Kochi port targets 15% growth in cargo handling this year

The Cochin Port Trust is targeting a growth of over 15 per cent year on year in cargo throughput in 2008-09, the Chairman, Mr N. Ramachandran, has said.

“We handled around 15.85 million tonnes (cargo) in 2007-08. We expect to improve that by at least 15 per cent this year, with an improved performance from the container segment,”. The port’s performance was muted in 2007-08 because of lower revenue from the Cochin Refinery, which imports crude oil through the port, after it developed own single point mooring to anchor crude carriers, he said. “The mooring is under the port trust but our revenue share has decreased,” he said on the sidelines of a press conference to announce the Volvo Ocean Race India stopover in Cochin. However, the port expects to make up for the loss this year with a better growth in container handling and also by “backloading”. “We are looking at backloading, by which we will handle very large crude carriers for ports like New Mangalore and Mumbai and then unload the oil in smaller ships. These ports can only accommodate smaller ships,” he said. At present, 70 per cent of CPT’s revenue comes from crude oil, while 20 per cent is from containers and the rest from dry bulk cargo. CPT has floated tenders to deepen its draft from the current 12.5 metres to 14.5 metres. The contract is likely to be finalised soon after the tenders close on July 29. This will allow larger container ships with capacity of 8,000 TEUs (twenty-foot equivalent units) to enter the port. The Vallarpadam ICTT is being constructed by Dubai Ports World with an estimated cost of $500 million. DP World is the holding company for the ICTT through its Indian subsidiary. “All these projects, when completed, along with Petronet’s LNG terminal, will give a tremendous boost to its revenue.
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