Cargo handled by Indian ports in December rose the most in the last 14 months on the back of a jump in volumes of oil and gas related products and iron ore.
Ports across the country handled 609.6 lakh tonnes of cargo in December—6 percent higher compared to last year, according to a Goldman Sachs report.
Liquid cargo—which contributes nearly 37 percent to total cargo volumes—grew 10 percent year-on-year, the highest in the last eight months. Iron ore, which saw a growth in its volumes for eight consecutive months, grew 44 percent, partly aided by a favourable base.
Container and coal volumes—which together constitute 41 percent of total volumes—continued to fall, albeit at a slower rate. Container volumes declined 1.6 percent, while coal volumes fell 7.6 percent compared to last year. Fall in container volumes, according to Goldman Sachs, could impact Adani Ports and Special Economic Zone Ltd., Container Corporation of India Ltd. and Gujarat Pipavav Port Ltd. The brokerage has a ‘buy' rating on Adani Ports, while a ‘neutral' rating on the other two stocks.
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