Port of Cochin achieves record cargo traffic of 35,255 tons in FY23

The Port of Cochin continues to grow, with record freight traffic of 35.255 million tons in FY23, the highest freight traffic on record.

Despite a general strain on hinterland exim trade, traffic showed a modest 2.04 percent growth over the previous fiscal year. Vikas Narwal, vice-chairman, said the growth was due to higher bulk liquid cargo traffic (21.80 million tons), driven mainly by crude oil, petroleum products and LNG.

The main dry matter cargo (2.33 million tonnes) includes cement, fertilizer and salt, while alumina, steel coils and defense supplies are the main bulk cargo handled in the port.

Of the total traffic of 35.255 million tons, coastal trade accounted for 34 percent and foreign trade accounted for the remaining 66 percent.

sales growth

In terms of revenue growth, Narwal said for the first time that the port saw gross revenue growth of 6 percent to ₹800 crore. Revenue last year was ₹761 crore. The port continues to generate an operating profit of 40 to 45 percent. However, higher fuel costs resulted in a drop in dredging costs, which rose to ₹125 crore from ₹85 crore last year.

container traffic

Total container traffic was 695,230 TEUs in the financial year, compared to 735,577 TEUs in 2021-22. The 5.49 per cent drop in container traffic was due to the diversion of coastal container freight to rail as less freight was transported by rail compared to higher sea freight. However, with the introduction of new scheduled services, this trend will be halted, he said.

Of these, 35,7928 TEU were exim boxes (51 percent) and 33,7302 TEU were coastal traffic (49 percent). The handling volume was 104,666 TEU.

After a two-year hiatus from the Corona crisis, the port experienced a boom in cruise business, hosting 16 international cruises and 15 domestic cruises. There has been a 29 percent increase in average passenger numbers on domestic cruise calls, which is a sign of growing mass interest in cruise tourism, he said.

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