News

     CHENNAI:With economic activity picking up in Europe and across may other countries, Indian ports have registered growth for the seventh consecutive month in February over the corresponding period last year.

     In February, the major ports handled cargo of 45.8 million tonnes, 1.3% higher than the 45.2 million tonnes in the corresponding month in 2009.

     For the 11-month ended February 2010. ports recorded a cargo growth of 5.5% compared with the same period in the 2009 fiscal, according to data from the Indian ports Association (IPA).

     Paradip saw the highest increase in cargo traffic during the period at 26% while Mormugao rose 15.3% Tuticorin increased 12.2% and JNPT and chennai rose by 5% each. In cargo traffic, container tonnage increased 7% over the previous year, with iron ore increasing 5.8% and coal traffic rising 3.22% . “Cargo growth of 5.5% (year-on-Year) in April-Feb FY10 indicates that economic activity is back on track. And with GDP Expected to grow at 7% in FY10, we believe the Indian economy has revived and is looking buoyant. we estimate the cargo growth for FY10 to be in the range of 5.5%,” research firm K R choksey said.

       During the 11-month period ended February, only three of the 13 major ports registered negative growth with Haldia’s growth falling 22%, followed by Ennore port (6.93%) and New Mangalore (2.21% ).

       However, 11 of the 13 ports saw their growth declining in February 2010 compared with the previous month.

       In February, cargo traffic declined sequentially across all cargo categories, The decline was due to a 27.1% decline in coal traffic, followed by 12.8% decline in iron ore. volumes across crude, containers and fertilisers declined 6.0%. 7.9% and 21.0% respectively.

      “The increase in traffic can be attributed to the year-end cycle when companies tend to meet their year’s targets,” saju chacko, managing director, caravel Logistics, said.

        Ports that saw fall in cargo movement during February over january were paradip (15%), chennai (14.5%), Visakhapatnam (12.4%), JNPT and Mumbai (10.4%), and mormugao declining the maximum at 17.1%.