@90, Visakhapatnam Port is all set to sail on a new voyage for varietal business growth

2023-10-08 10:39:43

Visakhapatnam Port, which has completed 90 years, is all set to sail on a new voyage of growth going forward.

“We have strategised our plan to make Visakhapatnam as a multi cargo handling business port with backward and forward portfolio over next few years,” Madhaiyan Angamuthu, Chairperson, Visakhapatnam Port Authority (VPA) told businessline. The port celebrated its Foundation Day on August 7.

Also Read: Visakhapatnam port sees increased traction on coastal shipping

In 1933, when the Port was inaugurated, it was a humble beginning with three berths and an investment of ₹3.72 crore. “Now it has 31 berths, handled 73.75 MTPA cargo volume in FY23 and reported revenue of ₹2000 crore. Over the decades, through concerted efforts, strategic planning, and the indomitable spirit of our workforce, this port has played its key role in facilitating and driving maritime trade and economic growth in the region,’‘ the VPA Chairperson said.

There’s more to come. “We want to do a varietal business plan, wherein augmentation of new cargos and improvising new products range for export and import,” Angamuthu said adding that Within the realm of Maritime India Vision 2030, VPA has synergies to take further lead in terms of improving PPP projects, mechanisation of Berths, further speeding up evacuation of cargoes etc.

Also Read: Vizag International Cruise Terminal to launch services in Nov

A slew of measures are being taken to ensure that the progress of Visakhapatnam Port is in harmony with the ecological balance of its surroundings. Towards this goal, VPA is entering into a Memorandum of Understanding with HPCL, Vizag for a Green hydrogen plant with an estimated investment of ₹800 crore, according to VPA chief.

LANDLORD PORT

Visakhapatnam port is transitioning to the landlord port model, where private players take over the operational aspects of the business while the port acts as regulator and landlord. “This shift towards public-private partnerships is aimed at increasing efficiency and reducing costs. By 2030, Visakhapatnam port will be 100 per cent cent landlord port with full-fledged mechanisation and State-of-the-art cargo evacuation system,” Angamuthu said.

Also Read: Shipping minister Sonawal inaugurates Vizag International Cruise Terminal

The port has recently commissioned International Cruise Terminal aimed to position Visakhapatnam as a prominent cruise tourism destination in India. The city’s natural beauty, pristine beaches, historical sites, and cultural attractions make it an ideal location for cruise ships to dock and tourists to explore nature.

“The cruise terminal will boost the local economy significantly by attracting tourists and generating revenue for local businesses, including hotels, restaurants, and shops. It will create job opportunities in the tourism and hospitality sectors,” Angamuthu said.