Port sector witnesses early signs of recovery

According to a recent report by leading rating agency ICRA, the port sector has shown some strong recovery signs in the month of July after witnessing modest decline in volumes in the early months of this fiscal following covid-19 triggered lockdown.

“The Indian port sector witnessed sharp contraction during Q1 FY2021 due to the impact of Covid-19 pandemic and containment measures adopted by the Government   While, the Major Ports witnessed ~20% decline in Q1 FY2021, the Non Major Ports declined by 24% during the same period. However, in the month of July 2020, the rate of cargo decline decelerated with Major Ports witnessing Y-o-Y decline of 13% and Non Major ports witnessing sharper improvement with decline of just 4%. As per Ratings agency ICRA, the FY2021 outlook for the Port sector remains negative and although,  there are early signs of recovery as witnessed by trends in July,  the sustainability remains to be seen,” the agency said in a release.

 

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