The Chennai port reported a net profit of Rs. 32 crore during the financial year 2017-18 against Rs. 13 crore in the previous fiscal. Operating surplus was Rs. 225 crore against Rs. 217 crore, a 3.82 per cent increase.
The better performance was due to the rise in cargo handled to 51.88 million tonnes (mt) during the year ended March 31, 2018, against 50.21 mt in the previous year.
Surpassing the target
The port surpassed the 48.88 mt target set by the Shipping Ministry for 2017-18. It had handled higher cargo volume despite sluggish growth in global trade, P Raveendran, Chairman, Chennai Port Trust, told.
Of the total volume, container traffic accounted for nearly 30 mt and petroleum products for 13.5 mt. The port, which has two private container terminals, handled 15.49 lakh TEUs (twenty foot equivalent units) in 2017-18 against 14.94 lakh TEUs the previous year, an increase of 3.65 per cent.
On developmental projects, Raveendran said the Chennai Port Trust plans to construct a bunker berth, a multimodal logistics park at Jolarpet and a maritime cluster at Mapedu, near Sriperumbudur. He was also hopeful that the stalled Chennai port-Maduravoyal elevated road corridor will be revived during the current financial year. “This project will be a lifeline for the port,” he said. L&T has given a draft report on the project to the National Highways Authority of India.
Raveendran said a trial service of coastal movement of containers between Chennai port and Puducherry had commenced on February 23. At present, dredging is going on at the Puducherry port, and there would be a regular service between Chennai and Puducherry upon completion. This service has the potential to handle nearly 2,000 TEUs a month and will also help in reducing road congestion.
Source: The Hindu Business LinePrevious Next
Huge Opportunities For Investment in Maritime Sector: Nitin Gadkari
India Shipping and Offshore Summit