Shanghai looks to surpassing its own TEU record
PORTS across China have consistently witnessed a rise in container throughput, as data from the first 11 months of 2023 indicates, reports London's Port Technology.
The Port of Shanghai is once again leading the way in sheer volume, having moved 44.4 million TEU between January and November in 2023. The port handled 47.3 million TEU in 2022 and is set to deliver another remarkable performance for the recently concluded 2023.
The Port of Beibu Gulf registered the biggest year-on-year (YoY) growth in throughput at 15.8 per cent, recording 7.2 million TEU for the period between January and November.
All of China's ports, in fact, experienced a rise in container throughput. The Port of Shenzhen, however, felt the smallest fraction of this YoY growth at 0.2 per cent, having recorded 26.9 million TEU.
The Port of Dalian, conversely, recorded the smallest throughput in the same period having moved only 4.55 million TEU. Nevertheless, the Port of Dalian experienced the second largest YoY growth, behind the Port of Beibu Gulf, at 13.3 per cent.
All but three of China's major ports experienced a YoY throughput growth in the month of November, namely, the Port of Xiamen and Yinkou, dropping by 3.5 per cent and 16.9 per cent respectively, and the Port of Guangzhou.
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Shipyard in south China to build Maersk's new methanol-fuelled ships
DANISH shipping giant Maersk has picked a yard in southern China to build its next raft of methanol-fuelled ships, according to Singapore's Splash 247.
Alphaliner is reporting Guangzhou Wenchong Shipyard (GWS) has won a contract to build a number of 3,500 TEU dual-fuel ships for the Danish carrier. Ultimately, with options, Maersk may order up to twelve ships at the yard with the first ones slated for delivery in 2026 and 2027. The ships are reportedly costing US$68 million each.
Assuming that 25 per cent of the cost increase is related to the more expensive choice of methanol, the reported $68 million sticker price still means a 38 per cent hike in newbuilding prices over three years, Alphaliner noted in its most recent weekly report.
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S Korea records its first trade deficit with China in 31 years
SOUTH Korea recorded a trade deficit of US$18 billion with China in 2023, marking its first such bilateral shortfall with the country in 31 years, according to preliminary trade data released early this week.
South Korean exports to China fell to $124.8 billion, down 20 per cent from $155.7 billion in 2022, while imports from the neighbouring country came to $142.8 billion, dipping 8 per cent from $154.5 billion.
The larger drop in exports sent South Korea's trade with the world's second-largest economy into the red from a surplus of $1.2 billion the year before, reports Japan's Nikkei Asia.
In contrast, South Korea's annual exports to the US increased 5 per cent in 2023. Monthly shipments to the world's largest economy in the month of December, meanwhile, exceeded those to China for the first time in 20 years on the back of solid sales of cars, auto parts, and automotive batteries.
Growing exports to the US are also in sync with the diplomacy of President Yoon Suk Yeol that favours close ties with Washington. Responding to that political stance, major conglomerates such as Samsung, Hyundai Motor, LG, SK, and Lotte have been increasing their investments in the US.
South Korea's total exports in 2023 stood at $632.7 billion, down 7 per cent from the previous year as exports declined for the first time in three years. Imports also declined, falling 12 per cent to $642.7 billion.
South Korea recorded a trade deficit of $10 billion, its second in a row, though it marked a narrowing from $47.8 billion in 2022.
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