Total cargo handling at APSEZ ports jump 19% in May, YTD numbers up 16%

Growth was seen in almost all the ports and in all three segments of its business, the company said

In May, the total cargo handling at the ports controlled by Adani Ports and Special Economic Zone Limited (APSEZ) rose 19 per cent to 36 MMT as compared to May last year, the company said in a filing on Friday.

On a year-to-date (YTD) basis, the company's overall cargo volumes jumped 16 per cent to 68.5 MMT. "Growth observed across most ports and all three cargo segments," the company said. Its container segment saw a 24 per cent rise in volumes in the first five months of the year as compared to last year. The dry bulk and liquids and gas segments saw a jump of 12 per cent and 10 per cent respectively.

The YTD rail volumes also jumped 25 per cent to 93,000 TEUs.

Last month the company said that it would pay $130 million of its debt early after nearly $413 million worth of debt being tendered for early payment.

APSEZ had floated a tender of up to $130 million of 3.375 per cent 2024 maturity dollar-denominated bonds late last month, as it seeks to boost investor confidence after the group's shares were pummelled earlier this year by a report by US-based short seller Hindenburg Research.

Later the same month, the company's auditor Deloitte flagged the company's transactions with three entities and said that it cannot comment if the company was fully compliant with the local laws. In a qualified opinion, Deloitte said that "the evaluation performed by the group does not constitute sufficient appropriate audit evidence for the purpose of the audit."