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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.
India is stepping up efforts to establish itself as a global hub for ship ownership, leasing and maritime finance, with GIFT City in Gujarat emerging as a key platform for developing an integrated maritime financial ecosystem. Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal outlined the government’s ambition at the India Ship Leasing and Financing Summit held at GIFT City, Gandhinagar. Organised by the International Financial Services Centres Authority (IFSCA) in collaboration with the Ministry of Ports, Shipping and Waterways, the summit brought together shipowners, lessors, charterers, financiers, policymakers and other maritime stakeholders. Sonowal said the objective is to build a comprehensive ecosystem covering ship ownership, leasing, financing, insurance, brokering and allied services. “This gathering marks a significant milestone in our collective journey to position India, and particularly GIFT City, as a global maritime hub for a comprehensive maritime value chain ecosystem, encompassing ship leasing, owning, financing, insurance, brokering and other ancillary services,” Sonowal said. India’s ship-leasing ecosystem has already begun expanding. According to the Minister, 38 ship lessors are currently registered in the country, collectively leasing 43 vessels with total leasing capacity exceeding 2.99 million DWT. Of these, 24 vessels fly the Indian flag. Meanwhile, 41 domestic and international banks operating in the International Financial Services Centre (IFSC) have extended nearly USD 60.1 million in funding to ship-leasing entities. Sonowal also highlighted policy reforms designed to improve the competitiveness of Indian shipping. These include exemption from licensing requirements under the Coastal Shipping Act, 2025, for foreign vessels operating on charter and permission for GIFT IFSC-based shipping companies to own foreign-flag vessels. “More fundamentally, it marks a shift in how we count our fleet, from tonnage that flies our flag to tonnage that we own and control. PM Narendra Modi's dynamic leadership has carried GIFT City from thought to fruition, and it is now poised to be the launchpad for India's next wave of maritime growth” The government is also backing the maritime sector through substantial financial measures. The ₹25,000 crore Maritime Development Fund is expected to catalyse investments of up to ₹1.5 lakh crore by 2030, while the Shipbuilding Financial Assistance Scheme (SBFAS) 2.0 has a revised outlay of ₹24,736 crore, extended to 2036. These initiatives are aimed at strengthening domestic shipbuilding, vessel ownership and the wider maritime ecosystem. The initiatives align with Maritime India Vision 2030 and Maritime Amrit Kaal Vision 2047, which seek to expand India’s fleet, strengthen port capacity and coastal shipping, and position the country among the world’s top five shipbuilding nations. Sonowal also highlighted India’s growing role in ship recycling, with its share of global ship-recycling tonnage rising from 30.1% in 2024 to 35.4% in 2025. 𝐒𝐭𝐚𝐲 𝐓𝐮𝐧𝐞𝐝 𝐭𝐨 CARGOCONNECT 𝐟𝐨𝐫 𝐥𝐚𝐭𝐞𝐬𝐭 𝐮𝐩𝐝𝐚𝐭𝐞𝐬!
Paradip Port Authority (PPA) has achieved a significant operational milestone with the successful berthing of MV Mineral Kwangyang, its first-ever Capesize vessel with a 16.5-metre draft, at Western Dock-1 (WD-1). The development marks a major step forward in the port’s deep-draft vessel handling capabilities and reinforces its position as a key maritime gateway for bulk cargo in eastern India. The 292-metre-long and 45-metre-wide vessel arrived carrying 152,702 metric tonnes of coking coal from Hay Point, Australia. Its successful berthing demonstrates Paradip Port’s growing ability to accommodate larger bulk carriers and handle substantial cargo volumes through a single vessel call. The milestone is particularly significant for the port’s logistics and cargo-handling operations, as deeper-draft capabilities allow larger vessels to carry higher volumes, potentially improving economies of scale, cargo evacuation and overall supply chain efficiency. The development also strengthens Paradip’s role in supporting India’s bulk cargo and industrial supply chains, particularly across the eastern region. Susanta Kumar Purohit, IRSEE, Chairperson, Paradip Port Authority, congratulated Team PPA and Team JPPL for their coordinated efforts in executing the landmark operation. The successful berthing underscores the port’s operational preparedness, infrastructure capabilities and focus on safely handling larger vessels. The achievement comes amid a broader infrastructure expansion programme at Paradip. Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal earlier inaugurated seven major infrastructure projects worth ₹427.80 crore at PPA, marking the port’s 18.5-metre deep-draft capability and its one-millionth tree milestone. He also witnessed the signing of concession agreements for three mechanisation projects worth ₹1,580.36 crore, aimed at strengthening cargo-handling capacity, operational efficiency and reducing vessel turnaround time. Sonowal said: "The expansion of Paradip Port's capacity is not only about strengthening one port; it is about creating a growth multiplier for eastern India. With deeper drafts, modern cargo-handling infrastructure, improved connectivity and greater mechanisation, Paradip is well positioned to drive trade, logistics, industry and employment across the region and contribute to India's emergence as a globally competitive maritime economy," With deeper berthing capability, infrastructure modernisation and increased mechanisation, Paradip Port is positioning itself to handle the next generation of large vessels while supporting higher cargo throughput and more efficient maritime logistics. The latest Capesize berthing therefore represents not only an operational achievement but also another step in strengthening India’s maritime infrastructure and eastern trade gateway. 𝐒𝐭𝐚𝐲 𝐓𝐮𝐧𝐞𝐝 𝐭𝐨 CARGOCONNECT 𝐟𝐨𝐫 𝐥𝐚𝐭𝐞𝐬𝐭 𝐮𝐩𝐝𝐚𝐭𝐞𝐬!
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!
