Indian Ports Cargo Volumes Up after Demonetisation

Maritime Activity Reports, Inc.

February 6, 2017

Indian Prime Minister, Narendra Modi. Photo: PIB, Govt of India

Indian Prime Minister, Narendra Modi. Photo: PIB, Govt of India

 The cargo handled by 12 major Indian ports in November and December (Post demonetisation period)has witnessed a significant growth by registering an increase of 11.2 per cent and 12.7 per cent, respectively, reports PTI.

The Minister of State for Shipping Mansukh L. Mandavia told the Parliament that cargo handled by major ports after demonetisation has shown a growth in comparison to the same period last year.
The Press Information Bureau says the ports handled 56.7 MT of cargo in December 2016 (12.7 per cent growth) and recorded 54 MT cargo in November (11.2 per cent growth). During April-October 2016 period, these ports handled 370 million tonnes (MT) cargo.
The major ports had handled 606 million tonnes of cargo in 2015-16 as against Rs 581 MT cargo in 2014-15.
The shipping markets have been under pressure since late 2008 due to the uncertainties in global markets and Indian shipping industry too has been suffering due to depressed and volatile freight market, the minister stated.
According to Mansukh, the freight charged by shipping companies is a function of international demand and supply cargo and ships. There is no correlation between liquidity in the Indian economy and freight rates which are international in nature."
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