China Shipping Industry in Recession as Economy Slows
China's shipping industry grapples with recession caused by waning demand & higher costs, & many small businesses are facing bankruptcy. The Ministry of Transport said that In the first six months, turnover at ports increased 7.2 percent year on year to 4.74 billion tonnes, 6.1 percentage points lower than the growth rate in same period last year. A drop in domestic traffic was to blame, according to figures released by the ministry at a press conference. Container traffic at those ports expanded 8.8 percent to 84.59 million TEUs, 4.3 percentage points lower than the same period a year ago. The slowdown in the shipping industry reflects the macro-economic operation, said He Jianzhong, spokesman of the ministry.
Genoil MOU with Tianjin Port
Genoil Inc. (TSX.V: GNO) (OTCBB: GNOLF.OB) has signed a memorandum of understanding with Tianjin Port, one of China’s major shipping harbors. The MOU with Tianjin Port is for the introduction and implementation of Genoil’s oil-water separation system to treat and clean bilge water of oil, contaminants, chemicals and pathogens. This is the second Chinese port to sign an agreement with Genoil to use its oil-water separation technology. Tianjin Port is located 170 km south east of Beijing and east of Tianjin city – China’s third largest city. During 2007, Tianjin Port was the fourth largest port in China and sixth largest in the world with over 300 million tons of annual throughput.
