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Embattled Hong Kong cuts charges
01 Oct 2005
Having lost its premier position as the world's leading container terminal to Singapore, Hong Kong now finds its position as China's number one port also under threat from domestic rivals. As a result, plans have been announced to cut vessel charges by 5.3% to US$7.33 for every 100 tons of goods carried. Vessels at anchor will also be paying less in future.
According to a local survey, Hong Kong's share of traffic emanating from southern China fell continuously from 1996 to 2003. This decline may well be halted if the reduced charges can persuade some shippers to tranship containers at Hong Kong which would have previously been placed on direct services out of other southern Chinese ports.
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