MUM-01-06-2023

Allcargo Logistics delivers resilient performance amidst macroeconomic uncertainty

• Appoints Mr. Adarsh Hegde as Managing Director

• Net consolidated cash soars to ₹ 604 Cr; simplified business structure in place

MUMBAI: Allcargo Logistics Ltd. has announced its financial results for the quarter and year ended March 31, 2023 The combined EBITDA, which includes continuing business, and Contract Logistics business stood at Rs. 1,250 Crores. This reflects the sum total of consolidated EBITDA as would be seenfortheentityassumingcompletestakeinContractLogistics which is now a 100% subsidiary, but the SPA was signed post 31March2023.

Further details are as per below table:

Cont’d. Pg. 15

India transformed in less than a decade; different from 2013: Morgan Stanley

MUMBAI: In a short span of 10 years, India has gained positions in the world order with significant positive consequences for the macro and market outlook, MorganStanleyResearchhassaidinareport. Cont’d. Pg. 15

Asyad Group partners with Mamun to bring vendors New Crowdfunding Solutions

• The crowdfunding soluons indicate Asyad Group’s strategy to engage and partner with private sector

• The global integrated logiscs provider connues to build strategic partnerships to support the private sector

MUSCAT: Asyad Group, Oman’s global integrated logistics provider, has joined forces with mamun, a leading financial technologies provider in Oman, to introduce the latest supply chain financing solutions aimedatempoweringAsyad’svendorecosystem.

Aligned with its strategy to support the private sector, Asyad took this proactive step to unlock new prospects for vendors and create a growth-promoting vendor ecosystem that fully utilizes innovative payment technologies and crowdfunding solutions poweredbymamun.

Through this collaboration, Asyad Group will endorse invoices financed through mamun's shariacompliant crowdfunding platform, thereby granting vendors operating in Asyad’s ecosystem with better liquidity and enabling them to overcome financial obstaclesandaccelerategrowth.

“Our partnership with mamun aims to provide our vendors with efficient payment tools, alternative financing options and improved access to working capital that they can leverage to pursue growth and prosperous ventures,” said Muhsin Al Rustom, CFO at Asyad Group. “This initiative is further proof of our commitment to strengthen our private sector partners and vendors, ultimately creating a robust network of vendorsforAsyadandcontributingtoeconomicgrowth acrossallsectorsofOman’seconomy.”

Commenting on their promising partnership with Oman’s logistics powerhouse, Saleh Al-Tamami, CoFounder & CEO at mamun said “This partnership, a true win-win-win scenario, for Asyad, its suppliers,

and the investors in mamun’s crowd fund, highlights Asyad’s proactive approach to enhancing its business and treasury functions. We look forward to onboarding and working with other companies in the ecosystem that want to improve their relationship with their supplier network, while reaping the benefits of the arrangementaswell.”

mamun is a leading financial technology provider in Oman that offers innovative solutions in the domestic and global markets. Under this collaboration, Asyad Group will combine its extensive network and industry expertise with mamun's technological prowess to optimize conditions and financial services available to vendors, thereby expanding their capacity to play an active role in theSultanate’slogisticssector.

AsyadGroupcontinuestoexplorenewwaystosupport entrepreneurs, SMEs and private vendors through its impactful initiatives, empowering them to grow and support Asyad’s mission of cementing Oman’s position as globallogisticshub.

PIL successfully delivers 1st Shipment of avocados from Africa to Asia with Carrier Transicold’s EverFRESH Active Controlled Atmosphere System

SINGAPORE: Reflecting the growing use of controlled atmosphere (CA) technologies to maintainqualityoffruitsandvegetablesoverextended shipping times, Pacific International Lines (PIL) has successfully transported its first shipments of avocados from Kenya to Brunei using Carrier Transicold’s innovative EverFRESH® atmosphere control system. Carrier Transicold is part of Carrier Global Corporation (NYSE: CARR), global leader in intelligentclimateandenergysolutions.

“The EverFRESH Active CA technology has worked well for us in transporting avocados over a number of our key reefer trade lanes,” said Lim Chee Wei, General Manager, Logistics Division, PIL. “That success with higher-respiring perishables gave us the confidence to expand its use for shipments of Kenyan-grown avocados, and we are pleased that EverFRESH has again proven to be a success in this first shipment of avocados from Kenya.” According to the Food and Agriculture Organisation of the United Nations (FAO), Kenya is currently the world’s sixth largest avocado producer. Since October 2022, PIL has accomplished a number of firsts with the EverFRESH CA technology – its first shipments of avocados from Peru to Hong Kong, as well as from AustraliatoSingapore.

EverFRESH reduces respiration and slows natural ripening of commodities by optimizing oxygen and

carbon dioxide balance. With it, oxygen is displaced more effectively and efficiently than ever before. The positive pressure effectively built up inside the container reduces box air leakage compared to other controlled atmosphere systems. This innovative technology helps to maintain idealconditionsduringtransportationwhileextendingthe shelflifeofhigh-valuecommodities.

UsingactiveCAtechnology,theEverFRESHsystem:

• Optimises the balance of oxygen and carbon dioxide within a refrigerated container, slowing respiration andthenaturalripeningofthecommodityinside.

• Generates high-purity nitrogen to more quickly and responsively displace oxygen, rather than relying on cargo respiration alone to gradually reduce oxygen levels.

• Maintainsapositiveairpressurewithinthecontainer, making it far less sensitive to box leakage than other typesofsystems.

