Essar Ports posts record growth
(Posted on 28/10/19)
Essar’s Ports business, which operates four terminals on the east and west coasts of India, has registered a 20.07% growth in cargo volumes with a throughput of 27.29 Million Tonnes (MT) in the first half of FY2019-20.
The growth has been driven by a 183.21% increase in third-party cargo compared to that in the corresponding period in the previous financial year. Cargo from captive customers grew by 6%.
Speaking on the performance, Mr Rajiv Agarwal, MD & CEO, Essar Ports Ltd, said: “Significant boost in third-party business has been the key driver for our growth in overall volumes. Alongside this, our focus on driving operational efficiencies and minimising operating costs has helped in recording strong growth. Essar Ports has consistently surpassed the average growth rate of the sector, which is showing signs of heightened economic activity.”
At Hazira, the 50 MTPA terminal has had the following highlights:
? Cargo handling of 14.17 MT with 3.24% growth compared to the same period last year
? 24.46% growth in third-party business over the numbers in H1FY19
? Enhanced third-party cargo share to 16.16%
H1FY20 (in MT) H1FY19 (in MT) Growth
The 24 MTPA Essar Vizag Terminal (EVTL), India’s largest iron ore handling terminal located on the outer harbour of Visakhapatnam Port, has had the following highlights:
? Cargo handling of 5.91 MT with 52.22% overall growth compared to same period last year
? 7.17% growth in anchor customer business
? 277.76% growth in third-party business over the numbers in H1 FY19
? Enhanced third-party cargo share to 41.62%
The 20 MTPA Essar Bulk Terminal Salaya (EBTSL), deepest draft facility of Saurashtra region, has clocked a cargo throughput of 3.22 MT in the first half of FY20.
The 16 MTPA Essar Bulk Terminal Paradip (EBTPL), in Paradip Port, has clocked a cargo throughput of 4 MT in the first half of FY20.
Essar Ports is one of India’s largest private sector port and terminal developers and operators. It has invested INR 11,000 crore in developing world-class terminals in three Indian states. Its current operations span four terminals with a combined capacity of 110 MTPA, which is roughly 5 percent of India’s port capacity. The Company is a leader in the non-containerised bulk cargo space. Having clocked a throughput of 40 MT in FY19, Essar Ports is expecting to handle over 60 MT in the current financial year.
All Essar Ports terminals are equipped with advanced cargo handling infrastructure and are well poised to double capacity in the near to medium term.
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