Shanghai Port Profit Falls; First Drop in Four Years
Shanghai International Port Group Co Ltd, the operator of the world's busiest container port, posted a 4 percent fall in its 2015 preliminary net profit, marking the first decline since 2011 as China's economy slows. Shanghai Port, whose container throughput totalled 36.5 million TEU (twenty-foot-equivalent units) in 2015, reported a preliminary net profit of 6.5 billion yuan ($989.35 million) in 2015, down from 6.8 billion yuan a year earlier, it said in an exchange filing on Monday. The port is expected to post its final annual results with outlook comments in March. The last time it logged a profit fall was in 2011, when net profit was down 12.8 percent, according company data posted on Eikon.
SSE Rolls Out Two Shipping Indices
Shanghai Shipping Exchange launched on Wednesday the "Belt and Road" shipping indices, tracking trade data and shipping freight rates under the initiatives of the Silk Road Economic Belt and the 21st Century Maritime Silk Road, reported China Securities Journal. The indices, with January 2015 used as the base period, will be released on the last Monday of every month. The Belt and Road Freight Trade Index (SRFTI), is designed to track the volume and value of international trade between China and 66 countries along the Belt and Road, which are in Asia, North Africa, Europe, and Oceania, a statement of SSE said. The Maritime Silk Road Freight Index (MSRFI), tracks the shipping freight rates of imported and exported containerised cargoes, imported dry bulk cargoes, and imported crude oil.
CSSC to Sell Shipyard for $443m
China State Shipbuilding Corp (CSSC), has put its Wenchong Shipyard up for sale on the Beijing Equity Exchange for $443m, Reuters reported. The official China Securities Journal quoted analysts as saying that Guangzhou Shipyard International Co, CSSC stipulated that the buyer must be in the shipbuilding business, have earned more than 300 million yuan in net profit each year from 2005 to 2007, and have built ships with a total of at least 500,000 dead weight tonnes in fiscal year 2007, the exchange said. The buyer would also have to be state-owned or state-controlled, with total assets of no less than 10 billion yuan at the end of 2007, it said. Source: Reuters
Baosteel Invests in China's Shipbuilding Industry
The Shanghai Baosteel Group Corp., China's largest steel producer, is to cooperate with the China State Shipbuilding Corporation (CSSC) to construct the country's largest shipbuilding base. According to an agreement signed last Friday, the Baosteel and CSSC will jointly invest 10 billion yuan (1.25 billion U.S. dollars) to build the No. 1 and No. 2 production lines at the Jiangnan Changxing Shipbuilding Base, located at the estuary of the Yangtze River. Baosteel will take a 35-percent stake and CSSC a 65-percent stake in the two production lines, which are designed to manufacture ships with 4.5 million dead weight tons (dwt) annually.
Baosteel Invests in China's Shipbuilding Industry
The Shanghai Baosteel Group Corp., China's largest steel producer, is to cooperate with the China State Shipbuilding Corporation (CSSC) to construct the country's largest shipbuilding base, according to a report on http://english.people.com.cn. According to an agreement, the Baosteel and CSSC will jointly invest $1.25 billion to build the No. 1 and No. 2 production lines at the Jiangnan Changxing Shipbuilding Base, located at the estuary of the Yangtze River. Baosteel will take a 35-percent stake and CSSC a 65-percent stake in the two production lines, which are designed to manufacture ships with 4.5 million dead weight tons (dwt) annually.
