During the epidemic prevention and control period at Shenzhen Yantian Port, Hong Kong's shipping capacity made some traders feel lucky.
During the new crown epidemic prevention and control period, the international shipping situation was ever-changing, which also made Hong Kong, which has "fast customs clearance" and "many shipping points" It shows certain advantages. The picture shows part of the operating area of the Kwai Tsing Container Terminal in Hong Kong. "Finance" reporter Jiao Jian / photo
article | "Finance" special Hong Kong reporter Jiao Jian
editor | Su Qi
More than a month after the "5·21" Shenzhen Yantian Port epidemic, starting from 0:00 on June 24, Yantian The overall operation of the port area has ushered in a full recovery. According to the notice issued by Yantian International Container Terminal Co., Ltd. on June 23: After all berths basically resume normal operations, Yantian Port Area will continue to strictly implement epidemic prevention and control measures and promote production in a safe and orderly manner.
This also means that the major port congestion in multiple ports in South China that has lasted for some time and the resulting phenomenon of cross-border transshipment of goods to Hong Kong for re-export will be alleviated or reduced.
Due to a series of impacts caused by the prevention and control of the new crown epidemic, the business handling volume of Yantian Port once dropped by 60 to 70%. The resulting butterfly effect is: a large number of international liners have to wait for a long time, and some goods are transferred to Shenzhen Shekou Port or Guangzhou Nansha Port. In order to satisfy some customers who are in urgent need of goods, channels such as Hong Kong Terminal, air transport and even China-Europe freight trains that still have processing capacity are all options for export companies.
The impact of the epidemic on port transportation is far greater than that of air transportation. Due to this, since the outbreak of the new crown epidemic in 2020, the container space of Shenzhen shipping companies has increased from more than 1,000 US dollars to more than 10,000 US dollars at the most critical moment. In contrast, although Hong Kong's shipping export freight has always been higher than that of Shenzhen, taking the shipping of a container to the United States as an example, the price used to be about 2,000 US dollars, but currently it has risen to 6,000 US dollars, 7,000 US dollars, and there is still a certain amount. Advantage. Compared with shipping, the price of air freight is 3 to 5 times higher.
During the period when the epidemic prevention and control at the Shenzhen port was relatively tense, some companies in Hong Kong that switched their exports to Hong Kong had planned, "Affected by the epidemic at Yantian Port, there are now problems on the supply side of the logistics industry in South China. At first, it was difficult for ships and containers to To meet the demand, it will then affect terminal operations. "A Hong Kong exporter who is mainly engaged in serving the US maritime logistics business told Caijing reporters, "If Yantian Port continues to fail to provide a clear recovery timetable, if there is really no way, it will It is believed that Hong Kong’s terminals still have enough capacity to handle the export of goods to Hong Kong.”
From a long-term perspective, this emergency response capability actually stems from Hong Kong’s lack of competitiveness after its long-term lead: Kwai Tsing Container Terminal. Take as an example: The large-scale construction period was completed in the 1970s and 1980s. At that time, the shipping volume of shipping ships was only a few thousand containers. Now it is generally about seven or eight times that of that time. According to data from Alphaliner, a shipping consulting agency: As of the beginning of 2020, there are 37 orders for giant freighters around the world, with a transport capacity ranging from 18,000 to 24,000 standard units (TEU); large freighters with a total transport capacity of more than 10,000 TEU account for 50% of the total orders Eighty percent.
A related detail discussed by the Hong Kong shipping industry in recent years is: Hong Kong is located to the east of the Pearl River Estuary, container ships need to enter the Kwai Tsing Container Terminal via the Tsing Ma Bridge from west to east. Some giant container ships are as high as 58 meters, but the height limit of the Tsing Ma Bridge is 53 meters. These ships can bypass Lantau and enter the terminal from the south, which invisibly increases costs such as transportation distance and time.
Another cost-related detail comes from automation: Compared with Hong Kong, the ports built in the mainland in recent years have adopted a large number of new equipment, and some terminals have even adopted "unmanned" operation methods. The most obvious advantage of these practices is the reduction in operating processing costs.Relevant researchers have calculated that the terminal handling fee of Shenzhen Port is only about half of that of Hong Kong's Kwai Tsing Container Terminal, and that of Shanghai is even lower, only about one-quarter of that of Hong Kong.
