The South China Morning Post reported that although the transport and cargo industry is still struggling in the wake of a deadly, expensive and controversial disaster, the local economy saw a 9.3% year-on-year growth at the end of 2015.
159 people were killed, as well as infrastructure destroyed when three explosions occurred at the Tianjin container terminal August 12, 2016.
Universal Cargo reported that despite major losses from cargo and containers being destroyed, shipping returned to normal relatively quickly after the blast.
US$6 billion was the final figure for insurance claims of losses, which made it the most expensive maritime disaster ever.
Lu Ming, an Agent with Shanghai Ocean Shipping Agency, said: “The impact from the Tianjin explosions can be found in Shanghai as manufacturers and the shipping industry are grappling with increasing costs and less business.”
Despite losses the municipality of Tianjin is one of mainland Chinas fastest growing provinces.
See an expert analysis of the Tianjin blast by Dr Jean-Paul Rodrigue, Global Studies and Geography Professor at Hofstra University, New York, here.
