Shanghai set to overtake Singapore as world's busiest port
Tuesday, 19 June 2007
SINGAPORE, June 18 (AFP): Shanghai is set to overtake Singapore as the world's busiest port in 2008 as the Chinese economy continues with its stellar growth, an executive of the city-state's port operator said in remarks published today.
Flourishing global trade has enabled Singapore terminals to handle a record number of shipping containers in May, but volumes in Shanghai are growing faster, Kuah Boon Wee, chief executive of PSA for Southeast Asia and Singapore, told the Straits Times.
"It's a function of their growth and China's exports are surging," Kuah said. "But even if we're not number one, we will still be a significant player in world trade."
Chinese state media said last month that Shanghai has overtaken Hong Kong to become the world's second largest container port in the first quarter as containers handled rose 28.1 per cent from a year ago.
In the first three months of the year, Shanghai Port processed 5.9 million TEUs (20-foot equivalent units) while Hong Kong handled about 5.5 million TEUs during the same period, up 2.3 per cent from a year earlier.
Shanghai Port had been the third biggest container port worldwide after Singapore and Hong Kong since the end of 2003. Its container throughput capacity has kept a growth rate of over 20 per cent in the past three years.
Kuah said PSA Singapore Terminals moved a record 2.28 million containers in May on the back of robust global trade.
Flourishing global trade has enabled Singapore terminals to handle a record number of shipping containers in May, but volumes in Shanghai are growing faster, Kuah Boon Wee, chief executive of PSA for Southeast Asia and Singapore, told the Straits Times.
"It's a function of their growth and China's exports are surging," Kuah said. "But even if we're not number one, we will still be a significant player in world trade."
Chinese state media said last month that Shanghai has overtaken Hong Kong to become the world's second largest container port in the first quarter as containers handled rose 28.1 per cent from a year ago.
In the first three months of the year, Shanghai Port processed 5.9 million TEUs (20-foot equivalent units) while Hong Kong handled about 5.5 million TEUs during the same period, up 2.3 per cent from a year earlier.
Shanghai Port had been the third biggest container port worldwide after Singapore and Hong Kong since the end of 2003. Its container throughput capacity has kept a growth rate of over 20 per cent in the past three years.
Kuah said PSA Singapore Terminals moved a record 2.28 million containers in May on the back of robust global trade.