Hong Kong's Secretary for Transport and Logistics, Lam Mei-bou, has stated that the city must seize a critical five to ten-year window to deeply integrate its shipping and financial sectors, enhancing industrial value and global influence.
Speaking at a Legislative Council meeting on June 3rd regarding a motion on "Promoting the Development of the Ocean Economy in Hong Kong," Lam highlighted that against a backdrop of global economic restructuring and rising geopolitical risks, the shipping industry is transforming from a logistics carrier into a vital platform for finance and innovation.
Transformation of the Shipping Sector
The continuous development of ship financing, leasing, asset securitization, and carbon market trading, alongside green transformation and digitalization, is reshaping the entire industry model. Lam emphasized that upgrading the shipping industry holds strategic significance for both Hong Kong and the nation.
For Hong Kong, it helps enhance economic diversification and resilience to economic cycles while consolidating its status as an international financial center. For the nation, Hong Kong can serve as a platform for shipping capital and risk management, supporting mainland enterprises in "going global" and expanding the use of the Renminbi in shipping trade and financing.
At a regional level, Hong Kong can collaborate with ports in the Greater Bay Area to boost overall competitiveness and strengthen supply chain resilience and security amid rising global uncertainties.
Lam noted that Hong Kong has consistently ranked fourth globally for six consecutive years in the Xinhua-Baltic International Shipping Centre Development Index Report, reflecting its advantages in institutional environment, professional services, and capital allocation capabilities.
Building a Comprehensive Maritime Hub
Facing intensified regional competition, Hong Kong must shift from "scale competition" to "value competition," focusing on enhancing capital efficiency and high-end services to extend the shipping industry chain towards higher value-added segments.
The key to building an international shipping hub lies in overall resource allocation capabilities. Beyond shipping capacity and throughput, it is more important to attract enterprises to conduct capital operations, cluster high-end services, participate in international rule-making, and cultivate talent and innovative technology in Hong Kong.
Hong Kong should upgrade from a traditional logistics node to a comprehensive shipping hub that combines capital, services, innovation, and institutional strengths, achieving synergistic development of "shipping + finance + talent + professional services."
Advancing Green Shipping Initiatives
In green shipping, Hong Kong is actively capitalizing on the industry's decarbonization trend. The government published the "Action Plan on Green Marine Fuel Bunkering" in November 2024, promoting Hong Kong's development as a green marine fuel bunkering and trading center.
Services for biodiesel and liquefied natural gas bunkering are already available, positioning Hong Kong among the world's major green fuel bunkering ports. With the implementation of a methanol fuel tax exemption, the industry has completed methanol bunkering operations at anchorage grounds and container terminals, marking Hong Kong's capability in this area and laying the foundation for shipping decarbonization and green shipping finance.
Hong Kong possesses institutional and market advantages for shipping upgrades. Its common law system aligns with international standards, facilitating cross-border transactions and financing. Its mature financial market provides loans, bonds, insurance, risk management tools, and supports green financing.
Under the "one country, two systems" framework, Hong Kong connects with the mainland market and its funding needs while maintaining free capital flow. Coupled with professional services like ship leasing, maritime law, and arbitration, it forms a complete high-value-added system.
Broader Ocean Economy Development
During her opening remarks, Lam also outlined work in other policy areas related to the ocean economy. The ocean economy in Hong Kong is broadly categorized into six sectors: marine tourism; ocean utilization, extraction, production, and related manufacturing; wholesale and retail of marine products; marine public administration and social services; scientific research, technology, and information services; and maritime transport and port industries.
Regarding marine ecological protection and fisheries development, the Environment and Ecology Bureau and the Agriculture, Fisheries and Conservation Department are protecting marine ecology and promoting sustainable fisheries. Hong Kong currently has eight marine parks and one marine reserve, with protected waters exceeding 8,500 hectares.
For marine technology research and development, the Innovation, Technology and Industry Bureau is committed to improving Hong Kong's innovation and technology ecosystem, supporting development in various tech fields through funding, research, startup support, and talent cultivation.
In enhancing marine tourism experiences, the Culture, Sports and Tourism Bureau is dedicated to developing cruise tourism to consolidate Hong Kong's position as an Asian international cruise hub. The "Hong Kong Tourism Development Blueprint 2.0" also proposes leveraging Hong Kong's rich island and coastline tourism resources to develop diverse, distinctive tourism products.
Regarding inter-island transportation, there are currently 14 licensed passenger ferry routes and 68 "kaito" routes serving residents and tourists. The Transport Department maintains contact with operators to monitor demand and explore feasible service optimization plans.
On the recently highlighted topic of Guangdong-Hong Kong-Macao yacht travel, the Hong Kong government welcomed the State Council's announcement last week agreeing to implement policies for yachts from Hong Kong and Macao entering mainland ports in the Greater Bay Area, including waiving guarantees and temporary vessel nationality registration. The Marine Department is actively coordinating facilitation measures with the Guangdong Maritime Safety Administration, with details to be announced in due course.
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