Indian ports boost efficiency and earnings in 2023-24

10 May 2024 CW Team

Indian ports have reportedly shown improvement in key parameters and are currently operating at levels comparable to the best globally.

According to data compiled by the Ministry for Ports, Shipping, and Waterways, it was stated that the average container turnaround time (TRT) for eight Major Ports had improved to 22.57 hours during the fiscal year 2023-24, compared to 23.44 hours in the fiscal year 2022-23. It was noted that these eight ports collectively handle 65% of all cargo moving through the central government-administered ports of the country.

It was further mentioned by officials that, according to the government, the average container turnaround time had reduced to less than a day in the fiscal year 2023-24, surpassing that of the USA (1.5 days), Australia (1.7 days), and Singapore (1.0 days). The officials attributed this improvement to investments in cargo handling equipment on berths and enhanced supply chain visibility facilitated by digitalization.

The New Mangalore Port Authority (NMPA) was highlighted as the port showing the most significant improvement, with its container TRT reported at 18.65 hours for the year under review, down from 26.50 hours in the fiscal year 2022-23. Additionally, the V. O. Chidambaranar Port Authority (VOCPA) was recognised as India's most efficient port in terms of container turnaround time, recording a time of 18.48 hours for the year.

Apart from achieving faster operations, these ports also successfully managed to handle 532.6 million tonnes (MT) of cargo during the fiscal year 2023-24, marking a 6% increase compared to the previous fiscal year. The Paradip Port Authority (PPA) emerged as the port handling the highest volume of cargo among all Major ports during the fiscal year 2023-24, handling 145.38 MT. Additionally, it was noted that this port in Odisha had witnessed the highest increase in cargo volume, rising by 10.02 MT compared to the levels of the fiscal year 2022-23.

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