NINGBO is poised to unseat Shenzhen as the mainland's second-busiest container port and the world's fourth-busiest, says Willy Lin Sun-mo, chairman of the Hong Kong Shippers' Council.
"Ningbo will become one of the major international ports. In fact, it is an international port now," Mr Lin told the Hong Kong's South China Morning Post.
In the first nine months this year, Ningbo volume increased 9.9 per cent to 12.3 million TEU while Shenzhen's rose 2.9 per cent to 17.3 million TEU. Meanwhile, Shanghai increased 1.9 per cent to 24.2 million TEU, according to official data.
Ningbo's container throughput grew more than eightfold to 14.5 million TEU since 2002, said Ningbo Port president Li Linghong.
Ningbo is closer to factories in the Yangtze River Delta than Shanghai, just as Shenzhen is closer to factories in the Pearl River Delta than Hong Kong, Mr Lin said.
In container throughput, Ningbo's global ranking climbed to sixth last year from 30th in 2002, he said. "The past 10 years was the period of Ningbo port's most rapid growth."
Among the world's 30 largest ports, Ningbo has seen the fastest growth over this 10-year period, said Mr Li.
From the funds raised from its IPO in Shanghai in September 2010, Ningbo Port, the city's port operator, will invest CNY10.95 billion (US$2.1 billion) in four terminals from 2010 to 2014, according to the company.
One container terminal in Beilun district will receive CNY5.59 billion from 2010 to 2014 and the container terminal of Jintang district will receive CNY1.26 billion from 2010 to 2013.
The Beilun and Jintang container terminals will add five million TEU annual container capacity, said the report. The two other terminals to benefit are another container terminal as well as a coal dock.
In the past three quarters, CYN12.76 billion was invested in Ningbo port, accounting for 80 per cent of the planned investment for the entire year, according to the Zhoushan government website.
Ningbo port includes the port of Zhoushan city, which is next to the original Ningbo harbour. Recently, the bonded zone of Zhoushan port gained 10 investment contracts totalling CNY13 billion, according to the website of the Zhejiang Provincial Development and Reform Commission.
Said Northeast Securities analyst Xiang Xu: "There is a possibility Ningbo may overtake Shenzhen because it has been enjoying fast growth. The question is whether it can sustain its growth. The gap between Ningbo and Shenzhen is still large."