Under the premise that there are no advantages in operating capabilities and costs, and the transportation network in the Pearl River Delta region is becoming increasingly mature, a large amount of goods are gradually diverted to other ports such as Yantian Port. This is one of the main reasons why Hong Kong’s ranking as a shipping center has been surpassed by other mainland ports in recent years.
However, Hong Kong’s shipping capacity during the epidemic prevention and control period at Shenzhen Yantian Port made some traders feel lucky. "Some orders were signed in March and April this year. Recently, due to the epidemic, exchange rate and other factors, the profit margin has been reduced to a very low level. If the port congestion in South China continues and Hong Kong's export channels are not smooth, If so, the situation will be even worse," said the aforementioned exporter.
From the perspective of competitive strength: The Maritime Research and Development Center of the Hong Kong Polytechnic University pointed out in the report "Consolidating Hong Kong's Position as a Shipping Center" published in 2019: Hong Kong is the fourth largest ship registration place in the world. Factors that attract ship owners to register include sound laws, simple procedures, nationality restrictions, tax incentives, etc. Hong Kong is chosen as the logistics hub in East Asia because if the goods arrive in Hong Kong and are then split into surrounding areas, there is no need to worry about any customs losses and customs troubles.
More soft power is also reflected in other less formal aspects: Hong Kong's free port policy makes the goods entering and exiting the customs very efficient, which indirectly improves the efficiency of goods circulation. Even in some cases, customs clearance procedures can be completed after the container leaves the port.
"A research report in South Korea around 2020 once stated that South Korea relies on Hong Kong as a transit port. If exports are rerouted, it will pose a risk to Korean companies. The report reminds that if goods exported to China are rerouted through Shanghai or Shenzhen, the export industry will be If you cannot enjoy the tariff-free re-export via Hong Kong, you will have to bear certain legal and institutional risks," Zheng Yujie, assistant to the president of the China (Shenzhen) Comprehensive Development Research Institute and director of the research and information department of the think tank, once told a reporter from Caijing.com. It shows the comprehensive advantages of Hong Kong as a re-export trade base. These advantages include taxation, operational convenience and financing. For domestic enterprises, there are very few procedures when the goods arrive in Hong Kong. In some areas of the country, if there are any problems with various procedures and documents, it will be very troublesome to deal with them. "
During the COVID-19 prevention and control period, the international shipping situation has changed rapidly, which has also made it difficult for those who have "fast customs clearance" and "many destinations". Hong Kong has shown certain advantages. On June 23, the Trade Development Council of the Hong Kong SAR Government announced that Hong Kong’s export index in the second quarter rose to 48.7 from the previous quarter, which has been rising for five consecutive quarters. It is expected that exports will grow by 15% this year.
A series of recent improvements are related to Hong Kong’s export trade structure: About 70% of Hong Kong’s total exports are electronic products. As many places implement social isolation measures or adopt methods of working and studying from home, the demand for computers, web cameras, medical equipment and other markets has grown rapidly. In addition, Hong Kong's toy exports have also increased as children and teenagers spend more time at home.
Hong Kong Trade Development Council surveys 500 exporters from Hong Kong's six major industries including machinery, electronics, jewelry, watches, toys and clothing every quarter to understand their views on the recent export prospects. High and low indexes represent optimism. Or be bearish on the market situation and use 50 as the dividing line between boom and bust. The bureau’s latest survey shows that this quarter’s index rose sharply by 9.7 points to 48.7 from the previous quarter, with almost all industries and export markets recording positive growth, reflecting the continued improvement in exporter sentiment. Among them, the machinery industry rose 13 points to 55.9, and the electronics industry rose 9.8 points to 48.8, an increase higher than the overall level.
“After considering a number of factors, the Hong Kong Trade Development Council decided to raise this year’s export growth forecast from 5% to 15%.Under the low base effect, this is Hong Kong's strongest export rebound since its recovery from the financial crisis in 2010. "The Hong Kong Trade Development Council's research director, Kwan Ka-ming, said, "The upward revision of Hong Kong's export growth forecast this year is mainly due to the flow of orders to the mainland, which benefits Hong Kong, and the performance of Hong Kong's exports to Europe and the United States is better than expected. "
In the medium and long term, compared with Shenzhen, Guangzhou and other places, whether Hong Kong's exports can leverage its existing advantages to better adapt to the new normal of "small order quantity and expensive freight" is still being explored, and its relationship with the Pearl River Delta How the shipping industry in various regions can further divide labor and cooperate to form a better trade import and export network is a new topic that many people in the industry are concerned about during the "Dasai Port" in South China.
