The Business Bytes
Ahmedabad, April 1, 2024 (TBB Bureau)
Adani Ports and Special Economic Zone Ltd (APSEZ) has achieved unprecedented success in the fiscal year 2023-24, surpassing all expectations by handling a record-breaking 420 million metric tonnes (MMT) of cargo, marking a substantial 24% year-on-year increase.
The achievement includes both domestic and international ports, with domestic ports contributing over 408 MMT of the total cargo.
Notably, APSEZ recorded its highest ever monthly cargo volumes in March 2024, surpassing 38 MMT. Ten of its ports and terminals witnessed record cargo volumes, with Mundra leading at 180 MMT, followed by Dhamra at 43 MMT, and Krishnapatnam at 59 MMT.
This remarkable performance solidifies APSEZ’s position as a key driver of India’s growth trajectory, with more than one-fourth of all India cargo volumes routed through its ports during FY24.
Karan Adani, Managing Director of APSEZ, attributed this success to the company’s commitment to operational efficiency and strategic partnerships with customers.
“While it took 14 years for the company to achieve the first 100 MMT of annual cargo throughput, the second and third 100 MMT throughputs were achieved in 5 years and 3 years. The latest 100 MMT mark has been achieved in less than two years. This is a testament to our ongoing commitment and efforts towards enhancing operational efficiencies and maintaining our position as a top port operator in the industry,” said Adani.
Despite facing challenges such as global trade disruptions and natural calamities like Cyclone Biparjoy and Cyclone Michaung, APSEZ managed to achieve several operational milestones. Mundra port, for instance, became the first in India to handle 16 MMT of cargo in a single month, while its container terminal CT-3 achieved a milestone of handling 3 million TEUs during the year.
In the container segment, APSEZ ports at Mundra, Hazira, Kattupalli, and Ennore witnessed record volumes, handling approximately 44% of India’s containerized seaborne cargo. The company’s container volumes have grown at twice the rate of India’s container growth over the last five years.
Furthermore, in the dry cargo segment, ports such as Tuna, Mormugao, Karaikal, Krishnapatnam, Gangavaram, and Dhamra achieved record volumes during FY24. Dhamra port notably berthed its first LNG-powered cape-sized vessel, MV Ubuntu Unity.
