Tuesday, March 11, 2008

Shanghai port may become the world's largest container port

Shanghai port is likely to overtake Singapore to become the world's largest container port in 2008, with an expected throughput of 30 million TEUs this year, up 15% year-on-year, said Chen Shuyuan, President of Shanghai International Port Group Co (SIPG)<600018>, operator of the busiest container port in the country.

Shanghai surpassed Hong Kong for the first time in 2007 to become the world's second largest container port with container volume hitting 26.15 million TEUs.

The port group will invest about RMB 4.5 billion in expansion this year, of which RMB 2 billion will be spent on adding berths. It is seeking foreign investors and strategic partners to help develop its container business, improve management and technology as it eyes an overseas listing, according to Chen.

As the biggest port enterprise in the Chinese mainland, the port group provides a wide range of businesses covering domestic and overseas freight transportation, load and unloading, warehousing, transfer, and container operation, repair, manufacture and lease. It predicts total cargo volume, including non-container traffic, to grow around 8%-10% this year.

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