Guangzhou port starts dishing the cash to keep boxes flowing

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Wednesday, 01 April 2009

In a bid to keep its throughput in positive territory, authorities at Guangzhou port in south China have started handouts to key lines. China Shipping Container Lines, COSCO Container Lines, Maersk Line and Mediterranean Shipping Co all share 5.5m yuan in handouts from the port. The four are regular callers to the four year old mega terminal at Nansha, 54km southwest of Guangzhou city.
An official from Guangzhou port authority said awarding the financial reward is not a temporary incentive measure under the economic crisis, but a long-term mechanism to ensure Nansha continues to develop.
Guangzhou was the second fastest growing port in the top 20 worldwide last year catapulting into eighth spot. However, export powerhouse Guangdong province has been hit hard with the financial crisis leading to thousands of factories closing.
Source: SeatradeAsia-Online