Shenzhen-listed Nanjing Port Group on 18 April reported a profit of CNY24.14 million (USD3.89 million) for 2014, rising 27.9% year on year (y/y).
The port recorded revenue of CNY150.3 million last year, down by 11.28% y/y, and handled a total of 12.71 million tonnes of cargo in 2014, an increase of 2.1% y/y.
The decrease of revenue was attributed to the weak economy and fluctuations in the market. Its affiliate companies, Nanjing Port Longtan Container and Sinochem Yangzhou Petrochemical Terminal, have contributed to the group’s profit growth.
In April, Nanjing Port, China’s largest river port, partnered with Yibin Port and Tangshan Port, and opened new container services connecting Yibin and Nanjing to Japan and South Korea.
The partnership aimed to build a port alliance along the Yangtze River as well as develop Nanjing Port as the transfer hub from China’s west to Bohai Bay and Northeast Asia.
Furthermore, the 12.5 m deep channel at the Yangtze River estuary is planned to be extended to Nanjing by end of 2015, which will allow 50,000 dwt ocean vessels as well as 100,000 dwt ocean vessels (after partially unloaded) to get to Nanjing Port directly.
This post was sourced from IHS Maritime 360: View the original article here.
