Hong Kong Dock Strike: Shipping Industry Hit Hard
Estimates by the Port Development Council show container volumes through the 9 Kwai Tsing container ports fell 5.9 per cent in March.
While the month-long dockers strike is costing Hongkong International Terminals a reported HK$5 million a day, the actual cost of the dispute is costing the maritime and logistics industry much more as ships and cargo are diverted to other ports, reports the South China Morning Post.
Citing the Hong Kong Liner Shipping Association, the South China Morning Post adds that shipping lines and logistics firms have also been hit with extra costs as ships burn extra fuel while waiting to berth and vessels and cargo are diverted to other ports, thus the longer term damage to Hong Kong's reputation as a fast and efficient transshipment port has some senior industry executives concerned.
Source: South China Morning Post