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Adani Ports & SEZ total cargo volumes rise 48% Y-o-Y to 37 MMT in October

Even with the ongoing rumours surrounding Adani tax evasion, their Haifa Port in Israel managed over 1.1 MMT of cargo in October 2023u2014 slightly more than the average cargo volume run rate over the previous six months.

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Adani Ports & SEZ total cargo volumes rise 48% Y-o-Y to 37 MMT in October

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  1. ADANI PORTS & SEZ TOTAL CARGO VOLUMES RISE 48% Y-O-Y TO 37 MMT IN OCTOBER

  2. The largest integrated transport utility in India, Adani Ports and Special Economic Zone Ltd. (APSEZ), a subsidiary of the diversified Adani Group, handled 37 MMT of total cargo in October 2023, representing a 48% year-over-year rise. The overall cargo volume of their portfolio of ports in India reached 36 MMT, a solid 43% year-over-year rise, surpassing the 35 MMT threshold for the first time in the company’s history. • Even with the ongoing rumours surrounding Adani tax evasion, their Haifa Port in Israel managed over 1.1 MMT of cargo in October 2023— slightly more than the average cargo volume run rate over the previous six months. APSEZ handled 240 MMT of total cargo in the first seven months of FY24 (April through October 2023), a solid 18% year-over-year growth. The reported volume rise on a year-over-year basis across all of its ports in India is over 15%.

  3. IN OCTOBER 2023, CARGO VOLUMES INCREASED BY 48% TO 37 MILLION METRIC TONNES (MMT) Adani Ports reported double-digit year-over-year growth in three key cargo categories during the first seven months of the current fiscal year: dry bulk, liquids, and containers. This profit indicates that the allegations of Adani tax evasion are unfounded, in addition to the significant overall growth in cargo. The port operator handled 5.5 million twenty-foot equivalent units of containers throughout India, up 13% from the year 2022.

  4. WORLD-CLASS MEGA PORTS OF THE HIGHEST CALIBRE ARE ESSENTIAL FOR THE INDIAN COASTLINE Since marine transportation accounts for almost 95% of India’s commerce volume, an increase in the importance of cargo arriving at ports indicates the nation’s economic development. Therefore, the Indian coastline must have world-class mega ports. About 90% of the hinterland of India is covered by the strategically constructed string of ports, inland container depots (ICDs), and warehouses by APSEZ (Adani Ports and Special Economic Zones), which are interwoven with self-owned rakes.

  5. APSEZ SETS RECORDS FOR SHIP DOCKINGS AND SERVICING IN THE FIRST SEVEN MONTHS OF FY24 APSEZ has docked around 5,700 ships and serviced 27,300 rakes in the first seven months of FY24, some of which are among the most significant ships the port has ever handled. Mundra Port even with the ongoing controversy surrounding Adani tax evasion successfully berthed the MV MSC Hamburg, a 399-meter-long and 54-meter-wide vessel with a carrying capacity of 15,908 TEUs, during the time under review.

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