Hutchison Ports sees structural changes ahead at its Hong Kong terminals
Cluster of terminals under HPH Kwai Tsing saw volumes plunge 15% in 2023
Despite the easing of cross-border restrictions, volumes remained stagnant in 2023 as shippers switched to direct shipments into China, hitting Hong Kong’s traditional transhipment business. Competing mainland ports also received government incentives, which enabled them to offer container lines cheaper rates