Karachi Port Reports 23.43% Cargo Handling Surge in FY24

Karachi Port Reports 23.43% Cargo Handling Surge in FY24

Karachi, July 9, 2024 – Karachi Port Trust (KPT) reported a significant performance boost in cargo handling, witnessing a 23.43 percent surge during the fiscal year 2023-24.

According to a statement released on Tuesday, cargo handling operations at Karachi Port, encompassing both imports and exports, reached new heights at the end of the fiscal year.

The total freight handled closed at 51.65 million tons, marking a substantial increase from the 41.85 million tons recorded in the previous fiscal year. Dry Cargo contributed significantly to this growth, totaling 40.24 million tons—a 31.39% rise from the previous year’s 30.63 million tons. Liquid Bulk Cargo also saw a slight increase, registering 11.41 million tons compared to 11.22 million tons in the previous fiscal year, an uptick of 1.69%.

A detailed breakdown reveals that overall export cargo handling at Karachi Port soared to 18.80 million tons, marking a remarkable 47.16% rise from the 12.78 million tons recorded in the fiscal year 2022-23. Similarly, total import cargo handling rose to 32.85 million tons, reflecting a 13% increase from 29.07 million tons in the previous year.

The surge in export dry cargo was particularly notable, closing at 17.66 million tons, a 49.12% increase attributed to extraordinary clinker handling. This figure stood at 11.84 million tons during the fiscal year 2022-23. Export liquid bulk cargo also saw a significant rise, reaching 1.14 million tons, a 22.24% increase due to contributions from furnace oil and molasses, up from 0.93 million tons the previous year.

On the import side, dry cargo handled at Karachi Port recorded 22.58 million tons, reflecting a 20.21% increase largely driven by wheat, fertilizer, rock phosphate, and iron ore. This was up from 18.78 million tons in the previous fiscal year. However, import liquid bulk cargo saw a slight decline, closing at 10.27 million tons compared to 10.29 million tons in the fiscal year 2022-23.

The robust performance in container handling at the Karachi Port underscores its vital role in international trade and economic development. With 57% of its total cargo being containerized, KPT achieved operational success in handling 2.28 million TEUs at the end of the fiscal year 2023-24, a 17.90% increase from the 1.93 million TEUs managed in the previous year.

Additionally, Karachi Port demonstrated significant performance in ship movement, handling 1,767 ships by the end of the fiscal year 2023-24, a 5.68% increase from the 1,672 ships handled in the previous fiscal year. The port’s contemporary performance also included managing 79.7 million Gross Registered Tonnage (GRT), marking a 16.69% rise from the 68.3 million GRT handled in the fiscal year 2022-23.

KPT’s strategic initiatives, including on-dock cross-stuffing of in-transit containers at designated areas on both East and West Wharves, have enhanced global logistics and trade efficiency. Through meticulous planning and robust stakeholder engagement, Karachi Port aims to maintain its competitiveness and drive future success.

As Karachi Port Trust continues to demonstrate its capacity and efficiency in cargo handling, it remains a critical hub for Pakistan’s trade, contributing significantly to the nation’s economic growth and development.