Hong Kong Stevedoring & Marine Cargo Handling Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Hong Kong Stevedoring & Marine Cargo Handling Market Analysis
The size of Hong Kong Stevedoring and Marine Cargo Handling market is USD 4.11 billion in the current year and is anticipated to register a CAGR of over 4% during the forecast period
- Hong Kong's maritime cluster includes not only traditional maritime businesses like cargo handling and vessel operations but also maritime service industries like ship finance, brokerage, legal services, and marine insurance. The maritime industry is highly varied. According to official sources, the maritime and port industry contributed HKD 35.4 billion (USD 4.56 billion) to Hong Kong's gross domestic product (GDP) in 2020. This represented 1.4% of the overall output of the economy. The maritime sector supports the growth of the trading and logistics sector, one of Hong Kong's four pillar industries, in addition to its direct economic contribution.
- Hong Kong was the world's 6th largest trading economy in 2021. It was also an international maritime center characterized by a strong presence of ship owners, cargo owners, and traders in Hong Kong on the one hand and a vibrant maritime services cluster on the other. There has been a continual expansion in Hong Kong's maritime services cluster over the years, which offers comprehensive and professional services ranging from ship management, ship broking, stevedoring, marine cargo handling, and ship finance to maritime insurance and law.
- Hong Kong's ports appear to have fallen behind other Asian ports in recent years, as seen by the country's falling position in terms of the volume of containers handled internationally. It ceased to be the busiest container port in the world in 2005 and continued to fall in the worldwide rankings until it was ranked ninth during the COVID-19 pandemic.
- To further promote the development of Hong Kong as an international maritime center, the Transport and Logistics Bureau is going to set up a task force with the aim of putting forward, in collaboration with the Hong Kong Maritime and Port Board and representatives of the high-end maritime services industry. The Hong Kong Govt has allocated HK dollar 20m (USD 2.5m) in its 2023-24 budget to promote the high-end maritime service industry sector.
Hong Kong Stevedoring & Marine Cargo Handling Market Trends
This section covers the major market trends shaping the Hong Kong Stevedoring & Marine Cargo Handling Market according to our research experts:
Increasing Sea Freight Driving the Market
With one of the largest shipping populations in the world and a thriving maritime cluster that provides a full spectrum of high-quality maritime services, Hong Kong has made a name for itself as a prominent international maritime center. It benefits from a port infrastructure that is developed and well-located. Furthermore, it is a prominent center for global trade with lots of transportation involved in logistics. The ship registration system used by Hong Kong Shipping Register (HKSR) is distinct from that used by Mainland China. Hong Kong was the world's 6th largest trading economy in 2021 with international trade immensely facilitated by its efficient port amid a strong presence of ship owners, cargo owners, and traders. Over the years, Hong Kong has seen a continual expansion of its maritime services cluster, comprising ship management, ship broking, ship finance, maritime insurance, and law.
As of the end of 2021, Hong Kong is the world's fourth-largest shipping register following Panama, Liberia, and the Marshall Islands. Hong Kong Shipping Registry reported registered vessels totaling 128 million gross tonnes (GT) as of September 2022. Hong Kong's port was ranked the ninth busiest container port in the world in 2021, trailing Shanghai, Singapore, Ningbo-Zhoushan, Shenzhen, Guangzhou, Qingdao, Busan and Tianjin.
The government's measures are assisting the maritime logistics companies. For instance, the Hong Kong government has double taxation agreements (DTAs) with numerous nations, including the United States, the United Kingdom, the Netherlands, Denmark, Norway, and Germany. Due to its low tax structure, solid institutional framework, and a cluster of maritime services, Hong Kong is regarded as the top option for foreign ship owners.
Technological Advancements in the Maritime Transportation Sector
In order to address recurring management issues and boost productivity, the maritime industry is embracing new technologies. Remote-controlled rubber-tired gantry cranes (RTGCs) and an automated container stacking system were introduced by HIT, the first container terminal operator in Hong Kong. The 29 cranes at Kwai Tsing Port each have monitoring cameras and sensors installed to assure complete precision, improving operational safety and efficiency. The largest port in Europe, the Port of Rotterdam, is also testing innovative approaches to streamline operations by utilizing autonomous vehicles. In order to provide a smoother traffic flow, truck platooning, which involves a group of automated trucks traveling closely behind a lead vehicle, is now being tested.
The development of smart ports has recently received strong support from mainland China. For instance, the Mawan Port in Shekou, Shenzhen, finished its renovation and transformation process in November of last year, incorporating blockchain, artificial intelligence, smart port, and green and low-carbon upgrades, making it the GBA's first 5G-enabled smart port. Another significant milestone was the completion of Phase IV of the automated terminal at Nansha Port, making it the first of its kind to operate in the GBA. Newer IoT sensors, 5G networking, and a variety of AI-enabled resources are a few of the terminal's enhanced features. The update has also made it possible to use fully automated container cranes and intelligently guided vehicles on-site.
