China’s Beibu Gulf Port saw its cargo throughput increase by 21.68 percent year-on-year to reach 181.67 million tonnes during the first three quarters of 2020, media reports said.
When it comes to container throughput, it increased by 3.51 million TEUs in the same period, up 34.93 percent year-on-year.
The Beibu Gulf Port, located in southern China’s Guangxi Zhuang autonomous region, witnessed growth despite the coronavirus pandemic. The significant growth is mostly attributed to the development of the new trade and logistics passage called the New International Land-Sea Trade Corridor, which was jointly built by western Chinese provinces and Association of Southeast Asian Nations (ASEAN) members.
According to the Beibu Gulf Port Group, it has a total of 268 productive berths. It further revealed that a total of 52 different shipping routes link the region with 237 ports across the globe.
The port saw its cargo throughput rise 14.5 percent year-on-year to 57.2 million tonnes in the first quarter of 2020. During the same period, its container throughput reached 978,400 TEUs.
In September, Hong Kong-based Cosco Shipping Ports announced its plan to acquire a 26 percent stake in Guangxi Beibu Gulf Terminal. The acquisition would be made through its subsidiary China Shipping Terminal Development and through the injection of its entire 40 percent equity interest in Guangxi Qinzhou Terminal. The deal worth $71.9 million.
The deal will see Cosco Shipping Ports become the second largest shareholder of Guangxi Beibu Gulf Terminal.