Shanghai International Port brings in $1.08 billion investment in Singapore

byCustoms Today Report

14/01/2015

in International Customs, Ports and Shipping

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SINGAPORE: The profit of $1.08 bn that has been made by Shanghai International Port (Group) Co (SIPG) has made Singapore retain the title of being the busiest port of the world.

Shanghai-listed SIPG posted a profit of RMB6.68bn ($1.08bn), a jump of 27% compared to RMB5.26bn in the previous financial year.

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Revenue inched up by 1.9% year-on-year to RMB28.7bn.

SIPG also confirmed an annual box throughput of 35.29m teu in 2014, up 4.5% from 33.77m teu seen in 2013.

Shanghai’s closest rival, Singapore, is unlikely to beat the Chinese port as the island-state handled 30.96m teu in the first 11 months of 2014, trailing behind by 4.33m teu.

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