“PIL’s success with the EverFRESH system is a significantstepforustosupportthegrowingtrendamong shipping lines to provide controlled atmosphere technology for the benefit of their customers,” according to Leow Eng Meng, Sales Director, Asia, Global Container Refrigeration, Carrier Transicold. “Thisisfurtherproofforusthatourcustomerscanbenefit from the improved atmosphere control of Carrier’s EverFRESH system, which allows for more precise settings and with that, more effective shipments of perishablecommodities.”

FOR

NORTH CONT., SCANDINAVIAN, RED SEA & MED. PORTS from NSICT

(EPIC / IPAK)

Mediterranean, Gioia Tauro (D).

SCI CMT Southampton, Rotterdam, Antwerp,Dunkirk,Felixstowe, Le Havre

COSCO COSCO Shpg. U.K., North Cont., Scandinavian, Red Sea & Med. Ports.

Indial Indial Shpg. U.K., North Cont., Scandinavian, Red Sea & Med. Ports.

Seahorse Ship U.K., North Continent, Scandinavian Ports & Riga, Klaipede, Tallim, St.Petersburg, Genoa, Valencia, Fos

Globelink Globelink WW U.K., North Continent, Scandinavian Ports & Ashdod, Piraeus, Thessaloniki, Athens,

Unifeeder Group Unifeeder Ag. U.K., North Continent & Scandinavian Ports. Dron.2 & TLP

TSS L'Global Ag. U.K., North Continent & Scandinavian Ports. Dronagiri-2

AMI Intl. AMI Global U.K., North Cont., Scandinavian, Red Sea & Med. Ports. Dronagiri-3 Kalko Faredeal U.K., North Continent & Scandinavian Ports. Dronagiri-3

Team Leader Team Leader Felixstowe, Rotterdam, Antwerp, Hamburg, Barcelona, JWR CFS Le Havre, Istanbul, Genova.

FOR U.K., NORTH CONT., SCANDINAVIAN, RED SEA & MED. PORTS from NSIGT

TO LOAD FOR U.K., NORTH CONT., SCANDINAVIAN, RED SEA & MED. PORTS from GTI

TO LOAD FOR U.K., NORTH CONT., SCANDINAVIAN, RED SEA & MED. PORTS from BMCT

TO LOAD

TO LOAD FOR USA, CANADA, ATLANTIC, PACIFIC, SOUTH AMERICAN & WEST INDIES PORTS from NSIGT

TO LOAD FOR USA, CANADA, ATLANTIC, PACIFIC, SOUTH AMERICAN & WEST INDIES PORTS from GTI

TO LOAD FOR USA, CANADA, ATLANTIC, PACIFIC, SOUTH AMERICAN & WEST INDIES PORTS from BMCT

GULF PORTS From NSICT

CFS Cordelia Cordelia Cont. Jebel Ali, Sharjah, Abu Dhabi, Ajman, Dammam,Jubail, Hamad, Baharin, Shuaiba, Shuwaikh, Sohar, Umm Qasr Alligator Shpg. Aiyer Shpg. Jebel Ali.

PoseidonShpg. Jebel Ali, Bandar Abbas.

BSS Bhavani Shpg. Jebel Ali, Doha, Kuwait, Bahrain, Bandar Abbas. Ashte CFS Seahorse Ship Gulf Ports.

LMT Orchid Gulf Ports.

Bay Line Freight Conn. Port Sudan & Al Sokhna

TO LOAD FOR WEST ASIA GULF PORTS From BMCT

TO LOAD FOR INDIAN SUB CONTINENT from BMCT

TO LOAD FOR

TO

HMM

Pelepas,Xiangang,Qingdao,Laem Chabang.

Shpg. P.Kelang(S), Singapore, Xiangang, Qingdao, Kaohsiung.

CU Lines Seahorse Ship Port Kelang, Singapore, Haiphong, Qingdao, Shanghai, Ningbo.

BSS Bhavani Shpg. Port Kelang, Singapore, Jakarta, Yangoon, Surabaya, Belawan,

TO LOAD FOR FAR EAST, CHINA & JAPAN PORTS from BMCT

TO

FOR

& NEW ZEALAND PORTS from NSFT

TO

TO

FOR

&

ZEALAND PORTS from BMCT

TO LOAD FOR EAST, WEST & SOUTH AFRICAN PORTS from NSIGT

TO LOAD FOR EAST, WEST & SOUTH AFRICAN PORTS from GTI

LOAD FOR EAST, WEST & SOUTH AFRICAN PORTS from BMCT

JAIGARH PORT LIMITED

Lagos, Luanda & other Ports in West Africa-T/S at Dakar

NOTICE TO CONSIGNEES

m.v. “NORTHERN JAMBOREE” V- IU321A I.G.M. No. 2345202 Dt. 30-05-2023 Exch. Rate 85.24

The above vessel has arrived on 01-06-2023 at NHAVA SHEVA (NSIGT) with import cargo to NHAVA SHEVA from ABU DHABI, JEBEL ALI, HALIFAX, SHUWAIKH, SALALAH, BALTIMORE, NEW YORK, NORFOLK, SAVANNAH.

Please note the item Nos. against the B/L Nos. for NHAVA SHEVA (NSIGT) delivery.

