The Business Bytes
Paradip Port emerges as top cargo handling Major Port in India for FY24, sets new records
Paradip, April 1, 2024 (TBB Bureau)
Paradip Port Authority (PPA) has achieved a significant milestone by emerging as the highest cargo handling major port in India for the fiscal year 2023-24, surpassing previous records and nudging past Deendayal Port, Kandla. With an incredible cargo throughput of 145.38 million metric tonnes (MMT), Paradip Port has recorded a remarkable 7.4% growth on a year-on-year basis.
This historic achievement marks the first time in the 56 years of its operation that Paradip Port has surpassed the cargo handling records set by Deendayal Port. The port’s success can be attributed to various system improvement measures undertaken during the financial year, resulting in enhanced operational efficiency and productivity.
During FY 2023-24, Paradip Port achieved its highest ever coastal shipping traffic of 59.19 million metric tonnes, showcasing a growth of 1.30% over the previous year. Additionally, the thermal coal coastal shipping reached 43.97 million metric tonnes, indicating a growth of 4.02% over the previous year, solidifying Paradip Port’s position as a hub for coastal shipping in the country.
One of the key highlights of the port’s performance is the improvement in berth productivity, which increased to 33014 metric tonnes from 31050 metric tonnes in the previous financial year, registering a significant 6.33% growth. Paradip Port’s berth productivity now stands as the highest among all ports in the country.
Moreover, during FY 2023-24, Paradip Port handled 21,665 rakes, marking a growth of 7.65% over the previous financial year, and accommodated 2710 ships, reflecting an impressive increase of 13.82%.
In terms of financial results, Paradip Port witnessed substantial growth, with operating revenue crossing Rs. 2,300 crore, operating surplus crossing Rs. 1,510 crore, and net surplus before tax crossing Rs. 1,570 crore. These figures represent significant increases over the previous fiscal year, highlighting the port’s financial stability and growth trajectory.
Looking ahead, Paradip Port is poised to further enhance its infrastructure and operational capabilities. With a rated capacity of 289 million metric tonnes, the port aims to cross the 300 million metric tonnes capacity mark in the next three years with the commissioning of the Western Dock project. Additionally, the port plans to achieve 100% mechanization by 2030 and add four new berths in the current financial year.
In line with its commitment to sustainability, Paradip Port has undertaken initiatives such as greenification and renewable energy adoption. The port has planted 2 lakh saplings and plans to reach 1 million tree plantations by 2025. Furthermore, plans are underway to develop a 10 MW solar power plant and set up LNG and CNG depots to promote green energy usage.
Paradip Port Chairman PL Haranadh has extended his congratulations to the entire team whose collective efforts have contributed to this remarkable achievement, including exporters, importers, officers, staff unions, PPP operators, stevedores, and shipping agents.
