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Tianjin port's news

Qinhuangdao Port transfers stake in container terminal to jv with Tianjin Port

PostTime:2017-05-19 09:58:16 View:128

China’s Qinhuangdao Port has inked an agreement to sell its majority stake in its container terminal operator subsidiary at a consideration of RMB559.57m ($81.18m) to its joint venture firm with Tianjin Port Group. The deal will see Hong Kong-listed Qinhuangdao Port’s subsidiary Cangzhou Bohai transfer out 90% shareholding in its wholly-owned Cangzhou Bohai Jinji Container Terminal Co to Bohai Jinji Port Investment and Development Company, which is 50-50 owned by Qinhuangdao Port itself and Tianjin Port Group. “Since Bohai Jinji is a joint venture of the company and Tianjin Port Group, the transfer will bring forth the complementarity of the resources of Jinji Port and the integration of the container business of the group and Tianjin Port Group,” Qinhuangdao Port stated. The deal will also “promote the development of the group’s container business by integrating the resources of both groups, optimising location distribution and enhancing the efficient use of the ports without constructing new berths for containers.” Qinhuangdao Port further explained that the deal will increase its ability to collect resources of the group’s ports and help the group build a northern shipping center together with Tianjin Port Group. Upon completion of the equity transfer deal, Qinhuangdao Port could realise a gain of approximately RMB18.38m, which is proposed to be used as general working capital.

Tianjin Port Development full year results dip

PostTime:2017-03-30 08:55:07 View:149

Tianjin Port Development Holdings Limited saw its full year results declined compared to the previous year while container handling volumes rose. Net profit for 2016 was recorded at HKD1.79bn ($230.47m), decreasing by 3.8% from HKD1.86bn in 2015, Hong Kong-listed Tianjin Port announced. Full year revenue dropped by 19.9% year-on-year to HKD16.46bn due mainly to lower contributions from sales business and the depreciation of the Chinese currency. Tianjin Port, however, registered a 2.9% year-on-year rise in container throughput volumes to 14.49m teu in 2016. “In 2016, container handling business remained steady, additional domestic and international routes were established, and Bohai Rim feeder transhipment volume expanded,” Tianjin Port said. Looking ahead to 2017, Tianjin Port said the global economy is expected to maintain moderate growth, the prospect of US economy is expected to be more positive, the European economic recovery is expected to firm further, and the Chinese economy will continue to see stable growth. In order to drive the container business forward, Tianjin Port said it will deepen cooperation with shipping companies so as to further enhance the competitiveness of Bohai Rim feeder. “The group will accelerate the consolidation of container business resources and optimise the depots layout, to develop an integrated operation model,” it said.    

Tianjin Port Development improves profit on increased port volumes

PostTime:2017-03-24 08:23:01 View:56

China’s Tianjin Port Development Holdings has improved its annual net profit on the back of increased container and cargo volumes handled at Tianjin port. Net profit for 2016 rose to RMB1.8bn ($261.7m) from RMB1.69bn in the previous year, according to Hong Kong- and Shanghai-listed Tianjin Port Development. Full year revenue, however, dipped to RMB13.05bn from RMB15.4bn in 2015. The Chinese port moved a total container throughput of 7.18m teu for 2016, up 2.1% year-on-year. The handling of bulk cargoes also rose by 5.9% year-on-year to 303.34m dwt.

Tianjin Tianhai seeks bank backing to buy US computer distributor

PostTime:2016-09-28 08:06:14 View:114

CHINESE container shipping firm Tianjin Tianhai Investment Co has approached banks to contribute to a US$4.27 billion loan to finance a $6 billion acquisition of US computer, networking and software distributor Ingram Micro Inc, reports Bloomberg.  Agricultural Bank of China is coordinating the seven-year loan facility, said unidentified sources close to the deal.  The move to transform Tianjin Tianhai into a general logistics operation comes as slowing global trade growth and a mountain of debt claim more casualties in the shipping industry, underscored by the collapse of Hanjin Shipping.  Tianjin Tianhai's Tianjin-based representative declined to comment on the details of the loan when contacted by phone. The firm is a Shanghai-traded affiliate of Chinese conglomerate HNA Group Co. Tianjin Tianhai unveiled in July that it planned to acquire California-based Ingram Micro, however, the transaction has been held up as US officials assess the deal's implications on national security.   

