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Monthly Update

SECTOR: INFRASTRUCTURE

Indian Ports

May cargo volume up 4.5% YoY at major ports; MICT, JNPT volume de-grows

May 2010 cargo volume up 4.5% YoY at 47.8mt: In May 2010, cargo traffic at major Indian ports improved by 4.5% YoY

to 47.8mt (v/s 45.8mt a year earlier), better than April 2010 growth of 2.7% YoY.

Container, POL cargo boost cargo traffic growth: In May 2010, cargo traffic growth was boosted by double-digit

container and POL cargo growth. Container and POL cargo grew by 14% and 10% YoY to 8.9mt and 15.2mt, respectively.

Iron ore de-grew by 9% to 7.9mt. Coal and fertilizer cargo were flat YoY at 6.4mt and 1.5mt respectively. Cargo in other

categories grew 4% YoY to 7.9mt.

JNPT container cargo traffic de-grows 5.6% YoY, total container traffic grows 14% YoY: In May 2010, container

cargo traffic at JNPT de-grew 5.6% YoY to 4.3mt and all-India container traffic was up 14% YoY at 8.9mt. Other ports

posted healthy container traffic growth in May. Chennai grew by 53% YoY to 2.4mt, Kolkata posted growth of 26% YoY

to 0.59mt and Tuticorin grew 10% YoY (0.58mt). The four ports account for 7.8mt of container traffic or 88% of the total

container traffic.

Cargo traffic grows at seven ports, Cochin posts highest increase of 28%: In May 2010, seven ports posted growth

in cargo traffic, of which Cochin, Kandla, Chennai and new Mangalore volumes grew 28%, 22%, 21% and 12% YoY,

respectively. POL cargo, which grew by 37% YoY in Cochin and 38% in Kandla, boosted cargo traffic growth at the two

ports.

Mundra International Container Terminal (MICT) May volumes fall by 5.5% YoY: In May 2010, MICT posted a 5.5%

YoY decline in container traffic to 45,789 TEUs (48,432 TEUs in May 2009). This is similar to a 4.6% YoY decline in April

2010. Since January 2010, volumes at MICT have declined each month. Cumulative volume since January declined by

8.7% YoY to 227,280 TEUs.

BSE Sensex: 17,463 S&P CNX: 5,233 16 June 2010

MAY 2010: ALL INDIA CARGO COMPOSITION (%) MAY 2010: ALL INDIA PORT WISE CARGO GROWTH YOY (%)

Source: IPA

Satyam Agarwal (AgarwalS@MotilalOswal.com) +91 22 3982 5410 /Nalin Bhatt (NalinBhatt@MotilalOswal.com) +91 22 3982 5429

Vishal Periwal (Vishal.Periwal@MotilalOswal.com)

28%

22% 21% 12% 12%5% 5%

-3% -4% -6% -6% -10%

-29%

Cochin

Kandla

Chennai

New

Mangalore

Mumbai

Kolkata

Paradip

Tuticorin

J.N.P.T.

Mormugao

Haldia

Vishakhapatnam

Ennore

Paradip

9%

J.N.P.T.

10%

Kandla

16%

Vishakha-

patnam

13%

New

Mangalore

7%

Mormugao

8%

Cochin

3%

Tuticorin

4%

Ennore

1%

Chennai

11%

Haldia

5%

Kolkata

2%

Mumbai

10%

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216 June 2010

Indian Ports

May 2010 cargo traffic upby 4.5% at 47.8mt,

Consecutive YoY growth in

cargo traffic for April and

May 2010 aided by lower

base effect

MONTHLY CARGO AT MAJOR PORTS IN INDIA (M TONS)

Source: IPA

COMPOSITION OF TOTAL TRAFFIC AT MAJOR PORTS (M TONS)

YTD YTD %

FY10 FY11 CH G.

POL 27.4 29.0 5.7

Iron Ore 17.3 17.7 2.0

Fertilizer 2.6 2.5 (4.5)

Coal 13.6 11.9 (12.2)

Container 15.4 18.3 18.4

Other 14.9 15.2 2.0

Total 91.2 94.4 3.6Source: IPA

Seven out of13 major

ports reported growth in

May cargo traffic

CARGO TRAFFIC AT MA JOR PORTS OF INDIA (M TONS)

PARTICULARS MAY MAY % YTD YTD % PROMINENT CARGO

2009 2010 CH G. FY10 FY11 CHG. PROFILE % TO TOTAL

Cochin 1.2 1.5 27.7 2.2 2.8 27.6 POL 67

Kandla 6.0 7.3 22.5 11.4 13.7 20.2 POL 60

Chennai 4.3 5.3 20.8 9.1 10.2 12.5 Container 47

New Mangalore 2.9 3.3 12.3 5.9 5.6 -5.7 POL 55

Mumbai 4.3 4.8 11.8 8.4 9.6 14.0 POL 57Kolkata 0.9 1.0 5.4 1.9 2.0 4.6 Container 55

