The Chennai Port Trust (ChPT) has posted a loss of US$29.39 million for the first time in 2013-14, following an overall drop in cargo and container traffic and a steep increase in expenditure.
As a result, the port trust has slipped to the sixth position from fifth among major ports across the country, reported The Hindu.
During the year under review, ChPT achieved a throughput of 51.10 million tonnes compared to 53.40 million tonnes in the previous year, a decline of 4.3 percent.
However, it was given a target of 60 million tonnes. Expenditure shot up by $18.92 million.
ChPT suffered a decline in liquid bulk as it was shifted to Kamarajar Port; import container reduced by 6.7 percent due to global economic recession; handling of dry bulk decreased due to diversion of vessels to Krishnapatnam; and break bulk suffered due to reduction in export price of sugar in international markets.
As there was no improvement in two major infrastructure projects connecting the hinterland, it affected project cargo.
Export of cars reduced by 29 percent as it was diverted to Kamarajar Port, which offered attractive rates, said a ChPT official.
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