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Adani Ports and Special Economic Zone Ltd. (APSEZ) has secured a significant credit rating upgrade from S&P Global Ratings, with its long-term issuer credit rating and senior unsecured notes being revised upward from 'BBB-' to 'BBB'. The agency has maintained a Stable Outlook, highlighting the company's strong financial profile, healthy cash generation, and disciplined approach towards funding its long-term expansion plans.
With this revision, APSEZ's credit rating now stands at the same level as India's sovereign rating assigned by S&P, marking a notable milestone for the country's largest private port operator.
According to S&P, the upgrade reflects confidence in the company's ability to undertake substantial capital investments without putting excessive pressure on its balance sheet. The agency believes APSEZ's resilient cash flows, prudent leverage management, and diversified infrastructure portfolio provide a solid foundation to support its aggressive growth roadmap over the coming years.
As part of its expansion strategy, Adani Ports plans to increase its annual capital expenditure to nearly Rs 18,000 crore during FY2027 and FY2028, followed by around Rs 20,000 crore in FY2029. This represents a significant rise from its historical annual spending of roughly Rs 13,000 crore. The investments will primarily support capacity enhancement and strategic infrastructure development across its logistics and port network.
The company is targeting an increase in its domestic port handling capacity from the current 653 million tonnes to one billion tonnes by 2030, reinforcing its long-term ambition of expanding India's maritime and logistics infrastructure.
Commenting on the achievement, Ashwani Gupta, Whole-time Director and CEO of APSEZ, described the upgrade as a landmark moment for the company. He said receiving a credit rating equivalent to India's sovereign rating reflects the strength of APSEZ's business model, resilient cash flows, world-class infrastructure assets, and consistent financial discipline.
Gupta further noted that the upgrade comes at a crucial stage, as the company is executing one of the most ambitious expansion programmes in the global ports and logistics industry. He added that the recognition also validates APSEZ's disciplined capital allocation strategy and long-term financial management.
S&P also pointed to the company's tightening leverage policy and growing portfolio of diversified assets as important factors behind the upgrade. The agency believes these strengths will continue supporting robust earnings and operational stability even as APSEZ accelerates investments across its business.
The company stated that the latest rating action recognises its ability to consistently generate strong operating cash flows despite fluctuations in global trade conditions and competitive pressures within the transportation and logistics sector. Its resilient business model, the company said, has enabled it to navigate multiple economic cycles while maintaining financial strength.
Earlier this year, APSEZ had also received international recognition from the Japanese Credit Rating Agency (JCR), which assigned the company an 'A-/Stable' rating. The assessment was considered noteworthy as it placed the company above the sovereign threshold—an achievement rarely awarded to an Indian corporate by an international rating agency.
China’s Ningbo-Zhoushan Port has overtaken Singapore to become the world’s second-busiest container port during the first half of 2026, according to the latest container throughput rankings compiled by shipping analyst Alphaliner. The shift marks a notable change in the global port hierarchy, although the margin between the two gateways remains narrow. Ningbo-Zhoushan handled 22.90 million twenty-foot equivalent units (TEUs) between January and June 2026, registering an 8.8% year-on-year increase. Singapore, meanwhile, processed 22.74 million TEUs, up 4.7% from the corresponding period last year. The difference of roughly 160,000 TEUs highlights the increasingly competitive race for the second position. Shanghai retained its position as the world’s busiest container port, handling approximately 28.74 million TEUs in the first half of 2026, an increase of 6.2% year on year. The latest ranking therefore places two Chinese ports at the top, with Ningbo-Zhoushan moving ahead of Singapore for the first time over a complete six-month reporting period. Jintang Expansion Strengthens Ningbo-Zhoushan Ningbo-Zhoushan’s stronger growth has been supported by capacity expansion and improved international connectivity. The second phase of the Jintang container hub was completed in July 2026, bringing all five operational container berths within the expanded development. During the first half of the year, Jintang added 17 international shipping routes, while its container volumes increased by 23.4%. The expansion is expected to strengthen the port complex’s ability to accommodate rising cargo demand and serve an expanding network of global trade lanes. The port has experienced significant growth over the past two decades, crossing 20 million TEUs in 2015 and 30 million TEUs in 2021. In 2025, it exceeded 40 million TEUs for the first time, handling 43.87 million TEUs for the full year. Singapore remained ahead in the annual ranking, recording 44.66 million TEUs. Competition Expected to Remain Close Despite Ningbo-Zhoushan’s first-half lead, Singapore remains a formidable competitor. Alphaliner has indicated that Ningbo-Zhoushan’s growth could moderate during the second half of 2026, leaving open the possibility of Singapore reclaiming the second position. For global supply chains, the development underscores how port investments, shipping connectivity, cargo generation and changing trade patterns are reshaping the competitive landscape. With only a small volume separating the two ports, the battle for the world’s second-busiest container gateway is likely to remain closely watched through the remainder of 2026. 𝐒𝐭𝐚𝐲 𝐓𝐮𝐧𝐞𝐝 𝐭𝐨 CARGOCONNECT 𝐟𝐨𝐫 𝐥𝐚𝐭𝐞𝐬𝐭 𝐮𝐩𝐝𝐚𝐭𝐞𝐬!
