Adani Ports Report 23 Per Cent Increase In Cargo Volumes; Crosses 300 MMT Mark In 266 Days, Aiming For 400 MMT In FY24

Adani Ports and Special Economic Zone (APSEZ), the largest private port operator in India, announced a significant increase in cargo volumes, surpassing the 300 MMT cargo mark in a mere 266 days. This represents a 42 per cent increase on a year-on-year basis as of December 2023, NDTV reported.

In the quarter ending in December, the firm managed approximately 109 MMT of total cargo, of which about 106 MMT came from domestic ports. The total cargo handled in the first nine months of 2024 was 311, marking a 23 percent increase compared to the same period in the previous year.

"APSEZ achieved the 300 MMT cargo milestone in just 266 days, a significant improvement from its previous record of 329 days in the last fiscal year. This achievement substantiates our strategy of enhancing operational efficiencies to drive industry-leading growth is bearing the anticipated results. Our aim is now to exceed 400 MMT of cargo volumes in FY24, surpassing the initial guidance range (370-390 MMT) provided at the commencement of the current fiscal year," stated Karan Adani, CEO and Whole Time Director of APSEZ.

The primary Mundra port processed approximately 5.5 million TEUs (a standard measure of cargo capacity) in an unprecedented nine-month period and is projected to exceed 7 million TEUs of container cargo volumes in the fiscal year 2024.

In a single month of October 2023, the port set a new record by managing 16 MMT of cargo volumes, the highest ever handled by any Indian port.

In a press release, the company announced that Dhamra Port has broken its previous record of handling 1,73,524 MT of dry cargo by managing an all-time high of 1,85,856 MT.