Yingkou Port Group To Invest 3B Yuan On Yingkou Port

Yingkou Port Group will invest more than three billion yuan to improve the operations of Yingkou Port in 2010, reports Oriental Morning Post, citing Gao Baoyu, President of Yingkou Port Group.

Yingkou Port Group is applying for approval to construct a dock for minerals with handling capacity of 300,000 tons, said Gao. In addition, the group will put emphasis on the building of coal, steel, refined oil and grain docks in 2010.

Gao added that the group’s plan to inject assets in listed Yingkou Port Liability (600317) was unchanged.

Yingkou Port Group recorded a 20 percent year-on-year increase in cargo turnover to 19.17 million tons in January. Total cargo turnover is likely to grow 14 percent from 2009 to more than 200 million tons in 2010.

Coal turnover is expected to rise by more than 17 percent from 2009 to exceed 20 million tons in 2010, according to Gao.

Container turnover rose nearly 30 percent year-on-year to 309,000 TEUs (twenty equivalent units) in January. It  leapt 60 percent to 238,000 TEUs in February. Gao predicts container turnover for full year 2010 would hit three million TEUs.