Adani Ports Sets New Record With 48% Surge In Cargo Volumes

Adani Ports and Special Economic Zone (SEZ) recorded a staggering 48% increase in cargo volumes, reaching 37 million metric tonnes (MMT) in the month of October. This milestone marks the first time the port operator has managed cargo volumes exceeding 35 MMT across its various ports. With impressive year-on-year growth and an ambitious business strategy, Adani Ports is making waves in the maritime industry.

Adani Ports' relentless commitment to excellence and innovation has resulted in an outstanding performance in the first seven months of FY24. The port operator achieved a remarkable total cargo volume of 240 MMT, showcasing an impressive 18% year-on-year growth. Within India, the recorded volume growth for its ports was approximately 15% year-on-year.

The CEO and whole-time director of the company, Karan Adani, attributes this success to a well-rounded business strategy that focuses on higher operational efficiencies, an integrated business model offering end-to-end services to customers, and long-term strategic partnerships with stakeholders, including customers.

Adani Ports' growth is not limited to one specific cargo category. The company recorded double-digit year-on-year growth in three major cargo categories: dry bulk, liquids, and containers during the initial seven months of the current fiscal year.

Container handling in India by the port operator reached an impressive 5.5 million twenty-foot equivalent units (MTEUs), reflecting a significant 13% year-on-year increase. The Mundra port, in particular, accounted for 4.2 MTEUs of this remarkable achievement.

Dry bulk cargo volumes saw a substantial 14% increase, primarily driven by a significant upsurge in iron ore volumes, which rose by an astounding 260%, and coal volumes, which increased by 13%. Liquid and gas volumes also witnessed an impressive surge of approximately 20%.

Adani Ports' logistics business is also riding high on success. The company recorded a remarkable 24% year-on-year growth in rail twenty-foot equivalent units (TEU) and a substantial 43% increase in bulk cargo volumes. Over the first seven months of FY24, Adani Ports successfully handled around 5,700 ships and serviced 27,300 rakes, including some of the largest ships ever handled by the respective ports.

Notably, Adani Ports' Haifa Port in Israel also made a significant contribution to this achievement by handling over 1.1 MMT of cargo in October. This performance slightly outshone its average monthly cargo volume over the previous six months, showcasing the company's international reach and operational excellence.