Essar Ports Starts FY20 on a great note
May 31st, 2019
The new financial year has started with a massive upward swing in numbers for Essar Ports. All its ports have registered increased numbers in April as compared to the same period last year, with the company registering a growth of 30% over the cargo handled in April 2018. “The key drivers to the growth have been the 10% increase in captive cargo and whopping 111% increase in third-party cargo” said Mr Rajiv Agarwal, MD & CEO, Essar Ports.
Essar Ports’ Hazira terminal achieved 11% overall growth in the month as compared to the same period last year. Majority contribution to this growth was through 20% increase in third-party business, which now holds an enhanced 17%-share in overall volumes.
The Vizag terminal, which is India’s largest iron ore handling complex, particularly delivered a stellar performance in April. It registered a massive increase of 30%, wherein business from anchor customers grew by 28%, while cargo handled for third-party customers saw a whopping 196% increase! This now takes the share of third-party cargo for the terminal to 17%.
The terminals in Paradip and Salaya, too, delivered good numbers, with the Salaya terminal registering the highest monthly cargo handling since its recent commissioning.
With the business environment just right and having completed its investment cycle, Essar Ports has achieved a fabulous head-start for FY2019-20.