Ports Of India

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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

For more copies or other information, contact Institutional: Navin Agarwal. Retail: Manish Shah Phone: (91-22) 39825500 Fax: (91-22) 22885038. E-mail: [email protected]

Motilal Oswal Securities Ltd, 3rd Floor, Hoechst House, Nariman Point, Mumbai 400 021 This report is for the personal information of the authorized recipient and does not construe to be any investment, legal or taxation advice to you. Motilal Oswal Securities Limited (hereinafter referred as MOSt) is not soliciting any action based upon it. This report is not for public distribution and has been furnished to you solely for your information and should not be reproduced or redistributed to any other person in any form. The report is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon such. MOSt or any of its affiliates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. MOSt or any of its affiliates or employees do not provide, at any time, any express or implied warranty of any kind, regarding any matter pertaining to this report, including without limitation the implied warranties of merchantability, fitness for a particular purpose, and non-infringement. The recipients of this report should rely on their own investigations. MOSt and/or its affiliates and/or employees may have interests/ positions, financial or otherwise in the securities mentioned in this report. To enhance transparency, MOSt has incorporated a Disclosure of Interest Statement in this document. This should, however, not be treated as endorsement of the views expressed in the report. Disclosure of Interest Statement The MOSt group and its Directors own shares in the following companies covered in this report: Nil MOSt has no broking relationships with the companies covered in this report. MOSt is engaged in providing investment-banking services in the following companies covered in this report: Nil This information is subject to change without any prior notice. MOSt reserves the right to make modifications and alternations to this statement as may be required from time to time. Nevertheless, MOSt is committed to providing independent and transparent recommendations to its clients, and would be happy to provide information in response to specific client queries.

15 July 2009

6

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