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Shanghai port plans for future

By Chen Liying (Shanghai Daily)
Updated: 2007-02-08 16:21

ShanghaiInternational Port (Group) Co, operator of China's busiest container port, said it plans to achieve container throughput of 25 million TEUs (twenty-foot equivalent of units) this year, up 15.2 percent from last year.

SIPG expects the opening of the second phase of the Yangshan Deep-Water Port to attract more containers, helping the city become a Northeast Asian shipping hub by 2015.

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Meanwhile, the world's biggest cargo port hopes to retain its crown this year, with cargo volume projected to be 340 million tons, compared with 303 million tons in 2006.

Shanghai-listed SIPG also expects to rack up revenue of 15.5 billion yuan (US$1.94 billion) and a net profit of 3.3 billion yuan this year, a rise of 22.9 percent and 11.9 percent respectively from last year, the company said in a statement.

"The company will further its cooperation withChongqingport and other nearby ports as part of its strategy to develop water-to-water transfer along the Yangtze River," the company said.

Its joint venture with Shanghai Automotive Industry Corp Group to build the nation's biggest auto roll-on and roll-off terminal at the sixth phase of Waigaoqiao port will be put into use in the second half of this year, it said.

In addition, operation of the first and second phases of Yangshan port are expected to be combined this year, and the existing five investors will form a new venture to oversee its operation, SIPG said.

It also plans to finish anacquisitiondeal with a Belgian port in the middle of this year as the company seeks overseas expansion.

SIPG will take a 40 percent stake in a 45 million euros (US$59.88 million) venture, which operates A.P. Moeller-Maersk A/S's terminal in Zeebrugge, Belgium.

The major Belgian port operator turned a profit of 2.95 billion yuan last year.