SIPG shelves Zeebrugge terminal plan with APMT

SIPG shelves Zeebrugge terminal plan with APMT    The Shanghai International Port Group will suspend a plan to expand its terminal operations to a foreign port due to slowing demand this year, the China Securities Journal reported Monday.

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   The newspaper reported that SIPG will delay its involvement in a terminal in Zeebrugge, Belgium, built by APM Terminals. The Chinese operator acquired a 40 percent stake in the terminal and planned to jointly run it with the Danish terminal operating giant. SIPG’s operations are confined to the Port of Shanghai, the world's second-busiest container port but destined to become the biggest. Last June, SIPG officials told American Shipper they intend to branch out into foreign operations, following the model that allowed PSA International to go from running the Port of Singapore to become the world’s second-largest terminal operator.
   Reuters reported that SIPG expects throughput and profit growth at the Port of Shanghai to slow significantly this year. The port is expecting throughput of 29 million TEUs this year, up 3.6 percent from 2008.