HONG KONG – The bustling port city became the epicenter of maritime innovation as thousands of maritime leaders, policymakers, and industry experts gathered for the Hong Kong Global Maritime Trade Summit on Nov. 18.
Themed Risk & Resilience in an Age of Disruption, the event underscored Hong Kong’s critical role in shaping the future of sustainable maritime trade while addressing pressing global challenges such as climate change, trade protectionism, and workforce mobility.
The summit, hosted by the International Chamber of Shipping (ICS), reaffirmed Hong Kong’s standing as a global maritime hub, setting the stage for pivotal discussions on navigating an increasingly complex trade landscape.
Hong Kong Secretary for Transport and Logistics, Lam Sai-hung, opened the summit by emphasizing the city’s strategic importance to the maritime industry.
“It can only be right to choose Hong Kong as the host city for these important dialogues among government ministers and industry leaders of maritime and trade,” he said.
Over the course of the maritime week, panelists and speakers delved into issues such as geopolitical tensions, decarbonization, and the need for international collaboration.
Lam highlighted Hong Kong’s proactive approach to green shipping practices, including its groundbreaking green incentive scheme for ships achieving top ratings under the International Maritime Organization’s (IMO) carbon intensity indicator.
Fighting trade protectionism
The summit also spotlighted the fight against protectionism, with nations like the Philippines taking a firm stand. Department of Transportation (DOTr) Undersecretary for Maritime Sector Elmer Francisco U. Sarmiento reiterated the country’s commitment to free trade and the unhampered movement of maritime workers.
“Shipping relies on the free movement of workers or seafarers to embark or disembark from sea vessels,” Sarmiento said, emphasizing the crucial role of seafarers in sustaining global commerce.
He called for balanced cross-border policies that harmonize the interests of flag and territorial states, ensuring uninterrupted global trade while advocating for the welfare of seafarers.
“The Philippines supports the fight against protectionism and champions the free influx of laborers and seafarers,” he added.
Collaborative growth
Acknowledging the interconnected nature of global trade, the Philippines highlighted its economic ties with China, its primary source of imports. Sarmiento urged further trade collaborations to foster mutual growth despite trade imbalances.
“Our seafarers play a vital role in global commerce. It is only fitting that we protect and empower them,” he stressed, aligning the welfare of maritime workers with broader international trade objectives.
Hong Kong echoed this sentiment, unveiling a multifaceted strategy to build a green maritime ecosystem.
As part of its ambitious Action Plan on Green Maritime Fuel Bunkering, the city aims to establish itself as a leading hub for green shipping fuels.
Building a green maritime future
Launched on Nov. 15, Hong Kong’s action plan outlines clear targets, including reducing emissions from Hong Kong-registered ships by 11 percent by 2026 and switching 55 percent of the government’s diesel fleet to green maritime fuels.
Lam emphasized that such measures are aligned with the IMO’s goal of net-zero carbon emissions by 2050.
To support these initiatives, the city is prioritizing infrastructure and talent development.
Plans include establishing green maritime fuel storage facilities, incentivizing green practices through a Green Maritime Fuel Bunkering Scheme, and conducting the first liquefied natural gas (LNG) ship-to-ship bunkering demonstration by 2025.
Hong Kong also seeks to secure its future as a maritime hub by nurturing talent through international partnerships and training programs designed to equip the next generation of industry leaders.
‘Super-connector’
Positioning itself as a “super-connector,” Hong Kong continues to facilitate collaboration among governments, industry leaders, and stakeholders.
With over 9,000 overseas and mainland companies operating within its free-market economy, the city provides an efficient, globally connected trade infrastructure that adheres to international standards.
As the summit concluded, participants reaffirmed the need for collective action to address the evolving challenges of the maritime industry.
“Hong Kong’s commitment to building a more sustainable, prosperous, and interconnected maritime future is unwavering,” Lam said.
Part of the broader Hong Kong Maritime Week 2024, which attracted 14,500 maritime experts and stakeholders, the summit offered a platform for groundbreaking ideas and partnerships, reinforcing the city’s determination to shape a sustainable and resilient global maritime industry.
With such bold initiatives and a clear roadmap, Hong Kong is set to redefine the future of maritime trade, serving as a benchmark for innovation, sustainability, and international cooperation.