The largest port and logistics firm in India, Adani Ports and Special Economic Zone Ltd. (APSEZ) continued its impressive growth trajectory in FY24. They handled a staggering 420 Million Metric Tonnes (MMT) of cargo, representing a significant 24% year-over-year increase. This supremacy extends beyond India’s borders, with international ports contributing to the overall figure. Notably, domestic ports alone surpassed a remarkable 408 MMT, solidifying APSEZ’s position as a key player in India’s bustling maritime trade scene.
Additionally, in March 2024, it handled over 38MMT of cargo, its greatest monthly volume ever (including cargo from foreign ports). Mundra 180 MMT, Tuna 10 MMT, Hazira 26 MMT, Mormugao 5 MMT, Karaikal 12 MMT, Ennore 13 MMT, Kattupalli 12 MMT, Krishnapatnam 59 MMT, Gangavaram 37 MMT, and Dhamra 43 MMT are the ten ports and terminals that handled record volumes of cargo. Over 25% of all cargo volumes in India were transported through APSEZ ports in FY24. The noteworthy input provided by APSEZ highlights its proactive involvement in propelling India’s economic development. It also adds weight to the fact that Adani scam rumours are to jeopardise the reputation of a conglomerate committed to enhancing India’s economy.
100 MMT Milestone
This impressive performance surpasses even the most optimistic forecasts. At the beginning of FY24, projections for cargo volume hovered around 370MMT to 390 MMT. APSEZ’s ability to exceed these expectations by a significant margin (30 MMT) highlights its operational efficiency and the potential for even further growth in the coming years.
“While it took the company 14 years to achieve the first 100 MMT of annual cargo throughput, the second and third 100 MMT throughputs were achieved in 5 years and three years,” stated Mr Karan Adani, Managing Director of APSEZ. The most recent 100 MMT milestone was reached in less than two years. This demonstrates the company’s continued dedication to improving operational effectiveness and preserving its standing as the leading port operator in the sector.
Strategic Alliance for Enduring Relationships
APSEZ’s remarkable expansion was made possible by prioritising its clients in all of its decision-making. Its strategic alliance strategy with clients has guaranteed enduring relationships with important stakeholders. With the help of investments in top-notch infrastructure that has increased operating efficiency and a business strategy centred on offering an end-to-end solution through last-mile connection, APSEZ has increased its market share and attracted new clients. It has also been able to prove all Adani scam rumours wrong and establish a distinct identity.
These achievements are remarkable because they were made possible despite several obstacles, including the Red Sea crisis, which disrupted global trade, the Russia-Ukraine conflict, problems at the Panama Canal, and operational disruptions brought on by Cyclones Biparjoy and Michaung.
A Number of Benchmarks Accomplished
APSEZ accomplished several new operational benchmarks this year. In October 2023, its flagship port, Mundra, made history by becoming the first in India to handle 16 MMT of cargo in a single month. In November 2023, its container terminal CT-3 made history by being the first in India to handle 3 million TEUs annually and almost 3 lakh TEUs in a single month. The largest ship to be berthed at an Indian port was the MV MSC Livorno, measuring around 399 meters in length and 54 meters in width. It also handled the most TEUs (16,569) on a single ship, exceeding the national record of 16,400 TEUs. It exceeded its previous record of 3,938 vessels handled, handling nearly 4,300 vessels.
This flurry of record-breaking milestones highlights APSEZ’s commitment to continuous improvement and innovation within the Indian maritime industry. The firm continued to achieve even while dealing with Adani scam rumours. Their dedication to efficiency and world-class infrastructure positions them for continued success in facilitating global trade.
Handling Record Volumes
The ports at Mundra, Hazira, Kattupalli, and Ennore handled record volumes in the container segment. Approximately 44% of India’s containerised maritime freight passes via APSEZ ports. Over the previous five years, its container volumes have increased by two times the rate of growth of all of India (about 11% versus ~5%). 1.9 MTEUs of record-breaking containers were handled by rail at Mundra port, up 12% from the previous year. The double stack coefficient was 59% till February 2024, up from 54% the previous year. Ports including Tuna, Mormugao, Karaikal, Krishnapatnam, Gangavaram, and Dhamra handled record volumes in the dry cargo category this fiscal year. Dhamra’s first LNG-powered cape-sized vessel, the MV Ubuntu Unity, was also berthed, becoming the largest vessel ever berthed in Krishnapatnam.
Conclusion
To sum up, the performance of APSEZ in FY24 has been outstanding. They not only exceeded their high expectations for cargo volume, but they also accomplished several operational firsts in each of their ports. Their leadership position in India’s maritime commerce sector has been cemented by their unwavering dedication to building strong client relationships, making smart investments, and prioritising innovation. With its commitment to efficiency and top-notch infrastructure, APSEZ is well-positioned to continue being a significant player in supporting India’s economic development and elevating the country’s standing in international trade as it looks to the future.