Hong Kong Stevedoring & Marine Cargo Handling Industry Overview
Major players present in the market include A.P. Moller - Maersk, DP World Limited, APM Terminals, COSCO Group, CMA CGM Group, Hapag-Lloyd, Ahlers Bridge Hong Kong Ltd, Mediterranean Shipping Co., East West Maritime Limited, and Evergreen Marine (Hong Kong) Ltd. The competition amongst service providers is further heightened by the strict regulatory requirements that must be met. Businesses participate in M&A transactions to develop their product lines and expand regionally.
Despite increasing competition in the area due to the development of ports and logistics infrastructure in mainland China over the past 10 years, Hong Kong's port continues to be one of the busiest container ports in the world. Hong Kong's port and its maritime sector face additional challenges as a result of the Pearl River Delta's (PRD) shifting manufacturing landscape, which is moving from labor-intensive manufacturing to high-tech industries as well as the trend of global manufacturers shifting and extending supply chains from the mainland to other countries.
Hong Kong Stevedoring & Marine Cargo Handling Market Leaders
A.P. Moller - Maersk
DP World Limited
COSCO Group
CMA CGM Group
APM Terminals
*Disclaimer: Major Players sorted in no particular order
Hong Kong Stevedoring & Marine Cargo Handling Market News
- Aug 2022: A.P. Moeller Maersk acquired Hong Kong-based contract logistics services provider LF Logistics for USD 3.6 billion. In the Asia-Pacific area, Maersk can harness LF Logistics' superior capabilities in omnichannel fulfillment services, e-commerce, and inland transportation to the shippers.
- June 2022: Scan Global Logistics, a global full-service logistics provider acquired Sea-Air Logistics Ltd. which provides a high standard of ocean and airfreight forwarding and logistics services in Hong Kong, China, and Singapore from a total of 9 local offices, including warehousing and distribution.
Hong Kong Stevedoring & Marine Cargo Handling Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
2.1 Analysis Methodology
2.2 Research Phases
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Current Market Scenario
4.2 Value Chain/Supply Chain Analysis
4.3 Technological Advancements
4.4 Government Regulations and Key Initiatives
4.5 Insights into Transshipment Trade
4.6 Insights into Containerized and Non-containerized Shipments
4.7 Freight Rates and Maritime Transport Costs
4.8 Impact of COVID-19 on the Market
4.9 Market Dyanmics
4.9.1 Market Drivers
4.9.2 Market Restraints
4.9.3 Market Opportunities
4.10 Industry Attractiveness - Porter's Five Forces Analysis
4.10.1 Bargaining Power of Suppliers
4.10.2 Bargaining Power of Consumers/Buyers
4.10.3 Threat of New Entrants
4.10.4 Threat of Substitute Products
4.10.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Stevedoring
5.1.2 Cargo and Handling Transportation
5.1.3 Other Types
5.2 Cargo Type
5.2.1 Bulk Cargo
5.2.2 Containerized Cargo
5.2.3 Other Cargo Types
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 A.P. Moller - Maersk
6.2.2 DP World Limited
6.2.3 APM Terminals
6.2.4 COSCO Group
6.2.5 CMA CGM Group
6.2.6 Hapag-Lloyd
6.2.7 Ahlers Bridge Hong Kong Ltd
6.2.8 Mediterranean Shipping Co
6.2.9 East West Maritime Limited
6.2.10 Evergreen Marine (Hong Kong) Ltd*
- *List Not Exhaustive
7. FUTURE OF THE MARKET
8. APPENDIX
Hong Kong Stevedoring & Marine Cargo Handling Industry Segmentation
Companies in this industry provide stevedoring and other marine cargo handling services. Stevedore refers to the act of loading or offloading cargo to/from a ship. A person or company engaged in such an act is known as a stevedore. The stevedores have to be able to handle dock equipment, such as cranes and forklifts, safely and efficiently, and they need to be aware of emerging safety issues, including hazardous materials on board the ship and around the docks.
The Hong Kong Stevedoring and Marine Cargo Handling Market is segmented by Type (Stevedoring, Cargo and Handling Transportation, and Other Types) and Cargo Type (Bulk Cargo, Containerized Cargo, and Other Cargo Types). The market size and forecast are provided in terms of value (USD billion) for all the above segments.
| Type | |
| Stevedoring | |
| Cargo and Handling Transportation | |
| Other Types |
| Cargo Type | |
| Bulk Cargo | |
| Containerized Cargo | |
| Other Cargo Types |
Hong Kong Stevedoring & Marine Cargo Handling Market Research FAQs
What is the current Hong Kong Stevedoring and Marine Cargo Handling Market size?
The Hong Kong Stevedoring and Marine Cargo Handling Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Hong Kong Stevedoring and Marine Cargo Handling Market?
A.P. Moller - Maersk, DP World Limited , COSCO Group, CMA CGM Group and APM Terminals are the major companies operating in the Hong Kong Stevedoring and Marine Cargo Handling Market.
What years does this Hong Kong Stevedoring and Marine Cargo Handling Market cover?
The report covers the Hong Kong Stevedoring and Marine Cargo Handling Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Hong Kong Stevedoring and Marine Cargo Handling Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Hong Kong Stevedoring and Marine Cargo Handling Industry Report
Statistics for the 2024 Hong Kong Stevedoring and Marine Cargo Handling market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Hong Kong Stevedoring and Marine Cargo Handling analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
