The Cochin Port Trust, once a profit making firm, has now accumulated losses of Rs 68 crore at the end of the last financial year due to dredging activity for the Vallarpadom international container transshipment terminal (ICTT), being run by Dubai Port World, say trade union leaders. This financial year the loss is expected to mount further.
The loss was due to dredging work being undertaken by the port for the Vallarpadom international container transshipment terminal (ICTT), being run by Dubai Port World. While the dredging cost per year was around Rs 40 crore before the commissioning of ICTT, it has now gone up to Rs 170 crore.
Now to save the port from the loss making situation, trade unions, including Cochin Port Joint Trade Union Forum, are agitating and demanding the government to bring the port onto the road of profits again.