Shanghai port to crack 30m teu this year

Shanghai: Port operator China Merchants Holdings (International) Co Ltd (CMHI) expects that the throughput of Shanghai International Port will reach 30 million teu for this year despite a slowdown in the first four months.

Shanghai International Port, in which CMHI has about 26 percent stake, reported a slowdown in throughput growth in January-April. The year-on-year growth dropped to 11.4 percent from last year's 20.4 percent.

The snowstorm early this year and the US economy slowdown are the main reasons dragging the growth of the port, Fu Yuning, chairman of CMHI said.

He said the throughput target of 30 million teu can be achieved as he expects the growth to pick up in the second half.

In March, CMHI bought a 5.4 percent stake in Ningbo Port Company. Fu said the listing of the company is actively moving forward despite the stock markets volatility this year. He hopes the company can be listed this year, but whether A-share or H-share listing would come first depends on the market situation, he said. [26/5/08]

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