Indian ports witnessed a 4% decline in volume in July

Indian port volumes declined in July, led by a fall in exports of chemicals and engineering goods, according to an analysis of ports data by research firm Nomura. However, the value of imports remained steady, even as India imported the same amount of coking coal at a 40% decline in value. According to Nomura, overall, major Indian ports witnessed a 4% decline in volume in July, on a sequential basis. Adani Ports, the largest commercial ports operator in the country, also witnessed a 2% decline in this period, but its volumes continue to account for half of India’s major ports volume. While major ports volumes stood at 63.4 million tonnes, Adani Ports alone accounted for 31.2 million tonnes. “Adani Ports has consecutively maintained >30 million tonnes run rate since May-22, and we expect it to range between 30 million tonnes and 35 million tonnes during 2HFY23F, owing to tailwinds in port activities. Thus, we estimate that Adani Ports volumes can exceed management guidance of 350-360 million tonnes for FY23F,” the report said.