In a bid to resolve the global challenges present in the shipping industry, Shanghai International Port group (SIPG) is looking to invest in a number of ports in Europe, according to the Journal of Commerce.
Fang Huajin, Vice President of SIPG, said: “We won the contract to build and operate the port in Haifa. This is just the beginning. We are interested in ports in Europe and closely following their development at the moment.
“The industry is facing a series of severe challenges in the coming five years. Global growth is weak, the recovery is uneven and uncertain and international trade growth is incomparable to what it was before 2007.
“We have a central place in China’s national development and are seizing the opportunity to build the national development strategy into our own strategy.”
SIPG recently signed a deal to operate Haifa Port when it is operational in 2021, after signing a contract with the Israeli Ports Company.
Chen Xuyuan, Chairman of SIPG, concluded: “Investing in Haifa will help strengthen relations between Shanghai Port and other ports along the Maritime Silk Road and form a closer trade network between Shanghai port and ports in Europe.”
Fact File: SIPG operates all the public container and bulk terminals in the Port of Shanghai, specialising in container and bulk/breakbulk cargo handling, port logistics and port services. In the past few years, the group has expanded its business into the emerging market, such as real estate business and port finance. SIPG has committed itself to four principal industrial segments, including port handling, port service and port commerce.