Evergreen logistics unit badly damaged by Tianjin explosions
A logistics subsidiary of Evergreen Group ( ), a Taiwanbased shipping conglomerate, has been badly damaged by the deadly explosions in Tianjin, a busy port city in northern China.
Evergreen said that the working area of its logistics unit — Kingtrans International Logistics (Tianjin) Co. ( ) — has suffered extensive damages due to the explosions which took place Wednesday night in the Tianjin Binhai New Area, which is located on the coast of the Bohai Sea, east of Tianjin's main urban area, and part of the Bohai Economic Rim.
The group said that since the Tianjin logistics unit is located only 500 meters from the center of the explosions, the blasts have dealt a big blow to its subsidiary.
Media reported the explosions have caused massive logistical hurdles in the port city to get cargo to go through. The blasts killed at least 85 people, with more than 700 injured.
Evergreen said that as the port area has been closed by Tianjin authorities for investigations into the cause of the blasts and no personnel of Kingtrans are allowed to enter, it is hard at this moment to assess the financial losses of the subsidiary resulting from the incident.
The blasts injured 13 Chinese employees of Kingtrans and two of them suffered serious but not lifethreatening injuries, the group said.
Evergreen said that since the authorities of the Tianjin port have resumed terminal operations from 1 p.m. Friday to allow cargo loading and unloading, Kingtrans has reached a consensus with its counterparts in the port area to assist the company in its logistics operations in a bid to fulfill its obligations to its customers.
Sources from Tianjin familiar with the situation said that Kingtrans could incur tens of millions of Chinese yuan in financial losses caused by the explosions as the plant and shipping containers it owns have been almost completely destroyed.
Kingtrans was established in 2007 with an investment of about 250 million Chinese yuan ( US$ 39.06 million), statistics showed. The company is one of large-sized logistics operators in Tianjin. The sources said that Kingtrans's operations are unlikely to fully resume in six to eight months after the explosions.