Adani Ports reports 48% YoY cargo growth in Oct

Adani Ports and Special Economic Zone(APSEZ), the largest integrated transport utility in India and a part of the diversified Adani Group, handled 37 million tonnes of total cargo in October 2023, a YoY growth of 48 percent.

The total cargo volume of the portfolio of ports in India touched 36 million tonnes, a growth of 43 percent, says an official release. "Our Haifa Port in Israel handled over 1.1 million tonnes 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 million tonnes of total cargo, a growth of 18 percent YoY.

“The improvement in cargo volumes is testimony to the success of three prong business strategy with the focus on higher operational efficiencies, integrated business model with an end-to-end service to our customers, and our long-term strategic partnership model with our stakeholders, including customers” says Karan Adani, CEO and Whole Time Director, APSEZ. "It shows our commitment to using improved efficiencies and technological integrations to drive new benchmarks and achieve customer satisfaction."

Total containers handled by APSEZ in India increased to 5.5 million TEUs (+13 percent YoY), including 4.2 million TEUs at Mundra, the release added.

"Our logistics business segment has also delivered record performance with 24 percent YoY growth in rail TEUs, taking the total container volumes handled in the initial seven months to ~328,000 TEUs and 43% YoY growth in bulk cargo volumes with handling of ~10.6 million tonnes of cargo."

In the initial seven months of FY24, APSEZ has already docked ~5,700 ships and serviced 27,300 rakes, including some of the largest ships ever handled by the respective port. Mundra Port successfully berthed MV MSC Hamburg, 399 metres long and 54 metres wide vessel, having a carrying capacity of 15,908 TEUs, the release added.