Shanghai International, operator of China’s busiest container port and, arguably, one of the three busiest in the world, said it made a profit of RMB2.95 billion (US$380 million) last year. Total sales were RMB12.6 billion the company said in a preliminary statement to the Shanghai Stock Exchange.

Shanghai handled 20% more cargo boxes last year and should pass Hong Kong as the world’s second-busiest container port this year. This after the second phase of the new US$16 billion Yangshan Deep-Water Port begins operating.

Ji Lijun, an analyst at Shanghai Securities, said, ‘Expanding capacity in Shanghai’s Yangshan port will support the company’s profit growth this year. Yangshan is the largest port in the Yangtze River Delta, so it may win the price war going on in the area.’

Shanghai port handled 21.7 million 20-foot standard boxes in 2006. Hong Kong handled 23.2 million. But Shanghai is increasing at a rate of 21% a year; Hong Kong at 2.8%.