Consignees are requested to kindly note that the above item nos. are for the B/L Nos. arrived for Nhava Sheva delivery. Consignees are requested to collect Delivery Order for all imports delivered at Nhava Sheva from our Import Documentation Dept. at Nhava Sheva - DN210 / DN211 / DN212, D-Wing, 2nd Floor, NMSEZ Commercial Complex, Plot No. 6, Sector - 11, Opp. JNPT Township, Dronagiri Node, Navi Mumbai - 400 707 , India and Mumbai - 1st Floor, MSC House, Andheri Kurla Road, Andheri (East), Mumbai - 400059 on presentation of duly discharged Original Bill of Lading and payment of relevant charges.

The container detention charges will be applicable after standard free days from the discharge of containers meant for delivery at Nhava Sheva. The containers meant for movement by road to inland destinations will be dispatched upon receipt of required documents from consignees/receivers and the consignees will be liable for payment of port storage charges in case of delay in submission of these documents. Our Surveyors are M/s. Zircon Marine Services Private Limited. and usual survey conditions will apply. Consignees are also requested to note that the carriers and their agents are not bound to send individual notification regarding the arrival of the vessel or the cargo.

Incase of any query, kindly contact Import Customer Service - (022) 66378123; IN363-imports.mumbai@msc.com

Get IGM No. / ITEM No. /CFS details on our 24hrs computerized helpline No. (IVRS No.) 8169256872

You can also visit our website: www.msc.com/ind/help-centre/tools/import-general-manifest-information

:

NHAVA SHEVA

Allcargo Logistics delivers resilient performance amidst macroeconomic uncertainty

Cont’d. from Pg. 3

• The combined numbers presented above are more appropriate to consider as they exclude businesses which are already demerged and include Contract Logistics business, which is now in 100% subsidiary as theSPAwassignedpostMarch31st,2023.

• Q4FY23 has one-off operational costs amounting to Rs. 67.4 crs. We do not anticipate any significant one-offs in Q1FY24. Adjusted for these one-off corrections in last two quarter, the FY23 reported EBITDA would have beenRs.1,213Crores.

Keyhighlights:

• Resilient business performance over last two years has enabled the Company to reduce debt. As of 31st March 2023, the Company has a consolidated net cash of Rs.604Cr.

• Revenue for FY23 declined 5.3% YoY from 19,062 Cr to 18,051 Cr. However, the Gross Profit over same period increased 7.7% from 3,476 Cr to 3,744 Cr. Decline in revenue is largely on account of ocean freight rate decline, which is mostly a pass through in LCL business andhenceasimilardeclineinoperatingexpensesisalso visible, barring impact on FCL business and investments in new trade lanes, which would be loss making initially. LCL yield as presented in monthly update(slide19)hasremainedalmostsamefromApr’22 toMar’23,despitesignificantreductioninOceanFreight duringtheperiod.

• The volumes continue to remain lower in the flagship international supply chain business due to reduced globaltrade.Mostleadinginternationalforwardershave reported 5% to 17% YoY drop in volumes in the quarter ending March 2023. In comparison, our volumes are down 7% YoY in LCL and remained flat YoY in FCL for the quarter ending March. Post February, we witnessed a much stronger March, but April has again been weaker. We now estimate volume pick up to happen with thepeakseason,whichusuallystartsinJuly.

• Our standalone numbers represent the India ISC business. During Q4FY23, the standalone revenue has declinedby55%YoYfromRs.950CrinQ4FY22toRs.428

Cr in Q4FY23, while the Gross Profit over the same period has declined by just 2% YoY. This highlights the robust performance of the business in a falling freight rate environment, essentially protecting the margins at aGrossProfitlevel.

• The company intends to revive profitability in international supply chain business by increasing volumes and reducing SG&A. Yields are expected to remain rangebound with short term decline driven by competitive pressure and bounce back with improved operating parameters including utilisation and share of 40feetcontainers.

• Increased SG&A is on account of inflation as well as business expansion, as we continue to invest in people and capabilities to build new products and trade lanes. There are also one-off cost items. However, we are also seeing positive impact of cost rationalisation being driven through automation and process improvement. This will offset costs in coming quarters, and we estimateSG&Acoststobelowerinfollowingquarters.

• Company intends to offset Gross Profit impact on account of FCL, which contributes to 30% of the total, by way of volume growth once trade environment is normalised. In LCL, yields have remained more stable as freight costs represent smaller share in costs.

• The express business operations are now best in industry and with mega hubs in place, we expect revenue and margins to gradually expand. Contract Logistics business continues its strong performanceandispoisedforstronggrowthinFY24.

Shashi Kiran Shetty, Founder and Chairman, AllcargoGroup said,“Ourfocusontechnologycontinuesto drive our long-term strategy. In the short term, we remain confident about our resilience in poor macroeconomic environment for international trade. We are satisfied with the business management of the company in spite of severe headwindsinthelasttwoquarters.Thevolumesarelikelyto improve & as this happens the performance of the company shouldimprove.

On the domestic front, Gati continues to improve its service levels, growth in revenue & EBIDTA numbers. contract logistics business has had another stellar year. It is nowjointlymanagedwithGATIandASCPLmanagement.

I am happy to announce the appointment of Adarsh Hegde who is a veteran in the logistics industry & long-time leader within the group, as Managing Director. The company is poised well for growth in years to come. Most importantly we are looking closely at the future prospects to leverage the opportunities a market leaderhas.”

India transformed in less than a decade; different from 2013: Morgan Stanley

Cont’d. from Pg. 3

The report, India Equity Strategy and Economics: How India Has Transformed in Less than a Decade, highlights the 10 big changes, mostly because of India's policy choices, and theirimplicationsforitseconomyandmarket.

