About Essar Ports
Essar Ports specializes in the development and operations of ports and terminals. It provides terminal and logistics solutions for export and import (EXIM) cargo handling. The company was founded in 1975 and is based in Mumbai, India. In August 2022 Essar Ports was acquired by ArcelorMittal for $2.4B.
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Latest Essar Ports News
Aug 24, 2022
The global port infrastructure market was valued at $148,147.3 million in 2020, and is expected to reach $243,086.3 million by 2030, with a CAGR of 4.9% from 2021 to 2030. Port infrastructure is the operating base of the port to sustain ships, cargo, and passengers passing through the port. Expansion of port infrastructure requires capital investment, long implementation time, and therefore long-term planning. The design of port infrastructure must be responsive to the needs of the shipping, logistics, and transportation industries. The growth of the port infrastructure market is expected to be driven by increase in government expenditure on port infrastructure to promote safe and efficient commercial activities. In addition, rise in need for liquefied natural gas exports via marine transport is likely to contribute toward the growth of the industry. Furthermore, numerous sectors rely on marine shipping to import and export commodities throughout the world, as transporting products by air is more expensive than transporting commodities by water. Thus, this factor is expected to significantly drive the growth of the global port infrastructure market. However, the expansion of the port infrastructure industry is hampered by trade obstacles. Tariffs are a type of trade barrier that imposes a levy on imported products. Tariffs increase the cost of imported products. Higher tariffs are due to higher price of imported goods. In addition, higher tariffs lead to lower port transit and shipping. For instance, in comparison to exports to China, the U.S. import from China is high. To regulate imports and save American firms, the U.S. Government implemented a tariff tax system. However, because the building and maintenance of port infrastructure requires a significant amount of cash and takes a long time to complete, these difficulties are projected to act as challenges for the market growth. A country's economic progress is aided by efficient trade activities. As a result, sea ports play an important role in economic activities, particularly in coastal locations. Every year, the number of passengers travelling by sea and the number of commodities transported by water are witnessed to increase significantly. Hence, it leads to construction of new ports. The need for global port infrastructure is likely to rise as a result of this scenario. Furthermore, the use of IoT and AI for shipping and transport management can shorten the time required for waterway transport delivery, which is expected to offer lucrative opportunities for the market expansion. Key Market Segments Larsen & Toubro Ltd.
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Essar Ports Frequently Asked Questions (FAQ)
When was Essar Ports founded?
Essar Ports was founded in 1975.
Where is Essar Ports's headquarters?
Essar Ports's headquarters is located at 11, K.K. Marg,, Mumbai.
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