Indian private ports register double-digit growth in FY24

The Ministry of Ports, Shipping and Waterways data showed  that, India’s private ports continued to outperform those owned by the central government in 2023-24 (FY24), registering double-digit growth compared to 4.45 per cent growth for major ports. At 721 million tonnes (mt), non-major ports saw their cargo increase by 11.18 per cent year-on-year in the previous financial year. In contrast, major ports ended FY24 handling 818 mt of goods.

Major ports are those owned by the central government through the Ministry of Ports, Shipping and Waterways, while non-major ports are owned by state governments and private players.

The growth for non-major ports was primarily led by thermal coal, which accounts for 7 per cent of the total volumes of these ports. At 51 mt, thermal coal cargo grew by 53 per cent in the previous financial year. Iron ore, after a subdued 2022-23, also grew by 44 per cent in FY24. For major ports, growth primarily came through crude oil (5.05 per cent up), thermal coal (up 4.72 per cent), and iron ore (28 per cent).

While private ports under the Gujarat Maritime Board registered a combined growth of 7.9 per cent, the traffic handled by the Deendayal Port (Kandla) conversely saw a 4.2 per cent contraction in its cargo volumes at 131 mt. This was driven by a nearly 5 per cent contraction in its overseas cargo… Major private ports such as the Mundra Port, Pipavav, and Hazira come under the Gujarat Maritime Board.

Adani Ports and Special Economic Zone, which announced its January-March and combined FY24 results on Thursday, saw a 24 per cent growth in its cargo volumes and a 28 per cent increase in its revenue. The company, which closed FY24 with 419 mt of cargo, expects volumes to grow to 500 mt in 2025, particularly owing to acquisitions such as the Gopalpur Port. The Centre had announced in the FY24 Budget that it will focus on coastal shipping in public-private partnership mode.