India: Essar Ports Announces 2013 Results

Essar Ports Announces 2013 Results

Essar Ports Ltd. today announced its unaudited results for the quarter ended December 2013.

Speaking on the key highlights for the quarter, Mr Rajiv Agarwal, Managing Director, Essar Ports Ltd. said: “Our financial results highlight the consistent performance we have shown over the past few years. In the coming quarters, we expect to handle higher cargoes driven by increased offtake from anchor customers and an increase in third-party cargo. Our focus is on completion of existing projects, which will double our volumes in the next two to three years.”

Key highlights

– The Vizag terminal concession agreement was signed with Vishakhapatnam Port Trust on December 13, 2013. The 23-MTPA project will be developed over a period of three years. Essar Ports will take over the two outer harbor berths soon and the operation and upgradation of the terminal will be undertaken simultaneously;

– Paradip coal terminal construction is expected to start soon, as the Supreme Court has dismissed all the petitions filed by port users occupying the land during December 2013. The Paradip Port Trust has initiated action to vacate the land earmarked for the terminal;

– The Hazira terminal was adjudged winner of the Port/Terminal of the year – Health, Safety, Environment at the Gujarat Star Awards 2013;

– The Vadinar Terminal received the safety award from Lloyd’s List Middle East & Indian subcontinent 2013 during the quarter;

– The Vadinar Terminal has also received runners up award for Best Port of the year & Port/Terminal of the year (Health, Safety & Environment) at the Gujarat Star Awards 2013.

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Press Release, January 23, 2014