The port and SITC jointly launched the reefer express with the aim to bring back fruits and vegetables. The reefer will link Ho Chi Minh City, Manila, Bintulu.
Qingdao Port performed pretty well in Q1 with Covid-19 impacts, it still achieved a better than expected results, it handled 5.04 million TEU (+ 2.1% YoY); 131.71 million tons of cargo (+ 2.5% YoY). In 2019, it did 21 million TEU of which 700,000 TEU were reefer.
The financial results are also good. Though revenue Q1 was down to 2,889 m Yuan (-7.97%) but net profit grew up to 992.5 m Yuan (+1.46%).
SITC did well in Q1. Its container and logistics business achieved a revenue of 358 m US dollars (+1.1%). It shipped 539,573 TEU (-4.2%), but surprisingly the average ocean freight has been increased from 551.5 (Q1 2019) to 570.4 US dollars, while dry cargo saw half million decline of revenue to 5.7 million US dollars.
SITC ranks No 17 in container liner operators with 82 container ships focusing on regional container and logistics services and 6 dry bulk carriers.
Qingdao has been chosen as Shanghai Cooperation Organization(SCO) pilot zone for trade which is dedicated to promote the business between SCO members as well as ASEAN member countries.
Source:Simon Young
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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