"This India is different from what it was in 2013. In a short span of 10 years, India has gained positions in the world order with significant positive consequences for the macro and market outlook. We present a snapshot of these changes and theirimplications,"thereportsaid.

It added, "We run into significant skepticism about India, particularly with overseas investors, who say that India has not delivered its potential (despite its being the secondfastest-growing economy and among the top-performing stock markets over the past 25 years) and that equity valuations are too rich." It added, "However, such a view ignores the significant changes that have taken place in India, especiallysince2014."

Morgan Stanley's Research had taken these 10 big changes namely, supply-side policy reforms, formalisation of the economy, Real Estate (Regulation and Development) Act, digitalizingsocialtransfers,InsolvencyandBankruptcyCode, flexible inflation targeting, focus on FDI, India's 401(k)

moment, Government support for corporate profits and MNCsentimentatmultiyearhigh,whilefilingthereport.

While drawing the data for supply-side policy reforms, the research has gathered the figures related to India's corporate taxatparwithpeersandinfrastructure.

In 10 years, India's base corporate tax rate has stayed below 25 per cent while for new companies with operations commencingbeforeMarch24,ithasstayedat15percent.

In terms of infrastructure development, the research has taken factors like national highways, broadband subscriber base,renewableenergyandrailwayrouteelectrified.

In the formalisation of the economy, Morgan Stanley had taken GST collections, which were showing upward trends overtheyears,anddigitaltransactionswhichgrew76percent of the GDP. On May 18, Morgan Stanley said India is poised to grow at 6.2 per cent in the current financial year 2023-24 with improving macro stability indicating that the monetary policy willnothavetoturnrestrictive.

In a report titled "Asia Economics: The Viewpoint: Addressing the Pushback to Our Constructive View", authored by Chetan Ahya, Derrick Y Kam, Qiusha Peng, and JonathanCheung,MorganStanleysaidIndiaenjoystailwinds --bothcyclicalandstructurally.

m.v “EVER URSULA”

V-187E I.G.M. No. 2345232 Dtd. 31-05-2023

The above vessel is arriving at NHAVA SHEVA (BMCT) on 02-06-2023 with import cargoes from ports BUSAN NEW PORT, DACHANBAY, DAMAIYU, HONG KONG, INCHEON, JAKARTA, KOBE, LAEM CHABANG, NINGBO, PORT KLANG WESTPORT, QINGDAO, SHANGHAI, WUHAN, YOKOHAMA, ZHAPU, ZHENJIANG also transshipment

of following Ex. Mother vessels:

Item No. and Bills of lading Nos. are as mentioned below :

Consignees are requested to present Original Bills of Lading duly discharged and obtain Delivery Order on payment of all charges as applicable. Detention charges where applicable will be charged as per tariff.

Our Surveyors are M/s. Pinnacle Marine Surveyors Pvt Ltd. Usual Survey conditions shall apply

Consignees are also requested to note that the carriers and/or their Agents are not bound to send individual notifications regarding arrival of the vessel or the goods.

Note : For IGM & ITEM nos. Vessel arrival inquiry, destination charges tariff please visit our site : www.ekmtc.com For KOREA MARINE TRANSPORT CO. LTD.

As Agents :

KMTC COLOMBO 2303W

KMTC TIANJIN 2304S VASI MOON 2307N

NMPA targets 51 million tonnes cargo handling in 2023-24

MANGALURU: New Mangalore Port Authority (NMPA) achieved cargo traffic of 41.42 mt in 2022-23, representing5.4percentgrowth.

The New Mangalore Port Authority (NMPA) aims to handle 51 million tonnes (mt) of cargo in 2023-24, according to Chairman, AV Ramana. “We want to achieve not lessthanRs.400croreofprofitduring theyear,”hesaid.

Honouring the port users in

Mangaluru, he said the port had reported one of its best performances by achieving cargo traffic of 41.42 mt during 2022-23, which represents 5.4percentgrowth.

The port handled 1.65 lakh TEUs (twenty-foot equivalent units) of containers in 2022-23, against 1.50 lakh TEUs in 2021-22. It had targeted handling 3 lakh TEUs of containersinthecurrentfinancialyear.

On improving road connectivity

with the hinterland, he said the Centre’s initiatives should help in providing all-weather connectivity to thehinterlandby2024.

The Minister of State for Ports Shipping and Waterways and Tourism, Shri Shripad Yesso Naik, recently presented awards to cargo handlers, stevedores, steamer agents, support service providers, and cruise and hospitality service providers,amongothers.

India’s growth momentum likely to be sustained in 2023-24, says RBI

MUMBAI: On the back of sound macroeconomic policies and softer commodity prices, India’s growth momentum is likely to be sustained in 2023-24 in an atmosphere of easing inflationary pressures, said the Reserve Bank‘s annual report released on Tuesday. It, however, added that slowing global growth, protractedgeopoliticaltensionsanda possible upsurge in financial market volatility following new stress events in the global financial system could posedownsideriskstogrowth.

“On the back of sound macroeconomic policies, softer commodity prices, a robust financial sector, a healthy corporate sector, continued fiscal policy thrust on quality of government expenditure, and new growth opportunities stemming from global realignment of supply chains, India’s growth momentum is likely to be sustained in 2023-24 in an atmosphere of easing inflationarypressures,”itsaid.

The RBI’s Annual Report for 2022-23, a statutory report of its

Central Board of Directors, further said its monetary policy remains focused on withdrawal of accommodation to ensure that inflation progressively aligns with the target, while supporting growth.