Tianjin explosion serves as warning to all global supply in chains

PostTime:2016-06-24 08:38:06 View:132

LAST August's huge explosion in the Port of Tianjin Port should be viewed an example of why work practices and risk policies should be examined more thoroughly, says TT Club risk manager Peregrine Storrs-Fox. "Tianjin provides a spectacular example of how cargo in transit, potentially mis-declared, or packed or handled incorrectly, can cause widespread damage and loss of life," he said, noting that this was one of many lesser port-related accidents last year. "Together, these are the tip of an iceberg that is made up of many less serious incidents that occur each year," he said, referring to a container chemical explosion that sent scores to hospital in Santos and a chemical fire that spread toxic fumes through Vancouver's port area. But the Tianjin explosions are thought to be the biggest insured loss of 2015, with property loss estimated at between US$2.5 and $3.5 billion and economic losses potentially many multiples of that. This incident had become a focal point, drawing attention to underlying problems within global supply chain processes, said Mr Storrs-Fox, TT Club's risk management director. "The troubling increase in cargo related shipboard fires result in a need for operators to review safety regulations, particularly relating to the storage and handling of dangerous goods," Mr Storrs-Fox said. 

Hit by Tianjin port's mega-blast, TT Club posts 65pc fall in 2015 surplus

PostTime:2016-05-31 08:33:15 View:122

TT CLUB, a logistics insurance provider, was hit by claims from last August's mega explosion that killed 100 and injured hundreds more in the Port of Tianjin, now announces a 65.9 per cent year-on-year decline in its surplus to US$4.8 million in 2015.  "Incidents such as Tianjin and a number of cargo-related fires meant the club experienced a higher number of large claims above $1 million than in 2013 and 2014," said TT Club chairman Knud Pontoppidan. Gross earned premiums in 2015 amounted to $172 million on total assets of $618.1 million, while its total surplus and reserves came to $178.1 million, up 1.59 per cent year on year. "Despite the increase in large claims, and the soft rating conditions, the club continues to be in good shape," he said.  "The work to improve the health of the insurance book since 2009 has paid off to help to mitigate the increase in large claims in the year and the club's rating awarded by AM Best at A- (Excellent) has been affirmed for 2016.  

China's FTZs in Tianjin, Fujian, Guangdong, Shanghai pilot reforms

PostTime:2016-04-29 07:54:28 View:145

CHINA's four pilot free trade zones located in Tianjin, Fujian and Guangdong province on the east coast, as well as Shanghai, are spearheading structural reforms to make it easier to start businesses and grant foreign firms more access to the service sector. These cities and provinces have taken on the role of piloting new reforms in their free trade zones, where local authorities have greater discretion to manage business activities and cross-border capital flow, reported Xinhua. Loosened controls on capital and widened access to sectors that remain closed or restricted for foreign firms elsewhere have led to a surge in new business registrations and cross-border transactions in the zones. A survey published in September by the American Chamber of Commerce in Shanghai found that 42 per cent of American firms are happy with measures to facilitate trade in the Shanghai free trade zone, and plan to gain a foothold in the free trade zones in Tianjin, Fujian and Guangdong. Tianjin plans to use its free trade zone to serve a greater region in northern China that includes Beijing and Hebei province. Tianjin has performed well in auto imports and financial leasing compared to the rest of the country.  The financial leasing arm of China's biggest state lender ICBC performed the country's first offshore leasing in Tianjin when it bought an A320 aircraft from Airbus and leased it to Himalaya Airlines in Nepal. Guangdong has been leveraging its proximity to Hong Kong and Macao to encourage more cross-border financial transactions. A total of 13 securities firms and asset managers from Hong Kong have been allowed to invest up to US$18.66 billion combined in China's domestic capital markets. Banks in the free trade zone offer more products for companies looking for merger and acquisition opportunities overseas to hedge against currency exchange risks. The free trade zone in Fujian has been piloting measures to ease economic exchanges with Taiwan, and has granted speedy customs clearance for 120 Taiwanese products. This has made it possible for fresh fruit picked in the morning in Taiwan to hit the market in Fujian in the afternoon. Streamlined measures for clearing Taiwanese products for the Chinese mainland have been approved by the General Administration of Customs for use in the other three zones. Meanwhile, multinational corporations are increasingly using the Shanghai free trade zone to introduce new services to consumers in China. Apple and Uber have both registered companies in the zone as a launch pad for their new mobile payment and taxi-hailing services in China.  Shanghai also launched a yuan-denominated gold benchmark this week to offer global investors an alternative to the London and New York gold fixing. Zone authorities are also drafting regulations to allow Chinese households to invest in offshore capital markets. 

