We are pleased that the Hong Kong Chief Executive and the Administration attach great importance to the maritime industry and has accepted many of the recommendations from the Hong Kong Shipowners Association (HKSOA).

In the HKSOA submission for the 2024 Policy Address consultation, we made innovation and reform recommendations in five areas: (1) Green Shipping, (2) Commodity Trading, (3) Maritime Services, (4) Global Partnership, and (5) Institutional Framework.

We fully support the national strategic plan to consolidate Hong Kong’s position as an “international finance, shipping and trade centre”. Indeed, Hong Kong is one of the very few cosmopolitan areas that has been doing very well in all the three sectors – finance, shipping and trade. Hong Kong’s economic success has its origins in shipping and trade, whose combination
initiated Hong Kong’s growth as a global financial centre and a gateway where East meets West.

The various new policy initiatives about Commodity Trading, including the creation of a commodity trading ecosystem in the city, are a big step in the right direction. Clearly, wider integration of financial services with the maritime industry would help attract more commodity companies to Hong Kong, promoting not only the finance and trade, but also maritime and port
development.

We also greatly welcome the many new and practical Green Shipping measures, including construction of a green shipping corridor and cooperation with ports in the Greater Bay Area, to develop Hong Kong as a green fuel export center and bunkering hub. We are pleased to see the progress of related infrastructural works and ship registry enhancement works.

Decarbonization is a global trend, and the International Maritime Organization (IMO) has set steep zero-emission targets for the industry. A large volume of green fuels will be required worldwide in the future, and China is a major producer of green fuels. As part of China, with a solid foundation and a good reputation in ship ownership, ship management and
related maritime services, Hong Kong can play a leading role in global efforts and be a big contributor to building an “Ecological Civilization”.

We very much agree that through a multi-pronged approach, Hong Kong should continue to promote high value-added Maritime Services, such as marine insurance, ship broking and financing and maritime arbitration, while supporting the “commercial principals” (ship owners, managers and
operators – the drivers of maritime and port business).

We will continue to support government efforts to tell the Hong Kong story through Global Partnership. As the “Voice of Asia” and the host of the first overseas office of the International Chamber of Shipping (ICS), headquartered in London, the HKSOA has used its unique role to effectively forge global partnerships.

In May this year, the HKSOA hosted the AGM and International Shipping Forum of the Asian Shipowners’ Association (ASA), a mega event attended by over 700 shipping representatives from different parts of Asia and key personalities from the international sector. The three-day programme in Hong Kong was very well received.

In November, with the support of the Government and the HKSOA, the ICS will host the Hong Kong Global Maritime Trade Summit during the maritime week. Through the platform, we will, together with the international community, pursue a global rules-based regulatory environment, free trade, and a level-playing field – something that Hong Kong always treasures and
something that are in the interests of all.

Finally, we welcome the government’s plan to enhance its Institutional Framework, with the re-constitution of the existing Hong Kong Maritime and Port Board into the “Hong Kong Maritime and Port Development Board’. It has been the consensus of the industry for many years that an independent, industry-led body is needed for Hong Kong. The appointment of a non-official to take up the chair of the new organization and the strengthening of its research, promotion and talent development functions are certainly the right step forward.