Shanghai overtook Singapore as the world's busiest container port in 2010, helped by continuing growth in Chinese trade and the business generated by the World Expo it hosted last year, the city government said Monday.
Shanghai's port handled 29.05 million 20-foot equivalent units of containers in 2010, an increase of 16.2 percent over the volume of 25 million TEUs it handled in 2009.
Shanghai’s 2010 container throughput was about 650,000 TEUs greater than the 28.4 million TEUs handled by the Port of Singapore in 2010, which was up 9.9 percent from 2009, according to the Maritime and Port Authority of Singapore.
By The Numbers: New Shanghai Containerized Freight Index.
Shanghai's cargo throughput rose to around 650 million metric tons in 2010, maintaining its top global spot, according to the statement.
Singapore became the world’s busiest container port in 2005 after predecessor Hong Kong lost out to cheaper harbors in southern China. As recently as 2001, Shanghai had moved fewer than half the containers handled by Singapore.
China's State Council, or cabinet, has set an aim of making Shanghai a leading shipping center by 2020 -- the same year by which the government hopes the city will become a global financial center.
Shanghai will continue with a pilot project for export tax rebates, potentially expanding it, and is looking into developing shipping-price derivatives and an index on shipping prices, the city government said.
Shanghai's port is operated by Shanghai International Port (Group) Co.
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