APSEZ registers 9% Y-o-Y growth, highest cargo volumes ever at Mundra Port

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Financial year 2022-23 ended on a high note for Adani Ports and Special Economic Zone (APSEZ) as it recorded highest ever cargo volumes at 339 MT, marking a 9% year-on-year (YoY) growth for the year ended on March 31, 2023. In March, the company registered a 9.5% YoY growth by handling 32 million tonnes of cargo volumes. For the first time since July 2022, the volumes crossed the 30 million tonne mark.

“The improvement in cargo volumes is testimony to the faith that our customers have in us. It shows our commitment to using improved efficiencies and technological integrations to drive and achieve customer satisfaction. The APSEZ’s flagship port, Mundra, is outpacing all its closest rivals and continues to be the largest port in the nation in terms of volumes handled. Mundra’s infrastructure meets world standards and provides service levels on par with those of its global competitors, making it India’s gateway for container goods,”

Karan Adani, CEO and Director, APSEZ

Mundra Port handled a total cargo of 155 million tonnes in FY22-23, with overall container volumes handled at the port increasing by 5%. The container rakes handled during the year crossed 500,000 TEU for the first time and surged by 24% Y-o-Y, and bulk cargo transported exceeded 14 million tonnes (62% Y-o-Y jump).

For APSEZ, in this financial year the count of ships docked stood at 6,573, rakes serviced stood at 40,482, and the trucks, trailers and tankers handled stood at 48,89,941. Adani Ports serviced 3,068 customers across its different business units.

Mundra Port also handled the deepest container vessel ever handled by any Indian port – the MSC Washington which has an arrival draft of 17.0 meters, and the largest vessel – MSC Fatma, with a vessel length of 366 m and carrying capacity of 15,194 TEUs. The port also docked its first LNG-fueled vessel, Aframax Crude Oil Tanker.

According to APSEZ, Mundra has the fastest turnaround time for vessels, allowing ships to berth immediately. Considering that almost 95% of India’s international trade takes place via maritime transportation, the port authority has been putting special focus on improving operational efficiencies along with introducing customer-oriented initiatives.

“Having world-class mega ports is imperative for the Indian coastline. APSEZ has strategically built a string of ports across the Indian coastline along with ICDs (inland container depots) and warehouses, woven intricately with self-owned rakes, covering around 90% of the country’s hinterland,” the company says.

Following the development, shares of Adani Ports on Wednesday surged 1.8% to hit an intraday high of INR 639.55 apiece on the BSE.