Monday, October 13, 2014
Beijing approves Tianjin port expansion
The share price of Tianjin Port Holdings, the Shanghai-listed arm of Tianjin Port (Group), surged Wednesday after the China’s State Council authorized the port's expansion plans to double the number of berths.
Tianjin Port is the largest port in North China and one of the world's largest ports by shipping volume.
The State Council sanctioned plans to enlarge the port’s operational waters to 624 square miles, extending its waterfront length for docks from 30 miles to 57 miles, and increase the number of berths from 75 to 146, according to media reports.
The share price of Tianjin Port Holdings Co soared by the daily limit of 10 percent Wednesday. During the past three days, the share price has risen by nearly 20 percent on the news.
But Zheng said the share price is driven more by expectations of Tianjin Port becoming China's next free trade zone, and less by the expansion plan itself.
"China (Shanghai) Pilot Free Trade Zone has been trialed for about a year and has made some good achievements. Tianjin and Guangzhou stand as next two potential candidates," said Zheng Ping, chief analyst of industry portal chineseport.cn, to the Global Times.
He noted many Chinese ports have seen their share prices rise substantially, fueled by the free trade zone frenzy.
For more of the Global Times story: www.ecns.cn
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