HPH Trust records 6% drop in container throughput as Hong Kong transhipment volumes fall

Hutchison Ports Holdings Trust (HPH Trust) suffered a 6% decline in container throughput across its ports in 2023, with its Hong Kong terminals losing out due to shippers’ preference for direct China shipments instead of vessel-to-vessel transhipment.

The combined throughput of HIT, COSCO-HIT and ACT (collectively HPHT Kwai Tsing) was 7.6m teu, 15% lower than 2022, but YICT’s throughput showed only a 1% a decline at 13.7m teu.

Cross-border controls were eased in late 2022 but the company claimed that some competitors in the Greater Bay Area continue to receive government incentives, meaning they can offer attractive lower prices to shipping lines.