Paradip 4.2 4.4 5.2 9.2 9.0 -1.8 Coal 39

Tuticorin 1.9 1.8 -2.8 3.7 3.7 -0.3 Other 36

J.N.P.T. 5.2 5.0 -4.3 10.1 10.5 4.4 Container 87

Mormugao 5.0 4.7 -5.9 10.5 10.6 0.5 Iron Ore 89

Haldia 2.8 2.6 -6.4 5.6 5.0 -11.2 POL 32

Vishakhapatnam 6.0 5.4 -10.1 11.1 10.2 -7.9 POL 30

Ennore 1.0 0.7 -29.1 2.1 1.6 -23.3 Coal 81

Total 45.8 47.8 4.5 91.2 94.4 3.6

Source: IPA

Cochin report highest increase

on account POL cargo which

grew by 37%, Ennore reported

highest de-growth on account

of Coal cargo which de grew

by 36%

YTD cargo traffic

growth was boosted by

container traffic

volumes, which were

up YoY by 18.4%

whereas coal volumes

declined by 12% YoY

30

36

42

48

54

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

FY11 FY10 FY09Cargo volumes increased by

4.5% YoY in May-10

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316 June 2010

Indian Ports

ALL INDIA CONTAINER CARGO (MT)

JNPT CONTAINER TRAFFIC DOWN BY YOY 5.6% AT 4.3MT

CARGO PROFILE AT MAJOR INDIAN PORTS (MT)

Source: IPA

JNPT container cargo saw

degrowth in volume for the

first time in this calendar

year (CY10), contribution by

JNPT in all India container

cargo has come down from

53% to 48%

50%50%51%52%56%50%51%51%

288 314

345 409423

464519

530

4745

33%

33%33%34%31%35%

35%36%

FY03

FY04

FY05

FY06

FY07

FY08

FY09

FY10

Apr-09

May-10

Container Cargo

Liquid CargoSolid Cargo

Solid cargo constitutes ~63% of the total

cargo at major ports

0

3

6

9

12

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

FY09 FY10 FY11

0.0

1.5

3.0

4.5

6.0

O

ct-08

D

ec-08

F

eb-09

A

pr-09

J

un-09

Aug-09

O

ct-09

D

ec-09

F

eb-10

A

pr-10

-30%

-15%

0%

15%

30%

Cargo (MT) YoY Grow th (%)

All India May month

container cargo traffic up

by 14% on account of

lower base effect

May saw change in the

proportion of cargo traffic

volume in India. May 2010 saw

solid cargo volumes at 63%

v/s ~50% contribution in the

preceding 12months, and

proportion for liquid and

container cargo at 18% and

19% respectively vs ~30%

and ~20% in preceding month

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416 June 2010

Indian Ports

MONTHLY THROUGHPUT AT MICT (000 TEUS) AND MOM GROWTH (%)

In May 2010, the ICD

throughput at MICT

reported a decline of 30%

YoY to 8,840 TEUs v/s

12,664 TEUs in May 2009

MONTHLY ICD TRAFFIC AT MICT ('000 TEUS) AND MOM GROWTH (%)

Source: MICT

In May 2010, the container

terminal at MICT reportedvolume declines of 5.5%

YoY to 45,789 TEUs v/s.

48,432 TEUs in May 2009

0

20

40

60

80

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08

Jan-09

Feb-09

Mar-09

Apr-09

May-09

Jun-09

Jul-09

Aug-09

Sep-09

Oct-09

Nov-09

Dec-09

Jan-10

Feb-10

Mar-10

Apr-10

May-10

-40%

-20%

0%

20%

40%

Throughput

% Change (YoY)

Total throughput decline by 5.5% YoY in Apr il 2010 at

45,789 TEUs

0

5

10

15

20

Aug-08

Sep-08

Oc

t-08

No

v-08

De

c-08

Ja

n-09

Fe

b-09

Ma

r-09

Ap

r-09

Ma

y-09

Ju

n-09

Jul-09

Aug-09

Sep-09

Oc

t-09

No

v-09

De

c-09

Ja

n-10

Fe

b-10

Ma

r-10

Ap

r-10

Ma

y-10

-40%

-20%

0%

20%

40%ICD Throughput % Change (YoY)

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516 June 2010

Indian Ports

N O T E S

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616 June 2010

Indian Ports

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