“With a stable exchange rate and a normal monsoon — unless an El Nino event strikes — the inflation trajectory is expected to move down over 2023-24, with headline inflation edging down to 5.2 per cent from the average level of 6.7 per cent recorded lastyear,”thereportsaid.

Steel demand to surge 7-9% in FY24 on Govt’s infra boost, export recovery

MUMBAI: India’s steel demand is set for a 7% to 9% surge in the 2024 fiscal year, driven by Government infrastructure spending and robust domestic consumption, India Ratings andResearch(Ind-Ra)said.

The forecast marks a bullish outlook for the sector, buoyed by an expected demand boost from election-driven Government projects, and the end-user industries including construction, automobile manufacturing, and engineering.

Additionally, the Government’s removal of a 15% export duty in November 2022 is likely to stimulate

export demand, making Indian steel moregloballycompetitiveandwidening market access for the domestic steel producers,theagencystated.

“Theprojectedsteeldemandgrowth for FY24 reflects a positive sentiment in the industry, underpinned by Government infrastructure spending and a rebound in domestic and export demand,” said Rohit Kumar Gupta, Vice President and Head of Research atInd-Ra.

However, the agency also warned of potential challenges from global macro trends and stricter environmental policies, and a softening of raw material

prices due to balanced demand-supply dynamics and China’s policy to maintainlowironoreprices.

Despite anticipated volatility in commodity prices and debt-led capital expenditure in FY24-FY25, Ind-Ra projects a slight uptick in steel players’ margins from the previous year, maintaining a stable rating outlook for its rated entities for FY24.

The sector recorded a strong 12% YoY growth in FY23, outstripping capacity additions and pointing to a favourable demand-supply balance, theagencynoted.

Top shipper of Russian oil secures Indian cover as Western certifiers exit

MUMBAI: An Indian agency has stepped in to provide safety certification for most of Gatik Ship Management’s fleet, a major carrier of Russian oil to India, after Lloyd’s Register and the American Bureau of Shipping (ABS) withdrew classification for many of its vessels, recordsshow.

Mumbai-based Gatik, which has emerged this year as a significant player in Russian oil transport, also recently reflagged at least four of its vesselstoMongolia,accordingtodata from maritime platform Lloyd’s List Intelligence.

This followed the de-flagging of 36 oftheGatik-managedfleetbySt.Kitts &NevisInternationalShipRegistry.

However, Indian Register of Shippping (IRClass) data showed six

vesselsbeingreflaggedtoMongolia.

Other Gatik ships were recently reflaggedtoGabon.

Classification societies such as London-headquartered Lloyd’s Register (LR), ABS and IRClass provide services including seaworthiness checks, certification that is vital for securing insurance andentrytoports.

As Western sanctions on Moscow’s energy trade tightened, Gatik suddenly stepped in with a fleet of tankers that has numbered more than40,shippingdatashows.

India, which does not recognise thesanctions,hasquicklybecomethe biggest buyer of seaborne Russian crude since Moscow’s invasion of UkraineinFebruarylastyear.

The reflagging of vessels and

changes of registry highlight the tightening oversight by Western service providers over supply of Russian oil, but also the limitations of sucheffortsgiventheeasewithwhich ship owners and operators can find new documentation to continue sailing.

While non-EU countries can import seaborne Russian crude, Western shipowners and insurers are prohibited from handling such cargoes unless they are sold at or below$60abarrelcap.

“As a U.S. company, ABS strictly follows both the letter and the spiritof U.S. and other applicable sanctions. We are arranging the transfer out of class of all vessels formerly managed by Gatik,” a company spokesperson wasquotedassayingbyReuters.

Adani Ports Revenue and EBITDA jumps over 20% in FY23

Record investments during the year to drive growth

• Revenue for the year increased by 22% Y-o-Y to Rs 20,852 Cr

• EBITDA for the year increased by 21% Y-o-Y to Rs 12,833 Cr

• Record investments of ~Rs 27,000 Cr in FY23 primarily funded through internal accruals and the cash and cash equivalents with the company

AHMEDABAD: Adani Ports and Special Economic Zone Ltd (“APSEZ”), announced its results for the fourth quarterandyearended31March2023.

have driven the improvement in the TAT of major ports from~5daysin2011to~2dayscurrently.

Record investments during the year: ASPEZ completed six acquisitions (Haifa Port Company, Gangavaram Port, Karaikal Port,IOTL,OceanSparkle,andICDTumb) during the year implying an investment of around to Rs 18,000 Cr. The total capex duringtheyearwasaroundtoRs9,000Cr.

FY23 has been a stellar year for APSEZ in operational as well as financial performance. The company has overachieved against its highest-ever revenue and EBITDA guidance provided at the beginning of the year. Our strategy of geographical diversification, cargo mix diversification, and business model transition to a transport utility is enabling robust growth, said Mr. Karan Adani, CEO and Whole Time Director of AdaniPortsandSpecialEconomicZone.

Over the last 5 years, APSEZ’s revenue and EBITDA have grown at a CAGR of 16-18%, while the company’s domestic market share jumped 800bps to ~24% in FY23. APSEZ did record investments of around Rs 27,000 Cr in FY23, which includes six major acquisitions totaling around Rs 18,000 Cr and organic capex of around Rs 9,000 Crs. These investments were primarily financed through internal accruals and the cash and cash equivalents held with the company. As a result, gross debt to fixed asset ratio has declined sharply from 80% in FY19 to around 60% in FY23. The investments made along with the five bid wins during the year, will enable APSEZ to achieve its targeted cargo volumes of 500 MMT in 2025 and speed up the transition of the business model to a transport utility” added Mr. Karan Adani.

