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Reflecting the
rapid expansion of the Chinese economy, Shenzhen port, a major Chinese port
comprising three terminals is expected to surpass Hong Kong's Kwai Chung
Container Terminal by 2005.
The nine terminal Kwai Chung, which accounts for almost two thirds of the
port of Hong Kong container throughput, is expected by Merrill Lynch to
handle 12.9m teu in 2005.
The research analyst said Shenzhen's three terminals at Shekou, Yantian and
Chiwan, edging them out at 13 million TEUs.
Kwai Chung's growth rate, the report states, will slow from 2002 to 2015 to
just 2 per cent, from a recent average of 5 per cent.
Hong Kong, which opened its ninth terminal this year, will still stay ahead
of Shenzhen for a number of years, since midstreaming and river trade
terminal account for another third of throughput.
Not only do lines move closer to the manufacturing source by switching to
Shenzhen but the cost differential, though closing, is still about $250 per
teu. Of course, just like the manufacturing which over the years has changed
from 'Made in Hong Kong' to 'Made by Hong Kong', the winners, by and large
in Shenzhen's rise are Hong Kong-based.
"Based on our 2003 estimates, China Merchants is most sensitive to port
earnings, followed by Cosco Pacific and Wharf Holdings," Merrill said in its
report. |
