Monthly Update SECTOR: INFRASTRUCTURE
Indian Ports BSE Sensex: 14,253
15 July 2009
S&P CNX: 4,234
June 2009 cargo grows by 8.6% YoY, due to delayed monsoon and base effect; Mormugao port registers highest increase of 48% YoY in cargo traffic June 2009 cargo volume growth attributable to higher activity due to poor rainfall: In June 2009, cargo traffic at major ports in India increased by 8.6% YoY to 45.4m tons (vs 41.8m tons YoY). The cargo traffic is short of the target cargo for the month by 4.5%. The key reason for the growth in the month of June 2009 (de-growth since October 2008) is due to higher number of operational days due to poor monsoon, v/s June 2008. This is indicated by a lower sequential de-growth in June 2009 at 0.7% MoM, v/s 9.6% MoM in June 2008 and 8.5% MoM in June 2007. For YTDFY10, cargo traffic grew by 1.9% YoY to 136.6m tons due to higher growth number in June 2009. Major categories of cargo report growth except coal and fertilizers: During June 2009, major categories of cargo reported strong growth except for coal and fertilizer. Iron ore, POL, container and other cargo increased by 6.8%, 12.6%, 1.9% and 25.5% YoY respectively, while coal and fertilizers cargo traffic declined by 5.2% and 5.8% YoY, respectively. However, during YTDFY10, coal cargo registered the highest growth of 8.3% YoY at 19.9m tons followed by POL at 4.3% YoY and fertilizers at 2.3% YoY respectively. Container Cargo grew by 1.9% YoY in June 2009: During June 2009, the container cargo at major ports of India increased by 1.9% YoY to 8m tons (vs. 7.9m tons YoY). This is largely on account of increase of 1% YoY in container traffic at JNPT port to 4.31m ton (vs 4.28m ton in June 2008). Also, the key surprise has been container traffic growth at Kolkata, New Mangalore, Chennai and Tuticorin port, where container traffic grew by 27%, 27%, 13% and 14% respectively although on a lower base. These four ports cumulatively account for 2.9m tons of container traffic ie 36% of total container traffic. Eleven ports register cargo traffic growth in June 2009; Mormugao, Paradip volumes up 48% and 36% YoY driven by iron ore and POL: During June 2009, Eleven ports reported growth in traffic. Mormugao and Paradip ports registered highest growth among major ports at 48% and 36% YoY respectively. For Mormugao port, iron ore cargo (87% of the total port cargo) grew by 54% YoY to 1.2m ton, which represents 20% of the total iron ore cargo traffic in India. The cargo traffic at Paradip port was boosted by liquid and iron ore cargo, which grew by 947% YoY and 43% YoY, respectively.
75% 50%
48% 36% 25%
25%
Haldia
Kolkata
Vizag
-50%
Cochin
-10% -22% -29% Kandla
Chennai 11% Mumbai Tuticorin 10% New 4% Mormugao Mangalore 4% 7%
6% 4% 4% 2% 0%
-25%
Paradip
J.N.P.T. 11%
18%13%
0%
Mormugao
Vizag 12%
J.N.P.T.
Paradip 11%
Mumbai
Kandla 17%
Haldia 6%
Chennai
Others 7%
JUNE 2009: ALL INDIA PORT WISE CARGO YOY GROWTH (%)
Ennore New Mangalore Tuticorin
JUNE 2009: ALL-INDIA MAJOR PORT CARGO SHARE (%)
Source: IPA
Satyam Agarwal (
[email protected]) +91 22 3982 5410 / Nalin Bhatt (
[email protected]) +91 22 3982 5429
Infrastructure
MONTHLY CARGO AT MAJOR PORTS OF INDIA (M TONS)
60
FY10
FY09
FY08
FY07 YoY Grow th YTDFY10 1.9% FY09 2%
Cargo volumes increase
June 2009 cargo traffic increased by 8.6% YoY to 45.4m tons (vs 41.8m tons in June 2008)
by 8.6% YoY in Jun-09
50
FY08 FY07
11% 10%
40
Mar
Feb
Jan
Dec
Nov
Oct
Sep
Aug
Jul
Apr
May
Jun
30
Source: IPA
CARGO TRAFFIC HAS DECLINED IN JUNE HISTORICALLY DUE TO ONSET OF MONSOON SEASON (MOM)
16.0%
Cargo traffic de-grew by 9.6% MoM in June 2008 and 8.5% MoM in June 2007, vs 0.7% MoM decline in June 2009
7.5% -1.0% -0.7% -9.5%
-8.5%
-9.6% Jun-09
Apr-09
Feb-09
Dec-08
Oct-08
Aug-08
Jun-08
Apr-08
Feb-08
Dec-07
Oct-07
Aug-07
Jun-07
Apr-07
-18.0%
Source: IPA COMPOSITION OF TOTAL CARGO TRAFFIC AT MAJOR PORTS (M TONS)
Coal, Fertilizers traffic declined for the month of June 2009 by 5.2% YoY and 5.8% YoY, while other major categories of cargo reported increase
PARTICULARS
JUN-08
JUN-09
%
YTD
YTD
%
CHG.
FY09
FY10
CHG.