OperationalMilestones:

• APSEZrecordeditshighest-everportcargovolumesat 339MMTinFY23,whichisagood~9%Y-o-Yjump

• APSEZ handled 300 MMT of cargo in just 329 days, surpassingthepreviousbenchmarkof354daysinFy22

• Two of APSEZ’s ports (Mundra and Krishnapatnam) are featured in the top 10 ports of India for their annual cargovolumes

• Mundra continues to be the largest commercial port of India with cargo volumes of 155 MMT (150 MMT achievedinrecord355daysvs365daysinFy22)

• Mundra continues to be the largest container handling port with 6.64 Mn TEUs in FY23 (10% higher than its closestcompetitor)

• Logistics rail volumes crossed a milestone of 500,000 TEUsduringtheyear

• GPWIScargovolumesgrewby63%Y-o-Yto14.35MMT

• Mundra and Krishnapatnam Ports saw the arrival of the largest ships while seven ports/terminals handled thelargestparcelsizevesselsoftheirlifetimeinFY23 TransformingIndia’sportsector:Withindustryleading average turnaround time (TAT) for ships at ~0.7 days, APSEZ has been a benchmark for other Indian ports and

Net Debt to EBITDA ratio well within the guided range: Despite a record annual investment of around Rs 27,000 Cr (highest ever in the company’s lifetime), APSEZ has managed to maintain the net debt to EBITDA ratio at 3.1x (guided range of 3-3.5x). In Apr’23, APSEZ also announced the launch of the bond buyback program. The first tranche of buyback of USD 130 Mn notes which are due in Jun’24 is already completed. More such buybacks are likely in the comingquarters.

Five bids won: A total of five bids were won during the year including two in ports business (mechanization of Berth2atHaldiaPortandgreenfieldconstructionofTajpur Port)andthreeinlogisticsbusiness(LoniICD,ValvadaICD and70agrisiloswithcumulativecapacityof2.8MMT).

Pledge reduced significantly: The promoters have prepaid the fund-based loans raised through pledging of APSEZ shares, resulting in reduction of pledged shares to 4.66%ason31stMar’23vs17.31%ason31stDec’22.

Dividend declared: For FY23, the APSEZ Board has recommendedadividendofRs.5pershare,inlinewithour capital allocation policy. This implies a payout of around Rs1,080Crforthecompany.

Guidance for FY24: Cargo volumes expected at 370390 MMT resulting in a revenue of Rs 24,000-25,000 Cr and EBITDAofRs14,500-15,000Cr.Totalcapexduringtheyear isexpectedtobeRs4,000-4,500Cr.

KEYBUSINESSHIGHLIGHTS–FY23(YoY)

OperationalHighlights

PortsBusiness

• APSEZ handled 339.2 MMT of cargo which is 9% Y-o-Y growth

• The growth in cargo volume was led by coal (+19%), containers (+7%) and liquids excl. crude (+7%). The automobile segment, though a small proportion of overallvolumes,sawan11%jumpinvolumes

• The non-Mundra ports volumes grew at 12% Y-o-Y while Mundra growth rate was 3%; the share of nonMundra ports increased to 54% in the cargo basket from52%duringFY22

• AcquiredcontrolofHaifaPortinQ4Fy23

• Pursuant to our 4th May announcement on Myanmar asset sale, APSEZ has received the sale consideration ofUSD30Mnfromthebuyer.

LogisticsBusiness

• Adani Logistics registered a 24% Y-o-Y growth in rail volume to 500,446 TEUs and a 19% Y-o-Y growth in terminalvolumeto358,863TEUs

• The GPWIS cargo volumes grew by 63% Y-o-Y to 14.35MMT.

Adani

Ports Revenue

and EBITDA

jumps over 20% in FY23

Record investments during the year to drive growth

Cont’d. from Pg. 18

• Three new MMLPs were added during the year, including the acquired ICDTumb

• Total Rakes during the year increased to 93 (Container – 43, GPWIS – 40, Agri–7,AFTO-3)

• Total agri silo capacity increased to 1.1MMTfrom0.9MMTinFY22

• Warehousingspaceincreasedto1.6mn sq.ft.from0.8mnsq.ft.inFY22

BidsWon

• Mechanization of Berth 2 at Haldia DockComplex

• LOAfromtheFoodCorporationofIndia (FCI) to build 70 agri silos, which would take our total agri silo capacity to 4MMT

• H1 bidder for Loni ICD in NCR and Valvada ICD near Gujarat-Maharashtraborder

• LOItodevelopadeep-seaportatTajpur,WestBengal FinancialHighlights

• Consolidated operating revenue grew by 22% Y-o-Y to Rs20,852Cr.

• Consolidated EBITDA grew by 21% to Rs 12,833 Cr on the back of revenue growth for the Ports and Logistics businessandoperationalefficiencymeasures.

• Logistics business EBIDTA margin expanded by ~150 bps to 28% aided by increase in cargo volumes andsweatingofassets.

APSEZ’sForexRiskManagementApproach

• During the second quarter, the Company had reassessed its risk management approach towards foreigncurrencyexposure.

• The Company has natural hedge i.e., sufficient future dollar linked revenue to meet the maturity date cash flowsondebtinafinancialyear.

• The Company has applied (i) active hedging and (ii) designation of the bonds against natural hedge fromfuturerevenues.

