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

People & Company News

Petrobras Downgrade Shakes Market

Moody's shocked bond investors this week with a surprise two-notch downgrade that put Brazilian oil company Petrobras in junk territory. The move was seen by some investors as overly assertive,

Brightoil Reports Steady Growth in Interim Results

Brightoil Petroleum (Holdings) Limited announced its interim results for the six months ended December 31, 2014, reporting steady growth over the period.   During the period,

Davie Building LNG-powered Ferries

Canadian shipbuilder Davie held a keel laying ceremony for MV Armand-Imbeau II, marking the beginning of the hull assembly for this first of two sisterships under

Ports

LA, Long Beach Ports Cooperation Approved

Federal regulators approve expanded working pact for Port of Long Beach and Port of Los Angeles to cooperate on congestion relief   The ports of Long Beach and

Damen ASD 2810 Hybrid Tug Delivered to Multraship

Multraship took delivery of a Damen ASD 2810 Hybrid tug vessel, built at Damen Shipyards Galaţi, in Romania. The delivery is part of Multraship’s fleet expansion program,

Van der Vlist Expands Zeebrugge Facilities

Van der Vlist Zeebrugge has expanded the capacity of the Zeebrugge site. The indoor and outdoor storage facilities now occupy a surface of 50,000 m². A new 950

Finance

Petrobras Downgrade Shakes Market

Moody's shocked bond investors this week with a surprise two-notch downgrade that put Brazilian oil company Petrobras in junk territory. The move was seen by some investors as overly assertive,

Brightoil Reports Steady Growth in Interim Results

Brightoil Petroleum (Holdings) Limited announced its interim results for the six months ended December 31, 2014, reporting steady growth over the period.   During the period,

Some Roads Reopened in Brazil, Truck Strike Persists

Striking truckers lifted their blockade of dozens of highways in Brazil after police began fining and arresting protesters, though strike organizers said they had

Container Ships

Port of Durban to Triple Capacity, Compete with Suez Canal

Durban, South Africa's busiest port, has started a project to triple capacity and encourage vessels to skip the Suez Canal and sail around the Cape of Good Hope, Bloomberg reported today.

LA, Long Beach Ports Cooperation Approved

Federal regulators approve expanded working pact for Port of Long Beach and Port of Los Angeles to cooperate on congestion relief   The ports of Long Beach and

Asia-Europe Container Freight Rates Fell 6.5 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 6.5 percent to $938 per 20-foot container (TEU) in the week ended Friday,

News

Petrobras Downgrade Shakes Market

Moody's shocked bond investors this week with a surprise two-notch downgrade that put Brazilian oil company Petrobras in junk territory. The move was seen by some investors as overly assertive,

This Week's Top Stories

The top stories this week covered everything from a DP system failure, a facelift for a WWII torpedo boat, and some mysterious tankers off the coast of Philadelphia.

LA, Long Beach Ports Cooperation Approved

Federal regulators approve expanded working pact for Port of Long Beach and Port of Los Angeles to cooperate on congestion relief   The ports of Long Beach and

People in the News

Somali Pirates Release Long-held Hostages

Somali pirates have freed four Thai nationals seized from a fishing vessel at sea in 2010, ending the longest-running hostage drama in the Horn of Africa state, the United Nations said on Friday.

Lithuania Looks to U.S. for Gas

Lithuanian liquefied natural gas (LNG) importer Litgas has signed a preliminary agreement with a U.S. supplier, looking to lessen the Baltic nation's dependence on Russia.

Petrobras Denies Hiring JPMorgan for License Sales

Petróleo Brasileiro SA denied on Friday that it has hired JPMorgan Chase & Co to handle the sale of oil exploration licenses in deep-sea areas off the coast this year.

Government Update

LA, Long Beach Ports Cooperation Approved

Federal regulators approve expanded working pact for Port of Long Beach and Port of Los Angeles to cooperate on congestion relief   The ports of Long Beach and

Mexico Approves 5 Shallow Water Areas in Round One Oil Tender

Mexico has approved the terms for five shallow water areas containing around 355 million barrels of oil equivalent as part of its Round One tender to open up the country's oil fields,

Dredging Project to Protect Virginia Shoreline

Outer Continental Shelf sand will protect infrastructure, restore dunes and habitat   The U.S. Bureau of Ocean Energy Management (BOEM) and Naval Air Station Oceana at Dam Neck,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1615 sec (6 req/sec)