HIT SUFFERS 7% DECLINE IN CONTAINER VOLUME

HIT SUFFERS 7% DECLINE IN CONTAINER VOLUME    'Hongkong International Terminals and its associated company COSCO-HIT suffered a 7-percent decline in combined port throughput last year, highlighting the weakening competitive position of the port of Hong Kong in comparison to neighboring ports in South China.
   By contrast, in 2000, Hongkong International Terminals and COSCO-HIT had increased their throughput by 10 percent, to 6.6 million TEUs.
   Hongkong International Terminals and COSCO-HIT also saw their combined earnings before interest and tax fall 9 percent last year.
   Hongkong International Terminals and many other terminals around the world are owned by Hutchison Whampoa, the Hong Kong-based conglomerate, through its Hutchison Port Holdings arm, the world’s largest container terminal group.
   'By contrast, the Yantian terminals of the Hutchison group, based in South China, reported a growth of 28 percent in volume last year, with earnings before interest and tax increasing 55 percent.
   Hutchison Port Holdings’ worldwide port throughput increased 6 percent last year, to 27 million TEUs, from 25.3 million TEUs in 2000. The port group said the increase was due primarily to higher volumes from its terminals in China and Panama, and from new terminals in other countries. The group’s terminals in the United Kingdom, mainly Felixstowe and Thamesport, saw throughputs fall last year.
   The Hutchison Port Holdings group’s earnings before interest and tax rose 8 percent in 2001, to HK$5.8 billion ($742 million), as revenues increased 9 percent, to HK$15.5 billion ($1.98 billion).