A reported US$1 billion is being invested at Nansha Port by Guangzhou Port Group (GPG) to help keep pace with demand.
Currently, the annual capacity of Guangzhou Port is more than 23 million TEU per annum, but for 2021 the facility recorded almost 24.2 million TEU and for the year-to-date as of end of August 2022 the Ministry of Transport in China reports that the port handled 16 million TEU, reflecting a small rise of 0.8 per cent over the comparable 2021 period.
GPG confirmed in a filing to the Shanghai Stock Exchange that the investment “intends to better serve the economic and social development of the hinterlands and speed up cargo processing.”
A new subsidiary, with paid-up capital of US$210m will own and operate the new facility.
