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DP WORLD's International Container Transshipment Terminal (ICTT) at Cochin posted a 0.35 per cent year on year decline in 2020 container volume to 6.3 million TEU while South India market suffered an 11.2 per cent drop.
But January brought a reversal of fortune with a 36 per cent year-on-year increase in container volume to 70,000 TEU, reports the Press Trust of India.
The ICTT terminal, on the southwest coast of India, provides connectivity to hinterland through rail, road and inland waterways, said PTI.
DP World Cochin offers various direct connections to Europe, the Mediterranean, the Far-East, South East Asia and the Middle East, thereby, providing reduced transit time, cost and reliable reach to global markets, the company said in a release.
ICTT Cochin, the country's first transshipment hub strategically located in close to major global east-west trade routes, has completed 10 years and this milestone comes with the terminal achieving its all-time highest monthly throughput, the release stated.
Said DP World Cochin CEO Praveen Joseph: ¡°ICTT is a key example of DP World's commitment to India's trade growth. The terminal has played a crucial role in boosting trade from South India. It has implemented various initiatives to enhance trade and facilitate ease of doing business."
The initiatives include RFID-based automated gates to enhance safety and efficiency, introduction of an in-house developed terminal operating system to enhance terminal efficiency besides providing 24/7 customs facility for direct port delivery, he said.
Besides, the implementation of Bharat Trade for paperless transactions has resulted in conversion of 50 per cent of manual gate transactions onto a digital platform, Mr Joseph said.
"Our focus continues to be on facilitating tailor-made solutions that deliver exponential value to our customers and trade at large," he said.
Since its inception, the terminal has handled 4.68 million TEU and 5,661 vessel calls including 1,858 mainline vessel calls, DP World said.
During the previous year, the terminal also launched a direct weekly rail connection to Bangalore, 550 kilometres away, which increased the rail volumes five-fold, it said.
In 2020, the terminal handled 42 per cent of EXIM cargo on mainline vessels. The terminal continues to be highly efficient and productive with truck turnaround time at an average of 27 minutes, and an average Gross Crane Rate (GCR) of 30+ moves per hour, which is at par with global standards, as per the release.
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