Adani Ports expects to handle 400 MMT of cargo in FY24

Adani Ports expects to handle 400 MMT of cargo in FY24

Adani Ports and Special Economic Zone (APSEZ) expects to handle 400 million metric tonne (MMT) of cargo in FY24, beating its earlier guidance of 370-390 MMT for the year. The country’s largest private port operator recorded cargo volumes of 35.65 MMT in December, a 42% rise from the same period last year.

The Adani group company’s dry bulk cargo handling was up 63% in December, while that of containers rose by over 28%. For the quarter ended December, APSEZ handled around 109 MMT of overall cargo, with around 106 MMT contributed by domestic ports portfolio, APSEZ said in a statement.

“We are now targeting over 400 MMT of cargo volumes in FY24, surpassing the upper end of the guidance range (370-390 MMT) provided at the start of the current financial year,” APSEZ CEO Karan Adani said. APSEZ crossed the 300 MMT cargo mark in 266 days, beating its previous best of 329 days in the previous fiscal, he said.

During the nine-month period of April-December 2023, APSEZ’s flagship port Mundra handled around 5.5 million Twenty-Foot Equivalent Units (TEUs). It is on track to surpass 7 million TEUs of container cargo volumes in FY24.

The Dhamra Port handled the highest quantity of dry cargo of 185,856 MT, surpassing the previous record of 1,73,524 MT, while it also berthed its first LNG-powered cape-sized vessel MV Ubuntu Unity.

The Karaikal Port handled the highest-ever monthly volume of 30,350 MT soda ash in December, while the Ennore terminal crossed a monthly throughput of 65,000 TEUs in November 2023.