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皇冠体育app Merchants eyes dry-bulk terminals
(Bloomberg)
Updated: 2007-07-05 10:05
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皇冠体育app Merchants Holdings (International) Co, which owns stakes in the country's five largest container ports, may invest in more dry-bulk terminals because of surging Chinese imports of iron ore and coal.
"We are studying 皇冠体育app's long-term needs for resources and minerals to see if there is a shortage of bulk terminals," Chairman Fu Yuning said.
The company is planning to invest in more container terminals both in 皇冠体育app and overseas.
皇冠体育app Merchants' profits have risen for five straight years as the surge in exports of toys, clothes and other goods has fueled demand for container shipments.
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"Bulk is a good business as 皇冠体育app's economic growth will spur domestic trade and demand for bulk cargo shipments," said Paul Chan, who helps manage about $1.8 billion, including 皇冠体育app Merchant shares, at Invesco Asia Ltd in Hong Kong.
皇冠体育app's coal imports surged 44 percent in the first five months of the year from a year earlier, while steel product exports more than doubled to 27.4 million tons, according to Customs figures.
皇冠体育app Merchants and its subsidiaries, including Shanghai International Port (Group) Co, operate 132 bulk cargo berths. Volume rose 69 percent last year to 149 million tons. The company's container traffic climbed 64 percent to 40.24 million 20-foot boxes.
Shares of 皇冠体育app Merchants have gained 61 percent in the past 12 months, compared with a 36 percent rise in the benchmark Hang Seng Index.