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November Major port volumes decline 8.3% YoY: Major port volumes declined
8.3% YoY to 45.7 mt, however on a MoM basis volumes were flat (+1%). As a
result YTD (Apr-Nov) growth in volumes has been extremely tepid at ~1.3% on a
low base of 0.8% YTD growth last year. A declining trend in volumes of major
commodities like iron ore and fertilizers in FY12 has resulted in this weak trend.
Iron volumes decline sharply on extension of export restrictions to Orissa
ports: Iron volumes have been on a downtrend since the Karnataka mining ban
to rein in illegal mining in the state, was imposed by the SC in Aug 2011.
November witnessed a particularly sharp fall, clocking a decline of 36% YoY and
~20% MoM, as export ban restrictions were extended to ports in Orissa.
Volumes at Orissa ports, Paradip and Vishakapatnam, have plummeted 74% and
47% respectively on a MoM basis.
Container volumes exhibit divergent trends at JNPT and Chennai: Overall major
port container volumes exhibited a flattish trend, rising +2% YoY but down 4%
MoM. The trend is similar on a YTD (Apr-Nov) basis as volumes are up by ~4%.
An overall slowdown in trade seems to have impacted JNPT container volumes
where we are seeing a 5% YoY and 9% sequential decline in container volumes
for the month of November. However, individual ports are seeing divergent
trends. Chennai volumes rose 21% YoY and 15% MoM after a lacklustre three
months (Aug-Oct). A temporary solution to the access road problem at the port
has likely resulted in a spurt in volumes.
Impact: A slowdown in volumes at JNPT is likely to increase the competitive
intensity at CFS s operating near the port, adversely impacting companies like
Gateway Distriparks. Although a slowdown in trade has impacted container
volumes at major ports, our interaction with private port players suggest a
minimal impact of the same, mainly on account of market share gains for these
players at the expense of JNPT. However, growth has moderated to an extent,
and we are expecting a flattish trend in container volumes for ports like Gujarat
Pipavav on a sequential basis. Going forward a continued slowdown in trade can
impact the growth trajectory at minor ports like Mundra and Gujarat Pipavav
port.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
November Major port volumes decline 8.3% YoY: Major port volumes declined
8.3% YoY to 45.7 mt, however on a MoM basis volumes were flat (+1%). As a
result YTD (Apr-Nov) growth in volumes has been extremely tepid at ~1.3% on a
low base of 0.8% YTD growth last year. A declining trend in volumes of major
commodities like iron ore and fertilizers in FY12 has resulted in this weak trend.
Iron volumes decline sharply on extension of export restrictions to Orissa
ports: Iron volumes have been on a downtrend since the Karnataka mining ban
to rein in illegal mining in the state, was imposed by the SC in Aug 2011.
November witnessed a particularly sharp fall, clocking a decline of 36% YoY and
~20% MoM, as export ban restrictions were extended to ports in Orissa.
Volumes at Orissa ports, Paradip and Vishakapatnam, have plummeted 74% and
47% respectively on a MoM basis.
Container volumes exhibit divergent trends at JNPT and Chennai: Overall major
port container volumes exhibited a flattish trend, rising +2% YoY but down 4%
MoM. The trend is similar on a YTD (Apr-Nov) basis as volumes are up by ~4%.
An overall slowdown in trade seems to have impacted JNPT container volumes
where we are seeing a 5% YoY and 9% sequential decline in container volumes
for the month of November. However, individual ports are seeing divergent
trends. Chennai volumes rose 21% YoY and 15% MoM after a lacklustre three
months (Aug-Oct). A temporary solution to the access road problem at the port
has likely resulted in a spurt in volumes.
Impact: A slowdown in volumes at JNPT is likely to increase the competitive
intensity at CFS s operating near the port, adversely impacting companies like
Gateway Distriparks. Although a slowdown in trade has impacted container
volumes at major ports, our interaction with private port players suggest a
minimal impact of the same, mainly on account of market share gains for these
players at the expense of JNPT. However, growth has moderated to an extent,
and we are expecting a flattish trend in container volumes for ports like Gujarat
Pipavav on a sequential basis. Going forward a continued slowdown in trade can
impact the growth trajectory at minor ports like Mundra and Gujarat Pipavav
port.
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