Adani Ports Lead Nation in Cargo Volumes, Sets Record with 420 MMT Cargo Handling

In a noteworthy milestone for Adani Ports and Special Economic Zone Ltd (APSEZ), the company has outstripped the government in cargo handling during the latest financial year, according to industry insiders.

Industry reports reveal that APSEZ managed 420 million metric tonnes (MMT) of cargo, surpassing the government’s cargo handling tally of nearly 410 MMT for the same period. This achievement reflects a substantial 24% year-on-year growth in cargo handling, with Mundra port, under the APSEZ umbrella, leading the charge by handling a volume of 180 MMT.

The Shipping Ministry confirmed record-breaking figures for the country’s 12 major ports, which collectively handled an unprecedented 819.4 MMT of cargo in FY24. Notably, 50% of this cargo was managed by private entities through public-private partnerships (PPPs), bringing the government’s share down to approximately 410 MMT.

“This is the first time APSEZ has exceeded the government’s cargo handling volumes,” noted a source familiar with the matter.

Adani Ports attributed its success to the strategic role it plays in India’s economic growth trajectory, with more than one-fourth of the nation’s total cargo volumes passing through its ports during the fiscal year. The company comfortably surpassed its initial cargo volume guidance of 370 MMT – 390 MMT, a testament to its operational prowess and resilience in navigating global challenges.

Despite facing disruptions from global trade tensions sparked by the Red Sea crisis and Russia-Ukraine conflict, as well as operational hurdles due to Cyclone Biparjoy and Cyclone Michaung, Adani Ports demonstrated remarkable efficiency in cargo handling.

Adani Ports has been actively expanding its maritime footprint through strategic acquisitions. The most recent acquisition of Gopalpur Port in Odisha for Rs 3,080 crore from the Shapoorji Pallonji Group and Orissa Stevedores Ltd marks its seventh port acquisition since 2014, underscoring its commitment to strengthening India’s port infrastructure and its pivotal role in the maritime sector’s growth.

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