• Pursuant to hedge designation, the company has recorded a part of the MTM FX losses amounting to around Rs 548.5 Cr (net of tax) directly in the Other Comprehensive Income, which will be moved to income statement in the year the designated forecastedsalesoccur.

GuidanceforFY2024

• Cargovolumesduringtheperiodtobe370-390MMT

• RevenuefortheperiodtobeRs24,000-25,000Cr

• EBIDTAfortheperiodtobeRs14,500-15,000Cr

• NetDebttoEBITDAtobereducedto~2.5x

• CapexfortheperiodtobeRs4,000-4,500Cr

ESGHighlights

• Moody’s ESG solutions has accorded first position to APSEZ in the global rankings for “Transport & Logistics”sectoramongemergingmarkets(Oct-22).

• APSEZ’s ranks 1st among 59 Indian companies, and 9th rank among 844 companies in the Emerging Markets globally across all sectors/ industries, in Moody’sESGassessment(Oct-22)

• APSEZ was ranked amongst top 10 from 297 companies in the Global Transportation & Transportation Infra sector in the S&P Global CorporateSustainabilityAssessment(Oct-22)

• Sustainalytics has ranked APSEZ 4th among

45 companies in marine port sector globally. Overall, APSEZisplacedintop96percentileamongcompanies acrossallthesectorsglobally

• Intensity improvements: In FY23, emission intensity reduction of 47% and water intensity reduction of 60% from the base year FY2016. The renewable electricity shareofelectricityinFY23isaround14%.

• Progress on fuel switch: Out of 13 diesel cranes at Krishnapatnam Port, electrification of 9 was completed. All 338 electric ITVs have been received, andputintooperationsacrossthesites.

• Carbon offsetting: APSEZ has completed mangrove plantation on ~4,000 Ha against its 2025 target of 5,000Ha.

• Net-zero planning process: We are formulating our net zero plan for submission to the Science Based TargetInitiative(SBTi).

OtherBusinessUpdates

Completedthefollowingacquisitions/stakepurchases:

• HaifaPortCompany,Israel’slargestportoperator

• Ocean Sparkle, India’s leading third-party marine servicesprovider

• GangavaramPort,India’sthirdlargestnon-majorport

• Indian Oiltanking Limited, one of the India’s largest third-partyliquidtankstorageplayers

• ICD Tumb, one of India’s largest ICDs with a capacity of0.5MTEUs

• Karaikal Port, a deep-sea all-weather port, post NCLT approval

Awards

• APSEZ won the Global Port Forum Award for ‘PortoftheYear–IndianSubcontinent2022’.

• Adani Logistics has been awarded the ‘Best Rail Freight Service Provider’ and ‘Best Logistics

Infrastructure and Service provider’ by the Government of India during the first-ever National Logistics Excellence Awards to private sector companies for its contribution in driving change and innovationinthelogisticssector.

• Mundra Port awarded the ‘Best Port of the Year (Containerised & Non-Containerised in Private Sector) and the ‘Best Container Terminal of the Year (Volume)’ in the 6th edition of the IndiaMaritimeAwards2022.

• Four Ports (Mundra, Krishnapatnam, Gangavaram,andDhamra)receivedthe5Scertificate from NPC INDIA for improving processes within theports.

SHIPPING MOVEMENTS AT DEENDAYAL PORT

TODAY’S TIDE 01/06/2023

VESSELS IN PORT & DUE FOR EXPORT LOADING

SHIPS NOT READY FOR BERTH

VESSELS

FOR

GENERAL CARGO VESSELS

LIQUID CARGO VESSELS

KANDLA INTERNATIONAL CONTAINER TERMINAL (KICT)

SHIPPING MOVEMENTS AT ADANI PORT

ADANI PORTS & SEZ LTD. (APSEZ) MUNDRA

SHIPS SAILED WITH EXPORT CARGO

ADANI MUNDRA CONTAINER TERMINAL (AMCT)

CONTAINER VESSELS DUE / IN PORT FOR IMPORT DISCHARGE

ADANI INTERNATIONAL CONTAINER TERMINAL (AICT)

CONTAINER VESSELS DUE / IN PORT FOR IMPORT DISCHARGE

TERMINAL PVT LTD (ACMTPL), MUNDRA

TO LOAD FOR U. K. NORTH CONTINENT, MEDITERRANEAN, BLACK SEA, RED SEA, EAST EUROPE & CIS PORT

CONTAINER

DUE / IN PORT FOR IMPORT

ADANI MUNDRA CONTAINER TERMINAL (AMCT)

ADANI INTERNATIONAL CONTAINER TERMINAL PVT LTD. (AICT)

TO LOAD FOR EAST, SOUTH & WEST AFRICAN PORTS

SHIPPING MOVEMENTS AT GUJARAT PORTS PORT PIPAVAV

SHIPPING MOVEMENTS AT ADANI HAZIRA PORT

OTHER PORTS OF GUJARAT

VESSELS DUE / IN PORT FOR IMPORT DISCHARGE

I.G.M. FILED AT JAWAHAR CUSTOMS FOR NSFT/NSICT/NSIGT/BMCT/GTI VESSELS

NSICT

NSIGT

BMCT

25-05-2023 Port Kelang

Y M Ubiquity (V-057E) 27-05-2023 Colombo

BSG Bimini (V-321E) 28-05-2023 Pipavav

Cap Andreas (V-001E) 29-05-2023 Colombo

Ital Unica (V-E161) 31-05-2023 Port Kelang

Hyundai Integral (V-0130E) 26-05-2023 Hazira

Navios Indigo (V-13W) 26-05-2023 Colombo

Northern Practise (V-0041) 27-05-2023 Jebel Ali

CUL Manila (V-2319E) 29-05-2023 AICT

KMTC Delhi (V-2303E) 29-05-2023 AICT

Stephanie C (V-2307W) 29-05-2023 Mundra

MSC Genova (V-FV322E) 30-05-2023 MICT

TS Ningbo (V-23004E) 30-05-2023 Karachi APL Salalah (V-OPEGLW) 31-05-2023 ACMT MSC Clorinda

