Essar Ports expects to meet its target of handling 60 million tons (MT) of cargo in 2020.
The Indian port operator said for the second quarter, cargo volume was up 17.4% across its four terminals in Hazira, Salaya, Visakhapatnam and Paradip on the east coast.
The combined throughput stood at 13.5 million tons, up from 11.5 million tons recorded in the same period last year.
With throughput being 47 MT in 2019, Essar Ports noted that this would translate to a growth of 27%.
Essar Ports said the 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 March 31, 2020.
"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, managing director and CEO at Essar Ports.
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.
Essar Ports is one of India’s largest private sector port and terminal developers and operators. Its current operations span four terminals with a combined capacity of 110 MTPA, which is roughly 5% of India’s port capacity.
Outside India, Essar’s port assets include a liquid terminal in the UK and a coal terminal which is in the development stage at Mozambique’s Beira port.