Page 39 - ITLN-September-October-2024-Issue-for-Website

News

Adani Ports buys 80% India coal imports up 10%,

stake in Astro Offshore but growth could slow

for $185mn Iimporter, saw its electricity generation rise
ndia, the world’s second-largest coal
nine percent year-on-year between January
dani Ports and Special and workboats and provides and July 2024.
AEconomic Zone vessel management and “Between January and August 2024,
(APSEZ) has entered into complementary services. coal shipments to India rose 10 percent YoY,
a definitive agreement to During the year ending outpacing an eight percent YoY increase
acquire 80 percent stake in April 30, 2024, Astro posted in domestic coal mining. Thermal coal
Astro in an all-cash revenue of $95 million and shipments were a key driver, supported by
deal for $185 million, EBITDA of $41 million, strong electricity demand and coal import
implying an enterprise and closed the financial mandates. During the rest of 2024, growth
value of $235 million. year as net cash positive. may slow as demand cools,”
Incorporated in 2009, Astro has a roster of tier-1 says Filipe Gouveia, Shipping Analyst, BIMCO.
Astro is a leading global customers including NMDC, “Dry bulk carriers in the capesize
offshore support vessel McDermott, COOEC, Larsen and panamax segments benefited the
(OSV) operator in the & Toubro and Saipem. most from an increase in coal cargoes
Middle East, India, Far “Astro’s acquisition as we saw a shift towards larger ships
East Asia and Africa. is part of our roadmap transporting coal to India. So far in 2024,
Astro owns a fleet of 26 to becoming one of the cargoes aboard supramax ships stagnated
OSVs comprising anchor world’s largest marine and their cargo share of coal shipments to
handling tugs (AHTs), flat operators," says Ashwani India fell to 21 percent from 23 percent in
top barges, multipurpose Gupta, Whole-time Director 2023,” says Gouveia.
support vessels (MPSVs) & CEO, APSEZ.

DP World Mundra achieves record throughput in July

P World Mundra handled and enhancing connectivity,
Dits highest-ever monthly we are not only boosting trade
throughput of 1,29,368 TEUs in efficiency but also supporting
July 2024. the growth of industries in
Since inception in 2003, Gujarat and beyond."
DP World Mundra has With a capacity of 1.4
achieved a total throughput of million TEUs spread over 37
1,74,95,602 TEUs. hectares, supported by its own
Ravinder Johal, Chief 18,000 sq. ft. container freight
Operating Officer, Ports & station located four kilometres
Terminals, Operations & from the terminal, DP World
Commercial, Middle East, Mundra leverages advanced
North Africa & Subcontinent, technology and road and rail
DP World says: "By optimising connectivity to northern and
our supply chain processes central India.
37
www.itln.in September - October 2024