Cochin Port continues to be on the growth trajectory by registering record cargo traffic of 35.255 million tonnes in FY23, which is the highest cargo traffic recorded.
In spite of an overall strain in the exim trade through the hinterland, the traffic volume registered a modest growth of 2.04 per cent over the previous fiscal. Vikas Narwal, Deputy Chairman, said the growth was due to the higher traffic of liquid bulk cargo (21.80 million tonnes) primarily driven by crude, petroleum products and LNG.
Read: Cochin port eyes transhipment volumes from Colombo
The principal dry bulk cargo (2.33 million tonnes) includes cement, fertilizer and salt whereas alumina, steel coils and defence cargo are the major break bulk commodities handled at the port.
Of the total traffic of 35.255 million tonnes, he said 34 per cent was coastal trade and the remaining 66 per cent was foreign trade.
Revenue-wise growth
Referring to revenue-wise growth, Narwal said for the first time, the port clocked 6 per cent growth in gross revenue at ₹800 crore. The revenue last year was ₹761 crore. The port continues to generate 40-45 per cent operating profit. However, higher fuel cost made a dent on dredging cost, which went up to ₹125 crore against ₹85 crore last year.
Container traffic
The total container traffic was 695,230 TEUs during the fiscal compared to 735,577 TEUs during 2021-22. The drop of 5.49 per cent in the container traffic was due to the diversion of coastal containerised cargo to the rail mode owing to lower rail freight compared to higher sea freight. However, this trend will be arrested with the introduction of new liner services, he said.
Of these, 35,7928 TEUs were exim boxes (51 per cent) and 33,7302 TEUs coastal traffic (49 per cent). The transshipment volumes stood at 104,666 TEUs.
After a hiatus of two years of Covid disruption, the port witnessed a surge in the cruise business, hosting 16 foreign cruises and 15 domestic cruises. There is a 29 per cent increase in the average passenger in the domestic cruise calls which is indicative of the growing interest among the masses towards cruise tourism, he said.