T.M. International 21 Tsukuyomi Eternity Sai Maritime B.Pier TS Alpha ACT Infraport

B.P. Extn. Quang Vinh 89 OCT 1

OCT 2 Asian Emperor Parekh Marine

JNPCT/COASTAL/ CT/COASTAL/ CT/COASTAL/LIQUID BERTH LIQUID

J.M. Baxi

EXCHANGE RATESALL RATES PER UNIT

W. E. F. 19-05-2023

FOREIGN EXCHANGE RATES

´´ ´ We are not responsible for any mistake. ALL RATES ARE PROVISIONAL. The rates in this column are only meant for guidance.

OOCL names 2 24,188 TEU giant vessel OOCL Piraeus

DALIAN: Hong Kongbased container shipping company Orient Overseas Container Line Ltd. (OOCL) held a naming ceremony for the 24,188 TEU vessel OOCL Piraeus at the Dalian COSCO KHI Ship Engineering Co. (DACKS) shipyard.

Themegacontainershipisthefirstofsix24,188TEU vessels ordered by OOCL and to be delivered by DACKS.

OOCL placed an order for a total of twelve 24,188 TEUcontainervesselsin2020.

Of this set of twelve, OOCL Piraeus is the second vessel to be delivered following the delivery of the OOCLSpainearlierintheyear.

Vessels in this series incorporate the latest technology, and are equipped with advanced smart systems and upgraded green design, such as low resistance lines design and an energy-saving bulbous bow.

OOCL expects the new series of green and smart mega vessels to provide it with economies of scale, energyefficiency,andlong-termnavigationalsafety.

“I would like to especially thank the ship builder DACKS. This mega vessel exemplifies their ingenuity, capability and craftmanship. This series of containerships is an excellent example of the concept of green shipping,” Teddy FUNG, Director of Trades at OOCL,saidattheceremony.

“They enable OOCL to enhance its service offering even further, while simultaneously reducing the environmental impact per TEU. This allows OOCL to createabenefittobesharedwithitscustomersandindeed with all stakeholders, a true example of win-win co-operation.”

“DACKS will live up to the expectation of OOCL and complete the construction of the rest vessels within this series on time with good quality, in order to return the trust and support of the ship owners, and to implement development strategy of COSCO SHIPPING Group,” YU Jianzhong, Chief Accountant of COSCO SHIPPING HeavyIndustrysaidattheceremony.

“We will give full play to the value creation role of the industrial sector, and contribute to the prosperity and development of the main shipping business of COSCOSHIPPINGGroup.”

Hapag Lloyd : From June 26, 2023, all BL amendments and approvals will be online

HAMBURG: It's official! Your Bill of Lading amendments will be with you in two working hours, informsarecentstatementfromHapagLloyd.

Here'swhatyouneedtoknow

“Every day, we work hard towards reducing complexitytosupportyourprocessesandbecomeyour number one for quality. Thanks to your valuable feedback, we have continued to simplify our documentation processes to the point of delivering yourbillofladingamendmentsin2workinghoursfrom thetimeyouplaceyourrequestonourwebsite.”

Howwillthiswork?

• From June 26, 2023, bill of lading amendment and approval requests will only be accepted when placed through our website. This means that amendments and approvals sent by email will regretfullynotbeprocessed.

• Please keep in mind that we will continue with EDI amendmentrequests.

Whatareyouradvantages?

• Ease of Use: Correct or Approve your drafts

inafewclicks!

• Faster Response Time: Benefit from instant review andfasterturnaroundtimes!

• High Data Quality: Amending the BL draft directly in thedocumentreduceschancesoferrors!

Whatdoyouneedtoremember?

1. Amendments sent by email will not be executed, and therefore, follow-up emails will also not be processed. Please remember that our website will be your main channel.

2. In case that the Original BLs have already been released, please surrender them to your nearest counterbeforesendinginanyamendments.

3. Due to manifest limitations, a draft amendment that requires destination approval will take slightly longer toprocess.

4. Some draft amendments or changes may be restricted according to the Hapag-Lloyd documentation guidelines.

5. Destinations with advanced customs manifests may require you to upload a Letter of Indemnity (LoI) for approvingamendingthecustomsmanifest.

technologies

TOKYO: Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto) today announced that it has established its wholly indirectly owned new company in the USA, called MOL Switch LLC ('MOL Switch') to invest in startups developing decarbonizing technologies in the energy sector. MOL Switch will invest USD 100 million in total over thenext3years.

MOL Switch aims to access innovation, build new networks, explore new business opportunities, and expand our human capital by investing in startups developing technologies and business models that help decarbonize our group companies and society.

MOL Switch will invest in the Climate Tech (Note 1) field, including technologies related to next-generation clean energy,carbonremoval,andstoragebatteries.

MOL has established 'MOL Switch' in the USA, to invest in decarbonization