In order to expand its transshipment container port in southern India, the billionaire Gautam Adani-led Adani Ports and Special Economic Zone (APSEZ) is allegedly considering increasing its investment to Rs 10,000 crore, or $1.2 billion. Adani plans to send some of the biggest ships in the world to the port.
This first-of-its-kind investment in Kerala's Vizhinjam port is reportedly a part of the project's second phase, which is anticipated to be completed by 2028, according to a Bloomberg article. The largest container lines, including Hapag-Lloyd, AP Moller-Maersk A/S, and MSC Mediterranean Shipping Co., are being courted to visit the port.
Adani Ports' stock, however, marginally declined on Thursday. On the BSE, the stock ended the day at Rs 1,484.55, down 0.19 percent. The stock of the Adani group has increased by 105.02 percent over the last year and 41.65 percent so far this year.
The port received Maersk's vessel "San Fernando," which carried more than 2,000 containers. The customary water salute was given to the ship, and she was successfully berthed after that.
"This is a historic day as Vizhinjam receives its first cargo ship! With this significant achievement, India enters the global transshipment market, heralds in a new era for the country's marine logistics, and establishes Vizhinjam as a major participant in international trade routes. "Jai Hind!" stated Adani on the internet.
The monies allocated for the October 2018 opening of Vizhinjam Port will be utilized to extend the port's breakwater and lengthen the berth already in place. A breakwater is a type of rock barrier designed to keep waves out of the harbor.
In addition to a cruise terminal that can handle big luxury lines, the Vizhinjam terminal would feature bunkering facilities to fuel ships and plans to purchase more cranes to improve capacity.
A larger share of the global marine commerce, which is now controlled by nations like China, is what India is looking for. Large containers prefer to dock at ports like Colombo, Dubai, and Singapore because this location's harbors aren't deep enough to accommodate the vessels.
