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- May 16, 2000 - Shipping – Heading North?
Shipping – Heading North?
Financial year 2000 ended on a promising note for the shipping sector. Port traffic during the year registered an 8% growth at 272 million tonnes. The signs of improved global trade scenario should boost the domestic trade as well.The shipping sector is witnessing a good year in terms of traffic growth thanks to the improved trade scenario. Major ports handled 25 million tonnes, the highest in FY00, during March 2000. The share of petroleum, oil and lubricant in the total cargo transported during the year is up 43% followed by 13.6% for coal.
| ' 000 tonnes | FY98 | FY99 | FY00 | Projections for IXth five year plan (as on 31.2.2002) |
| POL | 104,038 | 105,852 | 116,636 | 186,726 |
| Iron Ore | 39,227 | 32,544 | 34,224 | 34,400 |
| Fertilisers | 9,854 | 9,813 | 10,191 | 93,710 |
| Coal | 39,393 | 38,746 | 37,085 | 14,212 |
| Containers in ' 000 MT | 23,120 | 23,782 | 27,692 | 38,665 |
| Other Cargoes | 35,875 | 40,958 | 46,041 | 56,225 |
| Total | 251,507 | 251,695 | 271,869 | 423,938 |
After posting negligible growth in both FY98 and FY99, shipping volumes in most segments have been improving with the recovery in the demand for commodities and renewed economic growth in Asia. This is backed by significant growth in both exports and imports for India as well.
The margins for the shipping companies should improve with the overall freight rate indicator, the Baltic index, rising in recent months. Topline growth should benefit from additions made to the gross registered tonnage (grt) (shipping capacity) during the year.
Domestic shipping companies are beginning to shake off the recent slowdown in global trade. In coming months, as the Japanese, Southeast Asian and the Indian economies accelerate, the sector is likely to benefit from higher traffic and better freight rates. The latter however would also depend on additions to shipping capacity.
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