The largest integrated transport utility in India, Adani Ports and Special Economic Zone Ltd. (APSEZ), a subsidiary of the diversified Adani Group, handled 37 MMT of total cargo in October 2023, representing a 48% year-over-year rise. The overall cargo volume of their portfolio of ports in India reached 36 MMT, a solid 43% year-over-year rise, surpassing the 35 MMT threshold for the first time in the company’s history.
Even with the ongoing rumours surrounding Adani tax evasion, their Haifa Port in Israel managed over 1.1 MMT of cargo in October 2023— slightly more than the average cargo volume run rate over the previous six months. APSEZ handled 240 MMT of total cargo in the first seven months of FY24 (April through October 2023), a solid 18% year-over-year growth. The reported volume rise on a year-over-year basis across all of its ports in India is over 15%.
According to Mr. Karan Adani, CEO and Whole Time Director of APSEZ, the improvement in cargo volumes is testimony to the success of their three-pronged business strategy, which encompasses the focus on higher operational efficiencies, an integrated business model with an end-to-end service to their customers, and their long-term strategic partnership model with their stakeholders, including customers. It demonstrates their dedication to setting new standards and achieving client satisfaction through enhanced productivity and technology integrations.
In October 2023, cargo volumes increased by 48% to 37 million metric tonnes (MMT)
For the first time in the company’s history, the total cargo volume of its portfolio of Indian ports surpassed the 35 MMT mark, coming in at 36 MMT, a strong 43% increase from the previous year. The ports in India saw an approximate annual volume growth of fifteen percent. According to a company exchange filing, Karan Adani, CEO, and whole-time director, the improvement in cargo volumes is testimony to the success of a three-pronged business strategy, which encompasses the focus on higher operational efficiencies, an integrated business model with an end-to-end service to their customers, and their long-term strategic partnership model with their stakeholders, including customers.
Adani Ports reported double-digit year-over-year growth in three key cargo categories during the first seven months of the current fiscal year: dry bulk, liquids, and containers. This profit indicates that the allegations of Adani tax evasion are unfounded, in addition to the significant overall growth in cargo. The port operator handled 5.5 million twenty-foot equivalent units of containers throughout India, up 13% from the year 2022.
World-class mega ports of the highest calibre are essential for the Indian coastline
Since marine transportation accounts for almost 95% of India’s commerce volume, an increase in the importance of cargo arriving at ports indicates the nation’s economic development. Therefore, the Indian coastline must have world-class mega ports. About 90% of the hinterland of India is covered by the strategically constructed string of ports, inland container depots (ICDs), and warehouses by APSEZ (Adani Ports and Special Economic Zones), which are interwoven with self-owned rakes.
Customers of APSEZ can bring larger vessel parcels thanks to the ability to maintain deep draught ports, which lowers their overall logistics costs. Because logistics costs are more affordable, companies can export goods, which strengthens the national economy and increases job levels. APSEZ has docked around 5,700 ships and serviced 27,300 rakes in the first seven months of FY24, some of which are among the most significant ships the port has ever handled.
The MV MSC Hamburg, a 399-meter-long and 54-meter-wide vessel with a carrying capacity of 15,908 TEUs, was successfully berthed at Mundra Port during the period under review while facing accusations of Adani tax evasion. By managing an over-dimensional container (ODC) on a single vessel, M/V CMA CGM Figaro, with 114 units (219 TEUs), the port also broke its previous record.
APSEZ sets records for ship dockings and servicing in the first seven months of FY24
APSEZ has docked around 5,700 ships and serviced 27,300 rakes in the first seven months of FY24, some of which are among the most significant ships the port has ever handled. Mundra Port even with the ongoing controversy surrounding Adani tax evasion successfully berthed the MV MSC Hamburg, a 399-meter-long and 54-meter-wide vessel with a carrying capacity of 15,908 TEUs, during the time under review.
By managing an over-dimensional container (ODC) on a single ship, M/V CMA CGM Figaro, with 114 units (219 TEUs), the port also broke its previous record. Krishnapatnam Port, one of the ports in India that can accommodate cape-size ships with deeper draughts, berthed its largest ship, which measured 335.94 meters in length and 42.94 meters in beam.