Core Viewpoint - Hong Kong's port cargo throughput in Q3 2025 decreased by 5.6% year-on-year, totaling 41.3 million metric tons, with inbound cargo down 11.0% and outbound cargo up 3.8% [1] Port Cargo - In Q3 2025, the total port cargo included a 6.7% decline in sea freight and a 3.7% decline in river freight, amounting to 25.5 million metric tons and 15.8 million metric tons respectively [2] - For the first nine months of 2025, sea freight and river freight also saw declines of 5.7% and 5.6%, totaling 77.9 million metric tons and 46.9 million metric tons respectively [2] - Major countries with significant inbound cargo changes in Q3 included Thailand (up 12.2%) and Chile (down 49.1%), while Australia (up 53.8%) and the US (down 48.8%) were notable for outbound cargo [2] - In the first nine months, Vietnam (down 26.2%) and South Korea (down 25.4%) had significant declines in inbound cargo, while Australia (up 35.7%) and mainland China (up 11.9%) showed strong growth in outbound cargo [3] Cargo Types - In Q3 2025, notable inbound cargo changes included "metal ores and metal waste" (up 14.7%) and "coal, coke, and coal balls" (down 13.6%), while outbound cargo saw "stone, sand, and gravel" increase by 100.2% [3][4] - For the first nine months, "metal ores and metal waste" increased by 22.4% inbound, while "stone, sand, and gravel" decreased by 31.8% outbound [4] Container Handling - In Q3 2025, Hong Kong's ports handled 3.1 million standard containers, a decrease of 9.1% year-on-year, with loaded and empty containers down 8.8% and 10.1% respectively [5] - For the first nine months, container handling totaled 9.68 million standard containers, down 4.9%, with loaded containers down 5.9% [5] - Seasonally adjusted loaded container throughput in Q3 showed a quarterly decline of 3.8% [5] Shipping Vessels - In Q3 2025, the number of incoming ocean-going vessels increased by 6.4% to 4,793, with total capacity rising by 2.1% to 72.7 million net tons [7] - For the first nine months, incoming ocean-going vessels rose by 4.2% to 14,199, with total capacity up 0.9% [7]

Core Viewpoint - Maersk estimates that the effective average tariff rate on container goods shipped to the U.S. is 21%, significantly reduced from the peak of 54% prior to the suspension of reciprocal tariffs in April [1] Group 1: Tariff Insights - The effective average tariff rate of 21% is a notable decrease, indicating a potential easing of trade tensions [1] - The suspension of reciprocal tariffs is set to expire in July and August, which may impact global trade and consumer sentiment in the coming months [1] Group 2: Market Demand and Client Behavior - Maersk observed strong growth in container demand during the first half of the year, attributed to clients placing orders ahead of tariff announcements [1] - Many large U.S. clients have reduced their reliance on China, with some apparel and fashion clients depending on China to a single-digit percentage, while other products like home improvement goods still show significant reliance on Chinese manufacturing [1]

Core Viewpoint - The Hong Kong government's statistics for the first quarter of 2025 indicate a decline in port cargo throughput compared to the same period last year, with specific variations in inbound and outbound cargo volumes [1][2]. Port Cargo - In the first quarter of 2025, Hong Kong's port cargo throughput decreased by 3.9% year-on-year, totaling 41.1 million metric tons [1]. - Inbound cargo fell by 10.8% to 24.5 million metric tons, while outbound cargo increased by 8.6% to 16.6 million metric tons [1]. - Seasonal adjustments show a quarterly increase of 2.6% in total cargo throughput, with inbound cargo down by 1.3% and outbound cargo up by 8.9% [1]. Specific Cargo Trends - Sea and river cargo volumes decreased by 3.7% and 4.2% year-on-year, amounting to 25.9 million metric tons and 15.2 million metric tons, respectively [2]. - Notable increases in inbound cargo were recorded from Chile (up 33.3%), while significant declines were seen from Vietnam (down 30.6%), Taiwan (down 23.9%), and several other countries [2]. - Outbound cargo saw significant increases from Australia (up 28.3%), Taiwan (up 22.8%), and mainland China (up 22.5%), while declines were noted from the US (down 31.9%) and the Philippines (down 30.6%) [2]. Specific Goods Trends - Major inbound goods with significant changes included "metal ores and metal waste" (up 24.9%), while "artificial resins and plastics" (down 15.0%) and "stones, sand, and gravel" (down 37.7%) showed notable declines [3]. - Outbound goods with significant changes included "stones, sand, and gravel" (up 122.9%) and "metal ores and metal waste" (up 15.6%), while "artificial resins and plastics" decreased by 20.6% [3]. Container Statistics - In the first quarter of 2025, Hong Kong handled 3.37 million standard container units, an increase of 1.6% year-on-year [4]. - Loaded containers decreased by 3.3% to 2.58 million units, while empty containers rose by 21.2% to 800,000 units [4]. - Seasonal adjustments indicated a quarterly increase of 1.6% in loaded container throughput, with inbound loaded containers up by 3.3% and outbound loaded containers down by 0.4% [4]. Vessel Arrivals - The number of inbound ocean-going vessels decreased by 1.1% year-on-year to 4,506 vessels, with total capacity down by 3.8% to 70.8 million net tons [5]. - Inbound river vessel arrivals fell by 0.7% to 19,800 vessels, while total capacity increased by 22.6% to 2.31 million net tons [5].