India’s private ports experiences double-digit growth in FY24, surpassing its major counterparts

In the FY24 Budget, the Center declared that it will concentrate on public-private partnership coastal shipping.

By Sneha Sengupta On May 2, 2024

According to data from the Ministry of Ports, Shipping, and Waterways, India’s private ports continued to perform better than those owned by the central government in 2023–24 (FY24), showing double-digit growth as opposed to a 4.45% growth for major ports.

In the preceding fiscal year, non-major ports recorded an increase in cargo of 11.8% year over year to 721 million tonnes (mt). On the other hand, major ports handled 818 mt of goods at the end of FY24.

Thermal coal, which makes up 7% of the total volume of these ports, was the main driver of growth for non-major ports.

The thermal coal freight increased by 53% to 51 mt in the preceding fiscal year. Following a quiet 2022–2023 season, iron ore increased by 44% in FY24.The main drivers of growth for major ports were thermal coal (up 4.72%), iron ore (up 28%), and crude oil (up 5.05%).

The Deendayal Port (Kandla) saw a 4.2% decrease in its cargo volumes at 131 mt, but the private ports under the Gujarat Maritime Board recorded a total gain of 7.9 percent. This was caused by a decrease in its international freight of over 5%.

Kandla Port lost its title as the biggest main port in India that carries goods since Paradip Port in Odisha handled 145 mt of cargo, compared to Kandla’s 131 mt.

When Adani Ports and Special Economic Zone released its combined FY24 and January-March results on Thursday, it reported a 28% rise in income and a 24% increase in cargo volumes.’

Private ports have profited from coastal shipping’s expanding potential in the interval. Coastal shipping increased by 15% at private ports last fiscal year, whereas it increased by just 1.97 percent at big ports.

India Ports