According to the South China Morning Post the operator of the northern Chinese port incurred a $6.1 million net loss in 2009, compared with a $16.8 million net profit in 2008.
Tianjin Port Development chairman Yu Rumin said the global financial crisis caused a rise in throughput of empty containers and domestic trade containers, which carry lower revenue than international containers.
Other factors contributing to the net loss last year included expenses of $8.4 million related to its $1.4 billion acquisition of 56.81% of its Shanghai-listed sister company, Tianjin Port Company.
CargoNewsAsia reports the merger has resulted in Tianjin Port Development becoming the operator of the world’s fifth-largest port and the third-largest on the mainland, behind Shanghai and Shenzhen, with a total container capacity of 12 million TEUs and two billion tonnes of cargo.