VISAKHAPATNAM: Visakhapatnam Port is all set to close the current financial year 2016-17 with cargo handling of 60 million tonne (MT) overtaking Chennai Port and could emerge as the second largest port in terms of cargo handling in the East Coast after Paradip Port.
It’ll be a growth of nearly eight per cent over 57 MT registered in 2015-16 fiscal. VPT managed to improve its performance due to revival of iron ore exports, Chairman of the Port M T Krishnababu said recently.
He said the handling of coal could have increased the turnover further, but we couldn’t achieve because of the restrictions imposed by the Government.
The Port has invested Rs 2,500 crore in end to end modernization of mechanization and other infrastructure in the last two years and this is expected to bear fruit in the coming years.
The Port will witness more growth in the near future as it’s taking up huge modernization program at an investment of Rs 600 crore. The Port will have six most modern berths having 14.5 meter draft.
The Chairman said Visakhapatnam Port is the deepest port in the Country having 18 meters draft in the outer harbor, which can accommodate Supermax vessel that can carry 2.55 lakh tonnes of cargo. The Port attributes its cargo growth during last year to revival of iron ore export to Japan and South Korea, which stopped last year due to expiry of long-term lease.
National Mineral Development Corporation (NMDC) renewed the lease for 15 years with these two Countries this year and VPT exported 3 MT of ore to these two Countries during the current financial year.
The export of iron ore will be stepped up to 5 MT in the next financial year.
With the Government insisting that public sector thermal power stations to use domestic coal and the imposition of minimum import price on foreign coal supplies, coal handling by the Port is bound to increase in the coming years. The Port has the advantage of being located close to the coal mines in the Country. The Port also reported decrease in the import of coking coal as steel mills all over the Country have been registering negative growth.
Source: Dailyshippingtimes.com
