By Karen Leigh and Shelly Banjo (Bloomberg) -- The U.S. warned Hong Kong that it could face penalties if it does business with an oil tanker headed for the city that allegedly violated sanctions on Iran. Washington wants to put China and the autonomous city on notice that it will aggressively and consistently enforce its Iran sanctions, a senior U.S. official said … [Read more...]
Port of Hong Kong Ranking Falls to Lowest in at Least 40 Years
By Kyunghee Park (Bloomberg) -- Hong Kong’s continued slide down the rankings of the world’s great ports has pushed billionaire Li Ka-shing’s freight-terminal operator to take action. HongKong International Terminals Ltd., the city’s biggest container-terminal operator and part of Li’s CK Hutchison Holdings Ltd., is freezing salaries for all its staff this year due to rising … [Read more...]
Tanker Rocked by Explosions in Hong Kong
One person has died and two others are missing after a tanker caught fire in Hong Kong waters off Lamma Island. The fire on board the Vietnamese-flagged Aulac Fortune is believed to have started as crews were preparing for bunkering operations from a fuel oil barge. Authorities said the fire started at around 11:30 a.m. local time when the vessel was rocked by three … [Read more...]
Hong Kong Port Looks to Ride Out Container Shipping Turmoil
By Jonathan Saul LONDON, Sept 15 (Reuters) - Hong Kong's port expects a slight rise in container shipping volumes this year despite continuing global turmoil in the sector. The global container industry, which transports everything from bananas to iPhones, is showing signs of better returns after a near-decade long slump. Nevertheless, worries over global retail … [Read more...]
VIDEO: Eleven Rescued from Sinking Cargo Ship Near Hong Kong
https://www.youtube.com/watch?v=pLA4YYnYNOI Eleven crew members were rescued from a sinking cargo ship near Hong Kong on Sunday as Tropical Storm Pakhar hit China's southern coast. Xinhua news reported that the Hong Kong Maritime Rescue Coordination Center was alerted at about 7 a.m. local time on Sunday that a cargo ship was taking on water about 64 … [Read more...]