Shanghai 'no threat to Hong Kong port'

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

31 Mar 2009

Hong Kong has nothing to fear from Shanghai's development into an international shipping centre, as the former has a unique advantage in professional services for the industry, according to Hong Kong's transport minister. Eva Cheng said the ports of Hong Kong and Shanghai served different hinterlands and there was synergy between the two cities' maritime industries, the South China Morning Post reported.
The secretary for transport and housing said Hong Kong's professional services to the maritime industry could help upgrade Shanghai's shipping industry to meet international standards.
The State Council announced last week that Shanghai should strive to become an international financial centre and international shipping centre, in line with the country's economic power and the growing importance of its currency, by 2020.
"An international maritime centre is more than a port handling cargo-carrying containers. Hong Kong has a well-developed cluster of professional services for maritime industry, such as legal services, insurance, financing and registration of vessels," Cheng said.
Hong Kong's port handled 24.4 million TEUs last year, compared with container throughput of 28 million TEUs in Shanghai.
She said there were more than 900 firms in Hong Kong that specialised in providing professional services for the maritime industry.
"Shanghai is still in the initial stage of developing professional services for maritime industry and would like to draw on the expertise of providers of such services in Hong Kong," the minister said.
She admitted Hong Kong's maritime industry faced the problem of high operating costs, although the city excelled in efficient and value-added service.
Cheng said the feasibility study for the planned development of Container Terminal 10 in Tsing Yi was expected to be completed in two years, and building the terminal would take another six or seven years.

Source: CargonewsAsia