[photopress:logistics_Shanghai_port_1_2.jpg,full,alignright]Shanghai International Port, operator of the world’s second-busiest container harbor, said profit rose 23% last year as China’s rising trade boosted demand for sea-cargo transport.
Net income climbed to RMB3.64 billion ($519 million), or RMB 0.17 a share, from RMB2.97 billion. Sales climbed 27% to RMB16.3 billion.
Shanghai appears to have possibly passed Singapore as the world’s busiest container port so far this year, and boosted traffic 20% in 2007. It has already handily passed Hong Kong with 26.15 million TEUs crossing its wharves last year while Hong Kong handled 23.99 million boxes.
Growth in cargo volumes and profit at Chinese harbors may slow this year as demand weakens in the U.S. and China attempts to cool its economy.
Ji Min, an analyst at China Merchants Securities Co. in Shenzhen, said before the earnings release. said, ‘It will be a difficult year for all port operators. The export slowdown will hurt port operators, especially the container handlers, significantly.’ A figure of 30 million boxes is hoped for but that might not be attained.
Source: Cargo News Asia