India's second largest private port operator, Essar Ports is looking to secure finances of about Rs 700 crore for developing three iron ore berths at the Visakhapatnam port in the next 6 months. In June, the company had won the bid for mechanisation and operation of three iron ore berths at Visakhapatnam Port, which will have a combined capacity of 23 million tonne per annum (MTPA). The total project cost is estimated to be about Rs 1,000 crore, said Essar Ports' Managing Director Rajiv Agarwal.
Category: Ports & Shipping
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Essar Ports Ltd – Q1 FY14 Net Profit up 48 per cent to Rs 101.4 cr
Essar Ports Ltd. (Essar Ports), part of the Essar Group, today announced its unaudited results for the quarter ended June 2013. Net Profit for Q1 FY14 increased by 48% to Rs. 101.4 crore from Rs. 68.5 crore in Q1 FY13.
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Kakinada port to benefit from LNG projects
The proposed liquefied natural gas (LNG) terminal project in Kakinada would benefit the Kakinada deepwater port in enhancing its cargo volume. One of the proposed terminals would be set up by a consortium of Shell, Reliance and the Kakinada Seaports Private Limited (KSPL) and the other by AP Gas Distribution Corporation Limited (a joint venture of Gail
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Report expects decline in debt-GDP ratio
The third status report on the public debt position of the government expects the debt-GDP ratio in India to decline in the coming years. The debt-GDP ratio of India stood at 66 per cent at the end of 2012-13 compared to 65.6 per cent in the previous year. The medium-term fiscal policy statement by the union government expects the debt-GDP ratio of the centre to declin
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DMICDC cancels industrial area development project
Media reports indicate that Delhi Mumbai Industrial Corridor Development Corporation (DMICDC) decided to shelve plans to develop the Dighi port industrial area owing to issues in land acquisition. Maharashtra Industrial Development Corporation (MIDC), which is acquiring land on behalf of DMICDC for the project, has reportedly received mixed response from land owing farmers
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Cargo volume declines in major ports
Data compiled by the Indian Ports Association (IPA) shows container cargo volumes at the 12 major ports in India declined to 1.87 million standard containers in April-June 2013 quarter at from 1.94 million a year earlier. During the same quarter, these 12 ports, which account for about 58 percent of the total cargo shipped through the countryÂ’s ports, handled 137 million tonne (mn
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Dredging cost may hit profitability of ICTT
The profitability of the Vizhinjam international container transhipment terminal (ICTT) is under question because of the annual maintenance requirement after every monsoon season. According to hydrographic surveyor Commander John Jacob Puthur (retd), the terminal requires dredging after each monsoon to remove at least 3 million cubic metre of silt at a minimum annual maintenance cost of Rs 3
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Board of APSEZ to meet on Aug 1
On August 01, 2013, the Board of Directors of Adani Ports and Special Economic Zone would meet to consider and adopt Unaudited Financial Results for the quarter ended June 30, 2013. Adani Ports & Special Economic Zone (APSEZ) is a part of IndiaÂ’s leading infrastructure conglomerate the Adani Group
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Govt to reject bid of ABG Group
Media reports indicate that the Kerala government decided to reject the sole bid of ABG Group to develop a cement terminal at Azhikkal port in Kannur at a cost of Rs 120 crore. Reports indicate that the government decided to reject the bid on certain technical grounds including disagreement on the revenue share offered by the company
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Dighi Port receives largest bulk carrier
On June 28, Dighi Port received the largest bulk carrier so far and one of the largest vessels to call at any port in Maharashtra. The port received the vessel ‘MV C Harmony’ having a LOA of 270 meter and a beam of 43 meter with DWT of 153,153 million tonne. The vessel carried steam coal for one of the largest coal importers in the country, reports indicat