(Bloomberg) — Adani Ports and Special Economic Zone Ltd. plans to ramp up its investment to 100 billion rupees ($1.2 billion) to boost its southern India transshipment container port, according to people with knowledge of the matter, as it looks to lure some of the world’s largest ships.
The investment in the first-of-its-kind Vizhinjam port in the state of Kerala is part of the second phase of the project that is expected to finish by 2028, said people familiar with the Adani Group’s plans who did not want to be identified as the details are not announced.
It is also wooing the biggest container lines such as MSC Mediterranean Shipping Co., A.P. Moller – Maersk A/S, and Hapag-Lloyd to call in at the port, they added.
The port, which is located near the southernmost tip of India, close to the international shipping routes and has deepest shipping channels, is set to receive the first container vessel from Maersk on July 12 as part of a trial run in the 800-meter container berth.
The Vizhinjam port that was inaugurated in October is an effort by billionaire Gautam Adani’s conglomerate to put India on the map for the world’s biggest container ships and grab a bigger slice of the international maritime trade currently dominated by China. Such containers so far have been skipping India because the country’s harbors weren’t deep enough to handle the vessels, and docked instead at ports such as Colombo, Dubai and Singapore.
The funds will be used to increase the length of the existing berth at the port and extending the breakwater at the port, the people said. Breakwater is a rock barrier built out into the sea to protect a harbor from the force of waves.
Representatives of Adani Group, Mediterranean Shipping and Hapag-Lloyd did not immediately respond to emailed requests for comments. Adani Ports will invest as much as 60 billion rupees every year to expand capacity, Chief Executive Director Karan Adani had told reporters in October.
Transshipment refers to transferring cargo from an original ship to another, bigger mother ship at a port on the way to the cargo’s final destination.
The Vizhinjam terminal will have bunkering facilities to fuel ships and plans to buy additional cranes to boost capacity, besides building a cruise terminal that can accommodate large luxury lines, the people said.
The proximity to international shipping routes that account for 30% of global cargo traffic, and a natural channel that goes as much as 24 meters (79 feet) below the sea makes Vizhinjam an ideal hub for some of the biggest ships to call in.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
