Adani Ports targets 400 MT in cargo handling

Adani Ports and Special Economic Zone (APSEZ) is now aiming to achieve a cargo handling capacity of 400 million tonnes (MT) at its ports by March, revising its earlier guidance range of 370-390 MT for the fiscal year. The decision is fuelled by robust growth witnessed in December and the cumulative nine months, according to CEO Karan Adani. In the period from April to December, APSEZ successfully managed 311 MT of cargo, exhibiting a remarkable 23 per cent growth compared to the corresponding period last year. Mundra, the flagship port, handled approximately 5.5 million twenty-foot equivalent units (TEUs) during the first nine months of FY24 and is expected to exceed 7 million TEUs for the entire fiscal year. For the quarter concluding in December, APSEZ efficiently handled around 109 MT of cargo, with approximately 106 MT managed at its local ports. December 2023 alone witnessed the handling of 35.65 MT of cargo, reflecting a substantial 42 per cent increase from December 2022. Notably, dry bulk cargo handling saw a 63 per cent surge, while container volumes rose by over 28 per cent on a year-on-year basis. Karan Adani, CEO and Whole Time Director of APSEZ, highlighted the achievement of crossing the 300 mt cargo mark in just 266 days, surpassing the previous fiscal year's record of 329 days. He emphasised that the strategic focus on operational efficiencies is yielding impressive growth, and the company is now targeting over 400 MT of cargo volumes in FY24, surpassing the upper end of the initial guidance range. To enhance operational capabilities, Mundra Port incorporated two RMGC cranes, contributing to faster train turnaround times. Additionally, the port has initiated the reception of double stack train services from ICD Dadri through the Western Dedicated Freight Corridor (WDFC).