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            october 16, 2019

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Gujarat Pipavav quarterly box volumes decline 25pc


Northwest India's Port Gujarat Pipavav has posted a 25 per cent decline in third quarter operating profit (EBITDA) to INR3.37 billion (US$61.6 million) year on year, drawn on revenues of INR9.43 billion, down three per cent, according to the Shipping Gazette. 
Container volumes fell 25 per cent year on year to 125,945 TEU due to the withdrawal of Maersk Line's ME 1 service, reported Chennai's financial news portal Equity Bulls.
A new service line is being introduced, but "pick up has been slow", said the report. "Talks are underway with customers and two new lines are expected to call in the near term," said port officials, adding that there is also a new coastal service to Mumbai's Nehru Port expected to handle 4,000 TEU a month.
Bulk volumes, at 750,000 tonnes, in the third quarter were hit by lower coal imports. But Gujarat Pipavav Port has won central government wheat shipment contracts, which will offset weaker coal imports.

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