The massive explosion in a warehouse at Tianjin Port International Logistics Center has damaged several office buildings nearby leading to the operations of many companies being suspended.
The office buildings of China Offshore Oil Engineering, Cosco Shipping, Sinotrans and the warehouses of several shipping firms have been damaged. The explosion also triggered a series of explosions at the automobile storage yard in Tianjin Port and around 6,000 brand new cars have been damaged.
Tianjin Port is China’s largest automobile import port, accounting for about 70% of China’s automobile import volumes.
Meanwhile, Tianjin Maritime Safety Administration has suspended all sea traffic near the explosion area.
An official from the administration told Splash that it has banned vessels from coming in or leaving the oil terminals near the explosion site over safety concerns, and the length of the ban will depend on the fire situation.
Tianjin Port Development Holdings has halted trading on the Stock Exchange of Hong Kong pending the release of an inside information announcement in relation to the explosion.