22-10-2016

Solid all-round growth marks Essar Ports’ second quarter performance

Essarport

Essar Ports (EPL) has registered all-round growth in the quarter ended 30 September 2016. Total cargo handling has grown 35% to 18.27 million tonnes, compared to 13.55 million tonnes in the same period last year. Third-party cargo handling has risen by 106%–to 1.03 million tonnes compared to 0.5 million tonnes. Over the quarter, the various terminals of the company handled 209 ships as against 179 ships in the corresponding period last year. The robust performance in the quarter has been driven by significant operational improvements and better cargo support from anchor customers.

20161021_EssarPorts_Q2FY17_Results_1

Commenting on the performance, Mr Rajiv Agarwal, Managing Director, Essar Ports, said, “Our performance is a reflection of the efficient operations at all our ports and faster vessel turnaround times. We are gradually enhancing our capacity utilization, which is backed by the improved operational performance of our anchor customers. This year, our assets are not only demonstrating enhanced operational parameters, like the berthing of bigger ships, but also showing their technical prowess by undertaking project execution that is synchronised with our operations.”

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Strong half-yearly numbers
The Company’s performance for H1 FY17 also reflects consistent operational improvements. The total cargo handled for H1 FY17 is up by 33% at 35.37 million tonnes, compared to 26.54 million tonnes in H1 FY16. The third-party cargo handling is up by 230% at 1.98 million tonnes, compared to 0.6 million tonnes in the corresponding period last year.

Essar Ports is one of the largest port companies of India, with a current capacity of 140 MTPA. The capacity is being expanded to 194 MTPA over the next few years. Essar Ports has five operational port terminals at Hazira, Vadinar, Paradip, Salaya and Visakhapatnam.

The Hazira port is an all-weather, deep-draft port with 30 MMTPA of dry bulk and break bulk cargo handling capacity. Vadinar is also an all-weather, deep-draft port with 58 MMTPA of liquid cargo handling capacity. The Paradip dry bulk terminal is an all-weather, deep-draft port with 16 MTPA of dry bulk cargo handling capacity. The Visakhapatnam terminal is an operational berth that was taken over in May 2015 and has a capacity of 16 MTPA. The Company’s newly commissioned dry bulk terminal at Salaya has increased its capacity by a further 20 MTPA.

The Company is expanding its Hazira port capacity by 20 MTPA, which will take the capacity to 50 MTPA. The Company is also undertaking capacity addition of iron ore berths at Visakhapatnam Port with a total capacity of 16 MTPA. Additionally, the Company plans to develop a coal terminal at Paradip of 18 MTPA capacity.

Source: Essar Ports Ltd

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