SPG sees robust growth in Q1

According to data released by the Ministry of Transport on April 20, China's coastal ports saw their cargo throughput increase 5.5 percent year-on-year and container volume rise 2.8 percent year-on-year in the January to March period. In comparison with national data, SPG's cargo throughput and container throughput grew by 6.5 percent and 13.6 percent year-on-year respectively during the same period, 1 and 10.8 percentage points higher than the average national growth respectively.

Notably, SPG's three subsidiaries - Qingdao Port, Rizhao Port, and Yantai Port - experienced positive growth in both cargo volume and container volume, with their container volume recording double-digit growth. Compared with the same period last year, Qingdao Port's container volume ranked third nationally, up one place from its 2022 ranking, while Yantai Port's container volume ranking moved up one place to 12th nationwide.

Since 2023, SPG has strengthened cooperation with global shipping companies by enticing them to open shipping routes and increase capacity in order to quicken its pace of becoming an international shipping hub center in Northeast Asia. In the first quarter of the year, SPG launched 13 foreign trade routes, of which eight were ocean-crossing routes to Europe and America, while five were near-sea routes to Southeast Asia, Japan, and South Korea, with the route number and density both ranking first in northern China. In March, SPG worked together with CMA CGM, Mediterranean Shipping Co, and Tailwind Shipping Lines to open five international container routes, further expanding its international transshipment network.

As the most convenient shipping outlet along the Yellow River basin, SPG has continued to increase its reach on land side in the first quarter. Its sea-rail combined transportation capacity posted an increase of 21 percent year-on-year, maintaining its top position nationwide.

On top of that, SPG has striven to construct an empty container service center with Qingdao Port as a hub that connects with Rizhao Port, Yantai Port, Weifang Port, and other surrounding ports, with a view to building itself into an empty container repositioning base in northern China. During the first three months of this year, the number of empty containers loaded and unloaded at Qingdao Port rose by 12.2 percent year-on-year, which has further ensured that Shandong and regions along the Yellow River basin will increase their export volume.

As a bridgehead in trade connectivity with Japan, South Korea, and the Association of Southeast Asian Nations (ASEAN) under the Regional Comprehensive Economic Partnership (RCEP), as well as a shipping outlet for Central Asia and Shanghai Cooperation Organization member states to serve the Asia-Pacific market, SPG has upheld its internationalization strategy and expanded overseas markets as part of its efforts to build a "double first-class" port. This year, SPG's two delegations visited four countries in Southeast Asia and three countries in Central Asia, signing a series of agreements, holding promotion events, and exploring win-win cooperation. The company's first overseas office, Shandong Port Group (Southeast Asia) Co Ltd, was established in Singapore on Feb 20.

As SPG enjoyed a good start to 2023, the company is fully confident in its development throughout the year. Faced with the severe and complicated international environment, SPG still needs to work hard, cope with challenges through innovation, and create a first-class comprehensive supply chain service system based on ports in order to achieve steady and lasting results in its journey of becoming a "double first-class" port.

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