Traffic growth slowing at Chinese ports
Figures released by Chinas Ministry of Communications indicate a slowing of the rate of growth in national maritime traffic. For the first two quarters throughput totalled 1.87bn tons, an increase of 18.7%.
Issued in July, the bonds are in S$250,000 (US$151,000) denominations. Three-year bonds will bear interest at the six-month Singapore dollar swap offer rate less 0.06% per annum, and 10-year bonds will earn 2.83% interest per annum, both payable semi-annually.
Nevertheless, overall this was 7.5% below the previous year’s growth, although the situation at major ports was worse. There, despite a 17.6% increase, growth was 5.7% less than the corresponding 2004 period.
Imported coal is the major culprit, since shipments have fallen during the second quarter because power plants have amassed big stockpiles. Furthermore, hydroelectric power generation in the country has expanded by 24.3%.
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