Hong Kong Shipping Report Q1 2010
Recently published data on the Port of Hong Kong revealed a sharp decline in the amount of containers handled in the country in the first quarter of 2009. The port of Hong Kong handled 21.1% less TEUs during the first three months of the year than in the same period of the previous year.
In January, the port handled 1.612mn TEUs (-23.6% on 2.110mn TEUs of January 2008), in February 1.305mn TEUs (- 20.6% on 1.644mn TEUs in February 2008), and in March 1.625mn TEUs (a 18.9% drop on March 2008's 2.003mn TEUs). This was the continuation of a trend, as the handling also fell in November (by 9.4%, year on year) and December 2008 (by 16.2%, year-on- year). In 2009, we expect the total throughput of the Port of Hong Kong to decrease to 235.9mn tonnes, representing 9.1% fall on 2008, when the port handled 259.4mn tonnes of cargo. We anticipate the recovery of throughput volumes to start in 2010. In the mid-term (2011-2013) we expect the handling to increase by 3.1% on average, with the 2008 figure to be exceeded in 2012. According to our forecasts, the port's throughput will amount to 268.0mn tonnes in 2013. The container handling, according to our estimates, will fall by 6.1% to 23mn TEUs in 2009. The recovery will start in 2010, and in 2011 the port will surpass its 2008 handling figure of 24.5mn TEUs. In the mid-term, between 2011 and 2013, the growth will continue by 2.7% per year on average. In 2013, we expect the port to handle more than 25.7mn TEUs. As well as an in-depth analysis of Hong Kong's shipping sector, the Q309 Hong Kong Shipping Report also offers a global overview of the dry bulk, liquid bulk and container sectors and overviews of the 11 largest shipping lines and their strategies over the quarter to weather the downturn in trade volumes.
Source: Business Monitor International (BMI)
