Shanghai Port 2nd in world for TEUs through first quarter

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The Shanghai Daily is reporting that Shanghai Port is now the second biggest port in the world for containers. According to the paper, the port handled 5.89 million TEUs in the first quarter of 2007, an increase of 28.1 percent from 2006. It now ranks second behind only Singapore for throughput of containers. The Yangshan Deep-Water Port, the main powerhouse of Shanghai’s port industry, handled 1.22 million TEUs in the first three months of the year.

The port had recently posted an 18 percent increase in profits. In a statement to the Shanghai Stock exchange issued April 10, 2007, Shanghai International Port (Group) Co, the company that manages the port, said that net income increased to 2.96 billion yuan, or 0.14 yuan a share, from 2.5 billion yuan, or 0.13 yuan a share, a year ago. Revenue climbed 13 percent to 12.48 billion yuan.

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