Coal
6.1
5.8
-5.2
18.3
19.9
8.3
POL
13.6
15.3
12.6
41.1
42.9
4.3
Fertilizers
1.6
1.5
-5.8
4.0
4.1
2.3
Iron Ore
5.9
6.3
6.8
24.7
23.6
-4.3
Container
7.9
8.0
1.9
24.7
23.5
-5.0
Others
6.8
8.5
25.5
21.3
22.7
6.8
41.8
45.4
8.6
134.1
136.6
Total
1.9 Source: IPA
15 July 2009
2
Infrastructure
Growth across major ports of India Eleven out of Thirteen major ports reported growth in cargo traffic for the month of June 2009. Mormugao port reported highest increase of 48% YoY followed by Paradip (36% YoY), Kolkata (29% YoY) and Kandla (25% YoY). During YTDFY10, Six major ports reported growth in cargo traffic, led by Paradip, Mormugao, Kolkata, and New Mangalore with cargo traffic growth of 25%, 22%, 18% and 11% YoY, respectively. CARGO TRAFFIC AT MAJOR PORTS OF INDIA (M TONS) PARTICULARS
JUNE
JUNE
%
YTD
YTD
%
2008
2009
CHG.
FY09
FY10
CHG.
PROFILE
PROMINENT CARGO
Paradip
3.7
5.0
36.1
11.3
14.2
25.3
Coal
36
Mormugao
1.3
2.0
48.1
10.2
12.5
22.3
Iron Ore
79
Kolkata
0.8
1.0
28.7
2.5
2.9
17.6
Container
54
New Mangalore
2.8
3.1
12.8
8.1
9.0
10.8
Liquid
54
Tuticorin
1.8
1.9
5.7
5.5
5.7
3.7
Coal/Container
56
Kandla
5.9
7.4
25.0
18.3
18.8
3.0
Liquid
59
J.N.P.T.
4.8
4.9
1.9
15.0
15.0
-0.5
Container
87
Vishakhapatnam
5.6
5.6
0.3
17.1
16.7
-1.9
Liquid
33
Chennai
4.9
5.1
4.4
14.6
14.1
-3.1
Container
35
Mumbai
4.3
4.5
4.3
13.3
12.9
-3.1
Liquid
64
Ennore
1.0
0.8
-15.0
3.1
2.9
-5.1
Coal
91
Cochin
1.2
1.4
11.6
3.8
3.6
-6.0
Liquid
66
Haldia
3.7
2.7
-28.6
11.3
8.3
-26.7
Liquid
32
Total
41.8
45.4
8.6
134.1
136.6
1.9
% TO TOTAL
Source: IPA
Container cargo traffic up 2% YoY v/s 1% YoY at JNPT India’s total container traffic increased by 1.9% YoY in June 2009 whereas the container traffic at JNPT port, which handles ~50% of the all India container traffic increased by 1% YoY. ALL INDIA CONTAINER CARGO (MT)
12
FY08
CARGO AT JNPT (MT) AND YOY GROWTH (%)
Traffic (MT)
FY09
6.0 10.0
9 8.4 7.6
8.4 8.3 7.87.9 8.0
8.4
8.1
5.1 5.1
4.8
5.1 5.3 5.0 5.1
6.8
6.4
6.4
6.1
5.1 4.3 4.3 4.1
4.5
8.0
YoY Grow th (%) 4.9
5.2
30% 4.9
4.0
15%
3.0
0%
1.5
-15%
0.0
-30%
6
Jun-09
Apr-09
May-09
Mar-09
Jan-09
Feb-09
Dec-08
Oct-08
Nov-08
Sep-08
Jul-08
Aug-08
Jun-08
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Apr-08
0
May-08
3
Source: IPA
15 July 2009
3
Infrastructure
CARGO COMPOSITION OF PARADIP PORT (M TONS)
36% YoY grow th in Paradip cargo traffic led by 947% YoY grow th in Liquid cargo, 14% in Bulk cargo and 1% YoY in Other cargo
4.0
During June 2009, Liquid and Bulk cargo for Paradip port grew by 947% and 14% YoY to 1.01m ton and 3.35m tons respectively, while other cargo volumes increased by 1% YoY
3.0
Jun-09
Jun-08
3.35 2.95
2.0 1.01 1.0
0.64
0.63
0.10 0.0 Liquid
Bulk
Other Source: IPA
MONTHLY THROUGHPUT AT MICT (’000 TEUS) AND MOM GROWTH (%)
Throughput % Change (YoY)
80
40%
Jun-09
May-09
Apr-09
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
-40% Aug-08
0 Jul-08
-20%
Jun-08
20
May-08
0%
Apr-08
40
Mar-08
20%
Feb-08
60
Jan-08
During June 2009, the container terminal volume at MICT reported a relatively moderate decline of 3.2% YoY to 57,949 TEUs vs. 59,995 TEUs in June 2008
Intensity of de-grow th declined to 3.2% YoY (vs. 20%+ in the past 3 months) at MICT in Jun-09
Source: IPA
MONTHLY ICD TRAFFIC AT MICT (‘000 TEUS) AND MOM GROWTH (%)
ICD Throughput
Jun-09
May-09
Apr-09
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
-40% Sep-08
0 Aug-08
-20%
Jul-08
4
Jun-08
0%
May-08
8
Apr-08
20%
Jan-08
12,796 TEUs vs. 10,370 TEUs in June 2008
12
Mar-08
throughput at MICT increased by 23% YoY to
40%
Feb-08
During June 2009, the ICD
% Change (YoY)
16
Source: IPA
15 July 2009
4
Infrastructure
N O T E S
15 July 2009
5
Infrastructure
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[email protected]
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15 July 2009
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