Hong Kong Container Volumes Fall in H1

The Port of Hong Kong ( Source: Lloyd's List)

The port handled 6.77 million TEU of containers in H1 2024, down 5% year-on-year.

The decline was not as severe as the 2023 volume decline, when Hong Kong saw volumes fall by 14.1% to 14.34 million TEU. The sharp decline saw the port dislodged from the global top 10 by Dubai/Jebel Ali, dropping to 11th place, according to analyst Alphaliner.

Major alliances on the East-West trade are increasingly excluding Hong Kong from their networks. The Gemini Cooperation alliance between Hapag-Lloyd and Maersk, which will start operations in February 2025, will not have direct calls at the port.

The Ocean Alliance's 2024 network update shows that direct calls to Hong Kong have dropped to just six from 11 previously. According to analysts at Sea-Intelligence, The Alliance's 2025 trans-Pacific network shows that Hong Kong is served by just one service from Asia to the US East Coast, with calls from the Pacific Northwest and Southwest services eliminated.

Looking closer at the H1 2024 figures, full and empty containers fell by 4.1% and 8.3% to 5.40 million TEUs and 1.37 million TEUs, respectively. Among cargo containers, both import and export containers fell by 4.1% to 2.90 million TEUs and 2.50 million TEUs, respectively.

In the first half of 2024, total port throughput increased by 3.4% to 88.6 million tonnes compared to a year earlier. Inbound and outbound cargo increased by 2.8% and 4.3% to 56.1 million tonnes and 32.5 million tonnes, respectively.

During this period, double-digit growth in port throughput was recorded in inbound cargo tonnage handled in Singapore, Taiwan, mainland China and South Korea. Double-digit declines were also recorded in the US, Malaysia, Vietnam and Japan. The impact of the diversion around the Cape of Good Hope and increased demand from shippers concerned about congestion boosted volumes at many major ports.

For exports, double-digit increases were recorded in Australia, mainland China and Vietnam while double-digit declines were recorded in exports handled in the Philippines, Thailand, South Korea, Japan and the US.

Compared to the first half of 2024, the number of oceangoing vessels arriving at Hong Kong Port decreased by 2.1% to 9,120 vessels, with total capacity also decreasing by 2.4% to 144.4 million net tonnes. Meanwhile, the number of river vessel arrivals increased by 23.0% to 40,785, with total capacity also increasing by 12.1% to 40.0 million net tonnes.

Source: Phaata.com (via Seatrade-Maritime)

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