Essar Ports Posts Robust Growth
Indian private ports operator, Essar Ports Limited posted overall 17 percent growth in the cargo throughput at 13.5 million tonne for the first quarter of current fiscal ended 30 June 2019 as against 11.5 MT in the corresponding quarter last year.
"Higher capacity utilization at its recently commissioned terminals at Salaya and Vizag, and an increase in third-party cargo, were the two key factors that will help the Company achieve its target of handling 60 million tonnes of cargo by 31 March 2020," the Essar Group company said.
Essar Ports' first quarter cargo handling performance has been very strong and brought it closer to achieving its target throughput by the end of the current financial year.
All Essar terminals are focused on bulk and dry bulk cargoes that are primarily used as raw material in core sector industries, like Steel and Power.
“Our business is on a record growth trajectory with all terminals operating in full swing. Significant boost in third-party business and enhanced capacity utilization of our anchor customers has been the key driver for the growth in volumes. We have consistently surpassed the average sectorial growth rate and are confident of achieving our target by March 2020,” said Rajiv Agarwal, MD & CEO, Essar Ports Ltd.
Outside India, Essar’s port assets include a liquid terminal in the UK and a coal terminal which is in development stage at Mozambique’s Beira port.