Container volumes stabilising at higher levels:: Angel Broking

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Container volumes stabilising at higher levels
As per the Indian Port Association (IPA) data for December 2010, container volumes at the
12 major ports saw a marginal decline of 0.7% yoy, while slipping 3.8% mom. The JNPT
port, which handles around 61% of the country’s container volumes, witnessed an increase
of 3.9% yoy and 2.5% mom in volumes. The Chennai port, which handles around 16% of
the country’s container volumes, registered flat growth of 0.9% yoy, though volumes fell by
2.6% mom. The container data YTD FY2011 indicates that volumes have begun stabilising at
higher levels albeit on a low base. During April-December 2010, the major ports handled
5.6mn TEUs v/s 5.1mn TEUs during the corresponding period of last year, registering a yoy
growth of 10.8%. Going ahead, we expect the ports to sustain the monthly run-rate and
surpass the 7.0mn TEU mark set for FY2011. Company-wise, we estimate Concor to post
10.0% yoy growth in Exim volumes in FY2011 as against management’s guidance of 12%.