One of India’s leading private sector port operators, Essar Ports is achieving exceptionally high levels of growth. The company handled 17.35 million tonnes of cargo in the first half of the 2017-18 financial year, 19% higher than in the equivalent period of 2016-17.
Essar Ports, which has recently completed the sale of its Vadinar Oil terminal to Essar Oil Limited, as part of Essar Oil’s sale to Rosneft and a consortium led by Trafigura and UCP, currently has three operational ports in Hazira, Vizag and Paradip, all of which registered healthy levels of cargo increase in this six month period. Facilities in Hazira port handled 10.61 million tonnes in the half year, a rise of 21%, while Paradip moved 2.02 million tonnes of dry bulk cargo, 19% more than in the first half of the 2017 financial year. Vizag achieved a throughput of 4.72 million tonnes, 13% higher than in the same period of the preceding financial year.
As well an improving street market, leading to enhanced capacity utilisation at Essar Steel, which is Essar Port’s anchor customer, traffic growth was also driven by a 50% increase in third party cargo volumes during the first half of 2017-18.
Commenting on the performance, Rajiv Agarwal, chief executive and managing director, Essar Ports, said: “The first half of this financial year has been very promising. We are confident of further growth and performance improvements in the remaining six months of the fiscal year, as we prepare to commission additional facilities at Vizag.”