Steep port fees imposed on Chinese vessels docking in the US are not expected to immediately affect Hong Kong’s shipping sector as the industry is good at working around disruptions and may benefit from the move, veteran shippers have said.
Advertisement
Shipping industry players gathered on Tuesday to address how Hong Kong’s maritime community will face the challenges and seize opportunities such volatility brings.
Among them was Olivia Lennox-King, chief operating officer at Cetus Maritime, which operates more than 40 bulk carriers. She addressed the decision by the Office of the US Trade Representative (USTR) to introduce a phased fee structure targeting Chinese vessel operators, owners and ships built in China.
“Very disruptive events can cause inefficiencies in shipping trades, which then increases rates, which is not necessarily, if you’re not in shipping, what you would expect to happen in the shipping industry,” she said at a lunch hosted by the Foreign Correspondents’ Club.
“Shipping is great at responding and finding new ways to work around disruptions.
Advertisement
“Shipping is very dynamic. There will be new developments based on what is happening in the US.”