Hong Kong Freight Transport Report Q2 2013 - New Market Research Report

Hong Kong's freight transport sector's outlook is looking brighter in 2013, with the territory set to benefit from recovery in the major demand markets of the US and Europe, which Hong Kong caters for in its role as a maritime and aviation hub.

US demand is set to continue on its recovery course, while eurozone countries are forecast to emerge from their recession in 2013. This will have a positive effect on throughput at Hong Kong's port, which caters as a container shipping hub for Asia, and also the territory's air freight volumes, with Hong Kong boasting the busiest cargo airport globally. We forecast container throughput to increase by 4.1% in 2013 up from a y-oy decline of 5.3% in 2012. Hong Kong's air freight volumes are forecast to increase by 3.3% in 2013 after a growth of 2.2% in 2012.

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Domestic freight volumes are estimated to have been negatively hit in 2012, with the region's road estimated to have declined by 3.5% on the back of a slowdown in macroeconomic growth, with BMI estimating Hong Kong's real GDP in 2012 to slow to 1.8% from 5% in 2011. In 2013 Hong Kong's economic growth is forecast to expand y-o-y by 2.5%, which will boost demand for domestic freight. We therefore project Hong Kong's road freight to grow by 2.9% in 2013.

Headline Industry Data

* 2013 Air freight tonnage is expected to grow by 3.3%
* 2013 Port of Hong Kong throughput is forecast to grow by 1.2%
* 2013 Road freight is forecast to grow by 2.9%
* 2013 Inland waterway freight is forecast to grow by 3%.
* 2013 Total real trade growth is forecast at 3.9%.

Key Industry Trends

Hong Kong Air Freight Volumes Up - The two major cargo handlers at the world's largest air freight hub Hong Kong, Hong Kong Air Cargo Terminals (Hactl) and Asia Airfreight Terminal (AAT), reported yearly increases in cargo volumes, with AAT breaking it 2010 record and Hactl recording the second-highest result in its history, however, 2013 presents new challenges for both companies.

Emissions Cutting Initiative Renewed amid Calls for Tougher Regulation - Twenty one participants and organisations that support the Fair Winds Charter (FWC) decided to extend the FWC until December 2013. The decision was made on January 25 2013 and seventeen participants and four supporting organisations urge governments of the Pearl River Delta region to create in 2013 the legislation for at-berth fuel-switching and to collaborate across the region to introduce respective regulations.

Cathay's Cargo Terminal Starts Overtakes Handling - However good 2012 was for established ground handlers at Hong Kong airport, 2013 will be more challenging, with Cathay Pacific Airways beginning selfhandling. Its wholly owned subsidiary Cathay Pacific Services Limited (CPSL) started operating the new Cathay Pacific Cargo Terminal at Hong Kong International Airport on February 21.

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