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.
The port’s container throughput rose 4.5 percent to 35.29 million TEUs (twenty-foot-equivalent units) in 2014, putting it ahead of global rivals such as Singapore and South Korea’s Busan, as well as Shenzhen and Tianjin in China....MORE
Yangshan is part of the Port of Shanghai. It is very big
(click here to enlarge, seriously, click through and click again)
(click here to enlarge, seriously, click through and click again)
