VCT posts 26% growth last fiscal
The Financial Year 2016 -17 was the best ever for VCT that witnessed various developments. Growth of FY 17 over previous year is 26% where both exports and imports have shown a positive trend. The year 2016 – 17 closed at 366683 TEUs as against 291621 TEUs in FY 16.
The Port City, Visakhapatnam with a vast hinterland is rich in mineral deposits, natural resources and blessed with adequate land conducive for Agriculture & Aquaculture. The prime commodities from VCT’s hinterland like Ferro Alloys, Ores, Agri Products, Frozen Sea Food, Steel, Aluminium, HMS etc., are the key contributors that played a pivotal role in VCT’s growth this year. The city of destiny that is also blessed with the presence of SEZ – Ramky Pharma City, APSEZ – Brandix Apparel, VSEZ are the other driving factors for the growth of Exports and Imports here.
Visakhapatnam is the hub for many major commodities where Frozen Sea Food ranks top amongst all. The reefer movement at this region is huge which topped in terms of dollar value for 3 consecutive years. The growth of reefer traffic at VCT reached as high as 32% in FY 17. Complementing the growth of seafood traffic is the setup of “Sea Food Testing Lab Facility” by TUV SUD, a German company near the Industrial Estate Area which is about 12 kms away from the terminal.
Other notable developments being the launch of WANHAI’s weekly service from Vizag to Malacca Straits effective March’17 and soon to commence imports for Nepal. The current fiscal begins with this much awaited development of Nepal movements through Vizag thereby unfolding another exciting year for this state of the art container terminal…VCT.