The Indian ports sector witnessed a 5.3 per cent year-on-year growth in December 2024, marking a recovery after a two-month decline of 1.8 per cent year-on-year during October and November. This growth was primarily driven by increased container volumes at major ports (MPs) and strong performance by Adani Ports and Special Economic Zone (APSEZ).
Cargo handled by MPs rose 3.3 per cent year-on-year in December, following a 3.7 per cent decline in the previous two months. Containers at MPs demonstrated robust growth, increasing by 17.6 per cent year-on-year, while petroleum, oil, and lubricants (POL) cargo rose by 4.4 per cent year-on-year. However, coal cargo at MPs saw a 15 per cent decline, with thermal coal dropping 1 per cent and coking coal falling 36.1 per cent year-on-year, reflecting muted demand compared to the 5 per cent growth seen in the second quarter of FY25.
Jawaharlal Nehru Port (JNPT), a key container port among MPs, recorded an 11 per cent year-on-year growth in container volumes, sustaining strong performance after a 12.1 per cent rise in November-December 2024.
APSEZ volumes also rebounded, rising by 7.7 per cent year-on-year in December 2024 after a modest 1.2 per cent growth in October and November. APSEZ’s total cargo volume for December stood at 38.4 million tonne, with India-specific volumes (excluding Gangavaram and Karaikal) growing by an estimated 10 per cent year-on-year, matching the growth rate seen in the second quarter of FY25.
APSEZ’s FY25 guidance of 460-480 million tonne indicates a 6-11 per cent organic volume growth, supported by contributions from new assets. These include 6 million tonne from Gopalpur (acquired in Q2), 6 million tonnes from Tanzania, and 2-3 million tonne from Vizhinjam, which became operational in December 2024.
