over 1.1 MMT of cargo in October, slightly exceeding the average cargo volume of the past six months.

For the initial seven months of FY24 (April to October 2023), APSEZ accomplished an impressive 18% Y-o-Y growth by handling 240 MMT of total cargo. The Indian ports under its administration recorded an approximate 15% volume growth on a Y-o-Y basis.

APSEZ's CEO and Whole Time Director, Karan Adani, attributed this surge in cargo volumes to the company's effective three-pronged business strategy. The strategy focuses on enhancing operational efficiencies and providing an integrated business model with end-to-end services to customers.

During the same seven-month period in FY24, the three primary cargo types—dry bulk, liquids, and containers - saw double-digit Y-o-Y growth. The total number of containers handled by APSEZ in India rose to 5.5 million twenty-foot equivalent units (MTEUs), marking a 13% Y-o-Y increase. Mundra Port alone accounted for 4.2 MTEUs.

APSEZ's logistics business segment also delivered a record performance, with 24% Y-o-Y growth in rail twenty-foot equivalent units, reaching a total of 328,000 TEUs. Bulk cargo volumes increased by 43% Y-o-Y, with the handling of 10.6 MMTs of cargo.

In the initial seven months of FY24, the company efficiently docked 5,700 ships and serviced 27,300 rakes, including some of the largest ships ever handled by the respective port. Mundra Port impressively berthed the MV MSC Hamburg, a vessel measuring 399 meters in length and 54 meters in width, with a carrying capacity of 15,908 TEUs.

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