The 12 major ports of the country reported a slowdown in cargo volume growth in FY24 compared with the previous fiscal, even as the Indian economy is expected to grow at a faster clip in the same period.

The government-owned ports recorded 4.45 per cent growth in FY24 compared with 10.4 per cent in FY23 and 6.94 per cent in FY22. Put together, they handled 819.2 million tonnes (MT) cargo, compared with 784.3 MT in the previous fiscal.

Odisha’s Paradip turned out to be the busiest major port, handling 145.38 MT cargo in FY24, surpassing Deendayal Port (formerly Kandla) in Gujarat. While Deendayal reported a 3.77 per cent decline in cargo volume to 132.37 MT, Paradip posted a 7.4 per cent rise in cargo volume.

Ports that handle iron ore exports all reported handsome cargo growth as India lifted duty on the mineral, which allowed an increase in export. Mormugao in Goa was a major beneficiary of the move as cargo grew by 18.93 per cent. Paradip and Visakhapatnam also benefited as export duty was lifted from November 2022.

However, the twin port systems in Bengal, Kolkata Dock System and Haldia Dock Complex, which make up Syama Prasad Mookerjee Port, Kolkata (SMPK), lagged behind the national growth rate. Put together, they reported only a 1.1 per cent rise in cargo handled in FY24 as operations were partly crimped due to lower transloading operations on deeper drafted areas.

SMPK handled 66.4 MT in 2023-24. The Haldia Dock complex handled 49.53 MT. The Kolkata Dock complex handled 16.85 MT.

Traffic trend

Iron ore movement in FY24 among major ports went up 32.68 per cent, making it the best-performing cargo category by growth. However, petroleum cargo – comprising crude oil, LPG and LNG – continued to be the most handled, as India meets 85 per cent of the requirement by import. This segment grew by 5.06 per cent in FY24 over the previous year with 245.9 MT cargo volume.

However, thermal coal which is the second largest category among bulk cargo reported a marginal deceleration in movement. The segment reported a 1.72 per cent drop, tailing a slide in import. In contrast, coking coal movement grew by 10.24 per cent reflecting strong demand from user industries, especially steel.

Container movement in FY24 reported a 6.63 per cent growth over FY23 by tonnage, with Jawaharlal Nehru Port Authority cornering the major share.