Shanghai’s Yangshan Port Open for Business
December 10, 2005 by Splatty
Filed under Seafreight
Shanghai, the world’s third largest port, recently inaugurated their new deepwater port. Phase 1 of the project totaled $16 billion and will allow the city to handle 18 million TEU’s this year.
Shanghai’s container cargo handling capacity will double to 30 million boxes by 2010, after today’s opening of the $16 billion Yangshan deep-water port, dislodging Hong Kong as the world’s busiest harbor.Yangshan, a reclaimed island the size of 470 soccer fields in the East Sea, is designed to accommodate the world’s largest container ships at half the mooring charges, handle 15 million 20- foot boxes by 2010 and compete with Hong Kong and South Korea’s Busan as northern Asia’s main transshipment harbor.
The port is the showpiece of a 400 billion yuan ($50 billion) public spending spree to build ports to ship more toys, textile, appliances and furniture to Asia, North America and Europe. China’s 11-month exports surged almost 30 percent from last year to $686.6 billion while imports rose 17 percent to $595.7 billion, according to figures reported yesterday.
“Yangshan is needed to cater for the large increase in container volume to and from Shanghai,” said Henrik Anker Olesen, the Asia-Pacific transportation chief for International Business Machines Corp. in Shanghai. “If volume continues growing at last year’s 29 percent pace, Shanghai could overtake Hong Kong as the world’s largest container port by 2007.”
Opening of the Yangshan port, first proposed in 1918, will ease congestion in a harbor that has handled one of every four containers in Asia’s second-largest economy. About 80 percent of global trade is carried by sea.
Read the whole article from Bloomberg News here.
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