Adani Ports reports a 48% increase in cargo volume in October, reaching 37 million tonnes

 Adani Ports reports a 48% increase in cargo volume in October, reaching 37 million tonnes

Additionally, the port operator has never before handled cargo quantities above 35 million metric tons across all of its ports, before reaching this milestone.

In October, the amount of cargo handled by Adani Ports and the Special Economic Zone increased by 48% to 37 million metric tons (MMT).

Additionally, the port operator has never before handled cargo quantities above 35 MMT across all of its ports, thanks to this milestone. Over 1.1 MMT of cargo was handled by the company's Haifa Port in Israel in October, which was somewhat higher than the average monthly cargo volume over the preceding six months.

The port operator achieved an exceptional total cargo volume of 240 MMT during the first seven months of FY24 (April-October 2023), representing an 18% year-over-year rise. The ports in India had an approximate annual volume rise of fifteen percent.

The company's CEO and full-time director, Karan Adani, said in an exchange filing that the increase in cargo volumes was "evidence to the success of a three-pronged the company's approach which encompasses a concentration on higher operational efficiencies, included business model with a full service offering to our customers, and our long-term collaborative partnership model with our stakeholders, which includes customers."

During the first seven months of the current fiscal year, Adani Ports witnessed double-digit year-over-year increase in three key cargo categories: dry bulk, liquids, and containers, in addition to the robust overall growth in cargo. The port operator handled 5.5 million twenty-foot equivalent units (MTEUs) of containers throughout India, up 13% from the previous year. Of these, 4.2 MTEUs were handled by the Mundra port.

Additionally, there was a 14% rise in dry bulk cargo volumes, mostly due to notable increases in iron ore (up 260%) and coal quantities (up 13%). Volumes of gas and liquids increased by around 20%.

The logistics division of Adani Ports also turned in a strong performance, increasing rail twenty-foot equivalent units (TEU) by 24 percent on an annual basis and bulk cargo volumes by a significant 43 percent. Adani Ports successfully handled almost 5,700 ships and serviced 27,300 rakes during the first seven months of FY24, including some of the biggest ships the port has ever handled.

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