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Slowing trade dents city port operator's profit
By Ding Yining |
March 28, 2012, Wednesday
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Online Edition
Online Edition
SHANGHAI International Port Group, the city's port operator, said profit last year dropped 12.8 percent to 4.72 billion yuan (US$749 million) due to a slowdown in the growth of cargo volumes handled in 2011.
Income of SIPG grew 13.99 percent annually to 21.8 billion yuan.
Last year, the port operator handled 484 million tons of dry bulk goods, a 13.1 percent increase from 2010.
Shanghai remained the world's busiest container port, with container throughput growing 9.2 percent to 31.7 million twenty-foot equivalent units.
SIPG said it will shift its role from a port operator to a comprehensive logistics service provider and consolidate its position in the Yangtze River Delta region.
The city's port authority said earlier this month that Shanghai port has set a target to handle 33 million twenty-foot equivalent units of container goods this year, a slower growth pace compared to the last few years due to shrinking trade volumes.
Shanghai port authority pointed out in an overview of the city's port operations last week that the city is likely to stay ahead of Singapore and remain the world's busiest port this year.
Chairman Chen Xuyuan of Shanghai International Port Group said container turnover will add 3 percent to 5 percent annually this year and the shipping industry will face pressures of increasing costs and excess supply.
In the first two months this year, container turnover through Shanghai Port added 13 percent to 2.19 million TEUs.
Income of SIPG grew 13.99 percent annually to 21.8 billion yuan.
Last year, the port operator handled 484 million tons of dry bulk goods, a 13.1 percent increase from 2010.
Shanghai remained the world's busiest container port, with container throughput growing 9.2 percent to 31.7 million twenty-foot equivalent units.
SIPG said it will shift its role from a port operator to a comprehensive logistics service provider and consolidate its position in the Yangtze River Delta region.
The city's port authority said earlier this month that Shanghai port has set a target to handle 33 million twenty-foot equivalent units of container goods this year, a slower growth pace compared to the last few years due to shrinking trade volumes.
Shanghai port authority pointed out in an overview of the city's port operations last week that the city is likely to stay ahead of Singapore and remain the world's busiest port this year.
Chairman Chen Xuyuan of Shanghai International Port Group said container turnover will add 3 percent to 5 percent annually this year and the shipping industry will face pressures of increasing costs and excess supply.
In the first two months this year, container turnover through Shanghai Port added 13 percent to 2.19 million TEUs.
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