Adani Ports 9-months FY24 cargo volumes up 28%

Adani Ports and Special Economic Zone (APSEZ) handled 35.65 million tonnes of cargo volumes in December 2023, a 42 percent increase compared to December 2022.

Dry bulk cargo handling was up 63 percent while handling of containers increased by over 28 percent on a YoY basis, says an official release.

"For the quarter ended December, APSEZ handled around 109 million tonnes of overall cargo with around 106 million tonnes contributed by the domestic ports portfolio. In the initial nine months of FY24, APSEZ managed around 311 million tonnes of total cargo, an increase of 28 percent."

Karan Adani, CEO, APSEZ says: “APSEZ crossed the 300 million tonnes cargo mark in just 266 days versus its previous best of 329 days in the previous financial year. This milestone only proves that our strategy of driving operational efficiencies to achieve industry leading growth is yielding the desired results. We are now targeting over 400 million tonnes of cargo volumes in FY24, surpassing the upper end of the guidance range (370-390 million tonnes) provided at the start of the current financial year."

Mundra, the flagship port, handled around 5.5 million TEUs in nine months, and is on track to surpass seven million TEUs of container cargo volumes during FY24, the release added. "It handled 3,000 ships in just 261 days, surpassing its previous record of 288 days in FY23. The JV terminal at Mundra Port, AICTPL, created a national record by handling 300,431 TEUs (around 10,000 TEUs every day) in November 2023, breaking its own record of 298,634 TEUs in March 2021. In October 2023, the port handled 16 million tonnes of cargo volumes and established a new milestone of achieving the highest cargo volumes by any Indian port in a single month."

Krishnapatnam, the second largest port in the APSEZ portfolio, berthed its largest-ever vessel, the release added.

Logistics volumes continued to increase with year-to-date rail volumes of around 437,000 TEUs (+22 percent YoY) and bulk cargo volumes of 14.26 million tonnes (up around 47 percent YoY).