Overseas cargo
handled at major ports increased by 10.2 per cent to 546.88 mt during
April-February 2022-23 from 496.45 mt during April-February 2021-22, according
to data from the ministry of ports, shipping, and waterways (MoPSW).
Coastal cargo
handled at major ports increased by 7.1 per cent to 164.67 mt during FY23, from
153.70 mt during April-February, 2021-22.
So far, in this
financial year, imported and other
unclassified coal has seen a spike of 89 per cent during the fiscal, while
domestic thermal coal volumes grew by 21 per cent. Crude oil cargo also saw a
growth of 13 per cent.
Among the major
drivers of coal demand is the country’s power generation sector which is again
bracing for record high electricity demand in the upcoming summer months.
The Centre has also directed
states to import thermal coal to meet the shortfall. Additionally,
non-power sectors especially steel and manufacturing are witnessing an uptick
in business which is also pushing demand for both coking and non-coking coal.
Experts believe
these numbers are likely to maintain an elevated level as more coal is moved
through the rail-sea-rail (RSR) route over the rail route in the coming months.
Crude oil imports
have been rising ever since sanctions-hit Russia offered its oil with deep
discounts. India imported about 51 million barrels of crude oil from Russia in
February, 16 per cent higher than the 44 million barrels imported in January. Meanwhile, the international trade
outlook remains grim, which is likely to impact movement of finished goods.
In containers,
India saw a year-on-year price dip of 50 per cent from $4,237 in March 2022 to
$2,127 in March 2023. Despite growth in all segments and added handling
capacity at key ports such as Jawaharlal Nehru Port (JNPT) and Deendayal Port
(DPT), container cargo had a near-negligible growth in FY23.