Shanghai Port's Q2 Profit Down; China Trade Flagging

Posted by Joseph Keefe
Wednesday, August 27, 2014

Shanghai International Port , the operator of the world's busiest container port, reported earnings on Wednesday that showed its second-quarter net profit fell 2.5 percent in a sign of slowing trade in China.

Shanghai Port said in a Chinese-language filing on the Shanghai stock exchange that net profit for the first half was 2.93 billion yuan ($477 million). That was up from 2.55 billion yuan for January-June a year earlier.

But second-quarter net profit totalled 1.49 billion yuan, down from 1.53 billion yuan a year ago, according to Reuters' calculations based on company data. That showed a sharp slowdown from the first quarter's 41 percent rise, though it was better than the 10.5 percent fall seen in fourth-quarter 2013, based on Reuters data.

A sluggish global economy and China's slowing growth will potentially weigh on Chinese ports' performance for the rest of the year, though Shanghai Port could benefit from government incentives to boost investments in Shanghai's free trade zone.

Shanghai Port's container throughput rose 3.8 percent to 33.77 million TEUs (twenty-foot equivalent units) in 2013, putting it ahead of global rivals, such as Singapore, Shenzhen, Hong Kong and South Korea's Busan.

The Shanghai Port results came days after smaller rivals Shenzhen Yan Tian Port Holdings Co Ltd, Tianjin Port Holdings Co Ltd and Beibuwan Port Co Ltd posted rises in first-half profit, while Rizhao Port Co Ltd recorded a fall.

The port's results announcement came after China markets closed. On Wednesday, shares in Shanghai Port, worth $17 billion by market capitalisation, fell 0.9 percent, lagging the main Shanghai composite index's 0.1 percent gain.


Reporting by Christina Lo and Twinnie Siu

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Missing Person Rescued Near Brackettville

On July 31, Border Patrol Search Trauma and Rescue (BORSTAR) agents and CBP Office of Air and Marine rescued a man who was reported missing the previous morning.

Ross is Fleet Manager, Heidmar

Heidmar announced the promotion of Duncan Ross to Fleet Manager. Duncan joined Heidmar’s London office in 2012 as vessel manager.  Prior to joining Heidmar,

Fire Aboard USS Mount Whitney

A fire broke out on board USS Mount Whitney (LCC 20) while the ship was in Viktor Lenac Shipyard (Rijeka, Croatia) July 31, 2015. There were no personnel injuries in the fire,

Ports

Hapag-Lloyd Adds Halmstad to Rotation

As one of the top global carriers Hapag-Lloyd offers a comprehensive service network and will add port of Halmstad, Sweden to the Nordic Short Sea Network. As

BBC Chartering Opens Vietnam Office

BBC Chartering announces the opening of a new representative office in Ho Chi Minh City, Vietnam, starting August 1st breakbulk, and general cargo transportation

Fratelli Neri Orders Damen Tug

One of the largest Italian tug owners, Fratelli Neri S.p.A, ordered its first Damen tug, an ASD 3212, on 21 July 2015.   The vessel will be the first ASD tug

Finance

Ross is Fleet Manager, Heidmar

Heidmar announced the promotion of Duncan Ross to Fleet Manager. Duncan joined Heidmar’s London office in 2012 as vessel manager.  Prior to joining Heidmar,

Diana Shipping Nets 2Q Loss

Diana Shipping Inc. today reported a net loss of $14.1 million and net loss attributed to common stockholders of $15.5 million for the second quarter of 2015, compared to net loss of $5.

U.S. Drillers Add Rigs Despite Crude Collapse

U.S. energy firms added 5 oil rigs this week after putting 21 rigs into service last week, the most in over a year, despite a collapse in U.S. crude prices from recent highs in June,

News

Missing Person Rescued Near Brackettville

On July 31, Border Patrol Search Trauma and Rescue (BORSTAR) agents and CBP Office of Air and Marine rescued a man who was reported missing the previous morning.

Ross is Fleet Manager, Heidmar

Heidmar announced the promotion of Duncan Ross to Fleet Manager. Duncan joined Heidmar’s London office in 2012 as vessel manager.  Prior to joining Heidmar,

Fire Aboard USS Mount Whitney

A fire broke out on board USS Mount Whitney (LCC 20) while the ship was in Viktor Lenac Shipyard (Rijeka, Croatia) July 31, 2015. There were no personnel injuries in the fire,

People in the News

USCG Investigate Tar Balls at Makaha Beach

The Coast Guard is investigating a report made July 29, 2015, by beachgoers of tar balls on the beach in Makaha on Oahu, Hawaii. Coast Guard Sector Honolulu

DHS, Postal Service to Dedicate USCG Forever Stamp

U.S. Department of Homeland Security (DHS) and Postal Service leaders are scheduled to dedicate the United States Coast Guard Forever stamp during a ceremony Tuesday at Coast Guard Headquarters.

South China Sea Hotline in the Works

China and Southeast Asian nations have agreed to set up a foreign ministers' hotline to tackle emergencies in the disputed South China Sea, a senior official of

Government Update

Missing Person Rescued Near Brackettville

On July 31, Border Patrol Search Trauma and Rescue (BORSTAR) agents and CBP Office of Air and Marine rescued a man who was reported missing the previous morning.

Fire Aboard USS Mount Whitney

A fire broke out on board USS Mount Whitney (LCC 20) while the ship was in Viktor Lenac Shipyard (Rijeka, Croatia) July 31, 2015. There were no personnel injuries in the fire,

Thordon Bearings Secures AK Ferry Contract

Thordon Bearings has received an order to supply its COMPAC system to two Alaska Ferry newbuilds under construction at the Vigor Industrial shipyard in Ketchikan, Alaska.

Logistics

Optimized Tug-Barge System Designs by Robert Allan

Optimized Tug-Barge System Designs by Robert Allan Ltd. by David R. Connand Robert G. Allan, P.Eng. Some veteran Mississippi pushboats and barges have been

WKCTC to Host Open House for ILM Institute

West Kentucky Community and Technical College will host an open house and ribbon cutting for the Inland Logistics and Marine Institute August 10 from 4 ­– 6 p.

U.S. Drillers Add Rigs Despite Crude Collapse

U.S. energy firms added 5 oil rigs this week after putting 21 rigs into service last week, the most in over a year, despite a collapse in U.S. crude prices from recent highs in June,

 
 
Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3097 sec (3 req/sec)