New Delhi, Apr 22 (IANS): India's port volume growth has moderated but is still resilient to shocks such as the recent Suez Canal blockage, ratings agency India Ratings and Research (Ind-Ra) said.

According to the agency, overall volumes continued grew 2 per cent YoY in February 2021, backed by robust growth in iron ore & containers.

The overall volume declined 7 per cent YoY in 11MFY21, but was much lower than earlier anticipated 12-14 per cent.

"Most of the volume decline was from major ports, with non-major ports showing resilient volume growth."

As per Ind-Ra, during February 2021, petroleum oil and lubricants (POL) volumes fell 9 per cent YoY, while fertiliser and thermal coal volumes declined by 21 per cent YoY and 17 per cent YoY, respectively.

The decline in the volume was partially offset by growth of iron ore, containers and other commodities.

Besides, it said that quick clearing of Suez Canal blockage is unlikely to create any further pressure on the shipping freight rates.

The 193km waterway canal connects Asia and Europe in which the container ship 'Ever Given' got twisted diagonally.

Suez remains important for global trade as about 12 per cent of the world trade passes through the canal.