Following a successful first quarter, India’s port operator Essar Ports expects to meet its target of handling 60 million tons (MT) of cargo in FY 2020.
For the quarter ended June 30, 2019, Essar Ports reported a 17.4 percent growth in cargo volumes across its four terminals.
The combined throughput stood at 13.5 million tons, up from 11.5 million tons recorded in the same period last year.
As explained, higher capacity utilization at the company’s recently commissioned terminals at Salaya and Vizag, and an increase in third-party cargo were the two key factors that will help the company achieve its target of handling 60 million tons of cargo by March 31, 2020. With throughput being 47 MT in FY19, this would translate to a growth of 27 percent, the port operator said.
“Our business is on a record growth trajectory with all terminals operating in full swing. Significant boost in third-party business and enhanced capacity utilisation of our anchor customers has been the key driver for the growth in volumes,” Rajiv Agarwal, MD & CEO of Essar Ports, commented.
“We have consistently surpassed the average sectorial growth rate and are confident of achieving our target by March 2020,” Agarwal added.
Essar Ports is one of India’s largest private sector port and terminal developers and operators. Its current operations span four terminals with a combined capacity of 110 MTPA, which is roughly 5 percent of India’s port capacity.
Outside India, Essar’s port assets include a liquid terminal in the UK and a coal terminal which is in the development stage at Mozambique’s Beira port.