The Port of Shanghai, the world’s biggest container port, registered a 2.5 percent expansion in container volume to 32.5 million 20-foot-equivalent units (TEUs) in 2012, but saw relatively flat growth in overall cargo volumes at 502 million tonnes year-over-year.
The Shanghai International Port Group (SIPG), the operator of the port, said in a statement that it “made a concerted effort to overcome the global economic slowdown, achieving its annual operational target, while maintaining a stable increase in quality and a wholesome financial position.”
Shanghai-listed SIPG had a net profit increase of 4.2 percent to CNY4.9 billion (US$773 million) last year. Revenue shot up 32 percent to CNY28.7 billion from 2011, the two-digit growth due to new tax reforms and higher box volumes.
Its rival, Port of Singapore, earlier this month reported handling 31.6 million TEUs, a 5.7 percent increase over the 29.9 million TEUs recorded in 2011. Total cargo tonnage handled rose 1.2 percent over 2011 to reach 537.6 million tonnes, also a new record for the port.