BEIJING, July 9 (Xinhua) -- The business income of Shanghai International Port (Group) (SIPG), the operator of Shanghai Port and the largest listed port company in the Chinese mainland, increased 1.65 percent year on year to over 38 billion yuan in 2018.
The financial reports released by SIPG showed that, its annual business income increased 32.19 percent from 28.78 billion yuan in 2014 to 38.04 billion yuan in 2018.
Business Income of SIPG in 2014-2018
SIPG attributed the growth of its business income in 2018 to the economic growth, increasing operation cost, new technology revolution and the changing competition environment and mode of port market.
First of all, the global economy and trade continue to maintain a moderate growth trend. China's economy has shifted from high-speed growth to high-quality development. In 2018, China's foreign trade volume reached a new high to 4.62 trillion U.S. dollars, and the growth rate of port business in China had rebounded significantly.
Secondly, the operation cost of port is increasing rigidly, while the resource and environment bottom line constraints are tightening, making the profit growth of port enterprises under pressure.
Thirdly, new technology revolution, especially artificial intelligence (AI), big data, Internet plus, cloud computing, block chain, and other digital technologies are undergoing profound changes in the industry. Port intelligence, automation, intellectualization and greening are accelerating in the industry. Based on technological innovation, SIPG is speeding up its transformation and development.
Fourthly, the competition mode of port and mode of port market are changing. The competition mode of port is changing from the competition of capacity and throughput to the competition of port efficiency, service quality, integrated logistics, scientific and technological innovation and sustainable development ability.
Taking port handling as the core business, the container throughput of SIPG's homeport increased 4.4 percent year on year to 42.01 million standard containers in 2018, making it the world's largest container throughput for nine consecutive years.
The cargo throughput of the SIPG's homeport reached 0.56 billion tons in 2018, with a year-on-year increase of 0.1 percent.
Established in January 2003, SIPG also provides services including port commerce, port-related logistics and port services.
Shanghai Port, located in the front of the Yangtze River Delta, is the main hub port along the coast of China where lies the international shipping center. (Edited by Tong Wei, firstname.lastname@example.org)