Shanghai Port Logs Quarterly Profit Fall
Shanghai International Port Group Co Ltd, the operator of the world's busiest container port, reported its first fall in quarterly net profit in over a year, providing evidence of China's economic slowdown. China, the world's second largest economy, grew 6.9 percent in the third quarter, dipping below 7 percent for the first time since the global financial crisis due to cooling trade and investments. Shanghai Port recorded a third quarter net profit of 1.4 billion yuan ($220.29 million), down 18.3 percent from the same period a year earlier, it said in a filing on the Shanghai stock exchange. That marked the first decline since the second quarter of 2014, Eikon data based on company data showed. In the first nine months, Shanghai Port's net profit dropped 3.3 percent to 4.5 billion yuan.
Ningpo Port Truckers Strike, Disrupt Freight
Thousands of truck drivers went on strike over salary and haulage rates in the eastern Chinese port of Ningbo this week, and a logistics firm said on Friday the industrial action was disrupting operations at the world's sixth busiest port. In a statement on its official microblog account, Ningbo Port Co Ltd said the strike had started over trucking rates but declined to give further details. The company said it was taking measures to ensure that operations at the port, China's third busiest, were not disrupted and to ensure losses were kept to a minimum. Local media reported the strike began at the Beilun area of the port and that it started with a few hundred drivers and escalated on Thursday to a few thousand, who clashed with police.
