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APSEZ ports' May cargo handling surges 19%, YTD figures rise 16%
PORTS & SHIPPING

APSEZ ports' May cargo handling surges 19%, YTD figures rise 16%

05 Jun 2023 2 Min Read CW Team
Adani Ports and Special Economic Zone’s (APSEZ) total cargo handling at their controlled ports increased by 19% to 36 MMT in May compared to the previous year. The company stated that there was growth observed across most ports and all three cargo segments. On a year-to-date basis, APSEZ's overall cargo volumes surged by 16 percent, reaching 68.5 MMT. The container segment experienced a 24 percent rise in volumes during the first five months of the year, while the dry bulk and liquids and gas segments witnessed an increase of 12 percent and 10 percent respectively.

Additionally, the rail volumes for the year-to-date period also saw a significant jump of 25 percent, amounting to 93,000 TEUs.

Earlier, the company had announced its plan to pay off $130 million of its debt early, following a tender offer for the early payment of approximately $413 million worth of debt. This move was made to enhance investor confidence, especially after the group's shares were negatively impacted by a report from Hindenburg Research, a US-based short seller.

During the same month, Deloitte, the company's auditor, raised concerns about APSEZ's transactions with three entities and expressed uncertainty about the company's compliance with local laws. In a qualified opinion, Deloitte stated that the evaluation conducted by the group did not provide sufficient appropriate audit evidence for the purpose of the audit.

Adani Ports and Special Economic Zone’s (APSEZ) total cargo handling at their controlled ports increased by 19% to 36 MMT in May compared to the previous year. The company stated that there was growth observed across most ports and all three cargo segments. On a year-to-date basis, APSEZ's overall cargo volumes surged by 16 percent, reaching 68.5 MMT. The container segment experienced a 24 percent rise in volumes during the first five months of the year, while the dry bulk and liquids and gas segments witnessed an increase of 12 percent and 10 percent respectively.Additionally, the rail volumes for the year-to-date period also saw a significant jump of 25 percent, amounting to 93,000 TEUs.Earlier, the company had announced its plan to pay off $130 million of its debt early, following a tender offer for the early payment of approximately $413 million worth of debt. This move was made to enhance investor confidence, especially after the group's shares were negatively impacted by a report from Hindenburg Research, a US-based short seller.During the same month, Deloitte, the company's auditor, raised concerns about APSEZ's transactions with three entities and expressed uncertainty about the company's compliance with local laws. In a qualified opinion, Deloitte stated that the evaluation conducted by the group did not provide sufficient appropriate audit evidence for the purpose of the audit.

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