Adani Ports gets clogged

Adani Ports is in the red now after opening in the green. The stock, which had closed yesterday at Rs.267.60, opened with an upward gap at Rs.277 but from there it fell down to Rs.263 and is now around the same levels.

There is a news report that it has suspended direct port delivery (DPD) of containers and will shut the export gate at its container terminal in Hazira port from Friday evening as the storage yard was clogged due to non-clearance of boxes in the wake of the lockdown restrictions.

The company stated in a trade notice, “With immediate effect, we are suspending our service of DPD and request you to nominate containers to respective container freight stations (CFSs)/ inland container depots (ICDs) for all upcoming vessels to Hazira.,”

The company urged its customers to clear and move their import containers on top priority basis.

This will be in effect till such time DPD inventories are evacuated by importers and yards are de-congested.

DPD - import containers are delivered directly to pre-approved clients at the port itself instead of waiting in a CFS located outside for clearance.