Shanghai port cuts its container traffic target for 2008 by 5%

Shanghai, the world's second largest container port after Singapore, has cut its container traffic target for 2008 by 5% due to the global financial crisis, China Daily reported.

The port reported its container volume rose over 20% to 26.15 million TEUs in 2007. However, due to the ongoing global economic downturn, it has lowered its total container throughput target from 30 million TEUs to 28.5 million TEUs.

In the first three quarters of this year, container exports to the U.S. at the port dropped 7.8% compared with a year ago, and the shipping fees have also been decreasing significantly.

Source: http://www.chinaknowledge.com