Slowing sales business trims earnings at Tianjin Port

PostTime:2016-04-01 07:48:58 View:127

China’s Tianjin Port Development Holdings has reported decreased earnings for the financial year ended 31 December 2015 due to its slowing sales business. Net profit for last year came up to HKD639.39m ($82.45m), a drop of 21.9% from the profit of HKD819.13m in 2014. The annual revenue fell by 38.8% year-on-year to HKD20.54bn due primarily to a 60.9% fall in revenue from its sales business, which is mainly engaged in the supply of fuel to inbound vessels, sales of suppliers and other materials. The container handling business for the group, which operates all container terminal at Tianjin port, remained steady in 2015. Tianjin Port achieved total container throughput of 14.09m teu in 2015, representing a 0.2% year-on-year increase. The company pointed out that its loss due to the deadly explosion at Tianjin port in August 2015 was negligible, and it took initiatives and implemented a series of measures to ensure its port production and operation continued as per normal and safely. Looking ahead to 2016, Tianjin Port noted that its businesses are subject to risks and uncertainties as China goes through a structural transformation of the economy. “In the ‘New Normal’ of the Chinese economy, downside risks to Chinese growth have risen, and international trade environment remains difficult, placing pressures on port industry,” Tianjin Port said.

Tianjin blast has less impact on insurance than fall in commodity prices

PostTime:2016-01-12 08:13:37 View:174

MARINE reinsurance rates continued to fall from the first of the year with greater impact than the huge costs arising from the explosions in Tianjin port last August, Reuters reports. "Tianjin has had little or no impact on marine pricing," said Chris Klein, head of strategy at London's Guy Carpenter reinsurance brokers. Of greater import were falling commodity prices reduced cargo value, while slow growth in China dragged down reinsurance rates, he said. "Less cargo is being moved and the cargo being moved is worth less - you can see how that has had an effect," said Mr Klein. Rising competition to offer reinsurance was another factor depressing rates, he told a press conference. The blasts at Tianjin caused insured losses of up to US$3.3 billion, while reinsurer Swiss Re has called it the largest man-made insurance loss in Asia. The explosions killed more than 170 people. Many reinsurance contracts are renewed in January and Mr Klein said marine reinsurance prices this month were down by between five and 20 per cent from a year ago.

Dangerous chemicals companies ordered to relocate from Tianjin port

PostTime:2015-10-15 08:11:59 View:158

Chinese authorities in Tianjin have ordered a relocation of companies that handle dangerous chemicals to industrial zone following the deadly explosions at Tianjin port in mid-August, reports said. The government of Binhai New Area in Tianjin said such companies would need to relocate to Tianjin Nangang Industrial Zone, located at least 30 km from the explosion site and 10 km from the nearest residential area, Xinhua reported. The Nangang area covers some 200 sq km and it aims to become a world-class port and base for the heavy chemical industry. Tianjin port suffered massive explosions in August caused by highly flammable goods stored in a warehouse, leaving more than a hundred people dead and scores injured, as well as ruining nearby buildings and sending toxic pollutants into the air and water. The Tianjin authorities said they are conducting safety inspections on companies handling dangerous chemicals, and are increasing housing land supply in the affected area to those in need. They added that a third-party organisation will be authorised to ena

Tianjin Tianhai sets aside $400m to build four VLCCs

PostTime:2015-09-11 07:59:03 View:158

Tianjin Tianhai Investment Co, formerly Tianjin Marine Shipping, will float a public tender for the construction of four VLCCs for no more than $400m, it announced to ths stock exchange. Shanghai-listed Tianjin Tianhai said an option for four more VLCCs may be added, on top of the planned four firm orders. The company said it has completed the preparation for the tender, and commissioned China National Technical Import & Export Corporation to carry out the tender process. Tianjin Tianhai is principally engaged in marine transportation services, and operates its businesses through international and domestic shipping transportation and related business. In the first half of 2015, Tianjin Tianhai reported a net profit of RMB95.31m ($14.93m), a surge from the gain of RMB6.79m in the same period of last year. First half revenue, however, dropped by 13.4% year-on-year to RMB176.1m.

Chinese authorities detain 12 over Tianjin explosions

PostTime:2015-08-28 07:35:24 View:212

Chinese authorities have detained 12 people over the deadly explosions in Tianjin port on 12 August that have killed around 145 people, reports said. Among those detained included the chairman, vice-chairman and three deputy general managers of Tianjin Ruihai International Logistics, owner of the warehouse that blew up due to the storage of the hazardous goods, according to Xinhua news. Apart from the dozens detained, several other officials and port executives were also questioned for dereliction of duty or abuse of power. The state-owned media reported that Zheng Qingyue, chairman of Tianjin Port Holdings, was being investigated in relation to the explosion, and the company’s vice-chairman has temporarily taken over Zheng’s duties. China’s state prosecutor said an investigation of the blasts had found officials from a range of agencies to have been irresponsible and negligent in the supervision of Tianjin Ruihai. These agencies included Tianjin’s transport, land resources, work safety and customs offices, and state-owned port companies. The aftermath of the explosions has sparked fears of toxic pollutants contaminating the city’s air and water.