Indian ports handled more cargo in July over last year after two consecutive months of decline.
Volume growth at the ports rose by over 3 percent in July, investment banker Goldman Sachs Group Inc. said in a report, led by iron ore, fertiliser and other cargo. Some of these positives were offset by negative trends in coal- and oil and gas-related product volumes.
Ports across the country handled 593.7 lakh tonnes of cargo in July.
Liquid cargo—oil- and natural gas-related products—that contributes nearly 40 percent to cargo volumes, too, declined. Volume growth turned negative for the first time in the last seven months. Coal volumes fell for the third straight month to 111 lakh tonnes in July. That was also a shortfall of 13 percent over last year—the highest in at least 19 months.
Fertilisers and iron ore registered the highest volume growth. Iron ore volumes grew 49 percent—the most in the last 19 months—over last year, while that of fertilisers rose nearly 14 percent.
Container volumes, which contribute nearly 22 percent to overall volumes, grew 6.5 percent year-on-year. That augurs well for stocks that Goldman Sachs rated as ‘Buy', including like Adani Ports and Special Economic Zone Ltd. and Container Corporation of India Ltd.
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