"YICT's throughput growth in the first nine months of 2019 was mainly attributed to the growth in empty and transshipment cargoes, but partially offset by the decrease in US cargoes. The drop in HPH Trust Kwai Tsing's throughput was mainly due to the decrease in intra-Asia and transshipment cargoes," it said.In Hong Kong, HPH Trust operates Hongkong International Terminals, Cosco-HIT Terminals and Asia Container Terminals.
Looking ahead, the trust expects global trade to be sluggish on the back of intensifying trade tensions, slowing manufacturing and business activities, and elevated geopolitical and economic risks and uncertainties. "While the bilateral trade talk between the US and China resumed, it is not expected that the trade dispute can be fully resolved shortly and will continue to weigh on HPH Trust's performance.
"Given the uncertainties in the global trade outlook, HPH Trust management remains cautious about future cargo trends and will continue to adhere to cost discipline and efficiency improvements in order to face the challenges ahead," it said. It also believes that the continued deployment of mega vessels will necessitate investment in port facilities and continuous process improvements by deepwater port operators.