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Thursday, 21 May 2015

Yantian Port plans overseas growth with $354m bond issuance

Authorities at the Chinese Port of Yantian are reportedly planning to issue bonds valued at $354 million on the Shenzhen Stock Exchange, in order to fund further expansion both at the port and overseas.

The port is located in the Shenzhen region in the south of China and is listed on the local stock exchange and hte bonds will be issued to qualified investors. Proceeds will be used for overseas investment, loan repayment and replenishment of working capital.

At the end of last year, Yantian Port established a joint venture partnership with Huangshi Qipanzhou Port Company. The port authority at the time announced investment of $65 million in the venture to manage  and operate Qipanzhou terminal on the Yangtze River and develop port infrastructure.

The new bond issuance is expected to support accelerated development of the new river port project in Huangshi of Hubei as well as construction of a coal terminal in Huizhou Port of Guangdong.

The government is keen to boost capacity at its ports to maintain its lead in the port sector and has backed expansion despite a recent slowdown and falling profits in some areas. Net profit at Yantian Port fell 33% year on year for the first quarter  of 2015 to $12 million down from $18 million in the same period the previous year.

Earlier this month, Yantian International Container Terminals (YICT) a natural deep-water terminal and import/export gateway for container traffic received an order of 10 Rubber-Tyred Gantry Cranes (RTGCs) making a total of 20 new RTGCs received in the last quarter as part of the terminal’s West Port Expansion Project.

Capable of stacking seven layers of containers, the new RTGCs are designed to enhance the handling capabilities and operational efficiencies of the container yard. 

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