The Ministry of Ports, Shipping and Waterways has approved a ₹334.89-crore internal flyover at Visakhapatnam Port Authority (VPA) to ease cargo evacuation, reduce congestion and improve the movement of vehicles within the port. The 3.584-km elevated corridor will connect Convent Junction with the Dock Area, separating road and rail traffic and addressing delays caused by frequent closures at nine railway level crossings. The crossings reportedly see around 18 gate closures each day due to high train exchange volumes, resulting in vehicle queues, longer waiting times, increased fuel consumption and higher operating costs. The project was approved by Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal and appraised by the Delegated Investment Board, chaired by the Ministry’s Secretary. Sonowal said the project would address a critical bottleneck at the port and enable faster, more efficient cargo movement. The scope includes civil and electrical works, utility shifting, safety installations and five years of maintenance. Construction will be planned to minimise disruption to ongoing port operations, particularly in key dock areas. The elevated corridor is expected to reduce road-rail conflicts and improve last-mile connectivity, supporting smoother cargo evacuation from the port. The project is aligned with the government’s broader focus on integrated infrastructure development under the PM GatiShakti framework. The flyover is scheduled for completion within 30 months of commencement and is expected to strengthen the operational efficiency of Visakhapatnam Port and its role in India’s maritime logistics network. Follow CARGOCONNECT for more such updates
The Indian government is developing a comprehensive customs playbook covering 100 high-value imported commodities to streamline the country's faceless customs regime, reduce assessment disputes, and enable businesses to access tariff concessions under India's expanding network of Free Trade Agreements (FTAs) more efficiently. The initiative forms part of the next phase of customs reforms aimed at improving trade facilitation and enhancing the ease of doing business. According to officials familiar with the development, the proposed framework will introduce detailed Standard Operating Procedures (SOPs) for each identified product category. These SOPs will provide commodity-specific and origin-specific assessment guidelines, ensuring uniform interpretation of customs rules across ports and customs formations operating under the faceless assessment system. A key objective of the initiative is to simplify the process of claiming preferential tariff benefits available under India's recently concluded FTAs. The playbook is expected to minimise inconsistencies in customs assessments, reduce clearance delays, and lower the number of queries raised during the processing of Bills of Entry. As part of the proposed reforms, customs offi cers handling faceless assessments will be encouraged to limit queries on each Bill of Entry to a maximum of three. The framework will also introduce greater accountability by tracking assessment timelines and holding officers responsible for unnecessary delays. These measures are intended to improve consistency in decision-making while making import clearances more predictable for businesses. The government introduced the faceless customs assessment mechanism to eliminate physical interaction between importers and customs officials, improve transparency, and create a technology-driven clearance process. While the system has strengthened digital processing, businesses have continued to report varying interpretations of customs provisions across assessment groups, particularly in relation to Rules of Origin and eligibility for FTA benefits. According to experts, a standardised assessment framework will help address these challenges by providing clear guidance for customs officers and importers alike. The move is also expected to strengthen confidence among businesses seeking to leverage preferential market access under India's growing portfolio of trade agreements, while supporting faster cargo movement, reducing transaction costs, and improving overall supply chain efficiency. 𝐒𝐭𝐚𝐲 𝐓𝐮𝐧𝐞𝐝 𝐭𝐨 CARGOCONNECT 𝐟𝐨𝐫 𝐥𝐚𝐭𝐞𝐬𝐭 𝐮𝐩𝐝𝐚𝐭𝐞𝐬!
