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Shanghai port made serious money last year
POSTED: 10:05 a.m. EDT, January 29,2007

Shanghai International, operator of China¡¯s busiest container port and, arguably, one of the three busiest in the world, said it made a profit of RMB2.95 billion (US$380 million) last year. Total sales were RMB12.6 billion the company said in a preliminary statement to the Shanghai Stock Exchange.

Shanghai handled 20% more cargo boxes last year and should pass Hong Kong as the world¡¯s second-busiest container port this year. This after the second phase of the new US$16 billion Yangshan Deep-Water Port begins operating.

Ji Lijun, an analyst at Shanghai Securities, said, ¡®Expanding capacity in Shanghai¡¯s Yangshan port will support the company¡¯s profit growth this year. Yangshan is the largest port in the Yangtze River Delta, so it may win the price war going on in the area.¡¯

Shanghai port handled 21.7 million 20-foot standard boxes in 2006. Hong Kong handled 23.2 million. But Shanghai is increasing at a rate of 21% a year; Hong Kong at 2.8%.

From: Shanghai Daily News
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