The 2026-27 budget has been welcomed by the Hong Kong Shipowners Association (HKSOA) with many of its recommendations being accepted by the government. The association has expressed its appreciation for the various initiatives aimed at supporting the maritime sector, including tax concessions for eligible commodity traders and a new incentive scheme for green fuel-powered vessels registered in Hong Kong. These measures are expected to provide much-needed relief to shipowners operating in the region, who have been facing increased costs and regulatory pressures in recent years.
The government has also introduced a dual registration system for ships, which is seen as a positive move by the HKSOA. This new system will allow shipowners to register their vessels in both Hong Kong and other jurisdictions, providing greater flexibility and convenience for operators. The association believes that this move will help to increase trade and investment in the region, while also promoting the use of green shipping technologies.
The budget also includes provisions for the launch of more large-scale maritime events in Hong Kong, which is seen as a major boost for the industry. These events will be organized in collaboration with global maritime organizations, providing a platform for shipowners, operators, and other stakeholders to connect and do business. The association believes that these events will help to promote Hong Kong's position as an international finance, shipping, and trade center.
The government has also committed to driving green shipping investment, smart logistics, and digital transformation in Hong Kong. This is seen as a major step forward for the industry, which is facing increasing pressure to reduce its environmental impact. The association believes that these initiatives will help to consolidate Hong Kong's position as a leader in the global maritime sector.
The HKSOA has also welcomed the government's commitment to supporting talent development in the industry. The association has launched an initiative called the Maritime Talent Cultivation Alliance, which brings together 16 founding members from industry, education, and government. This alliance aims to strengthen industry-education integration and provide more opportunities for young people to develop careers in the maritime sector.
The association's chairman, Richard Hext, has expressed his gratitude to the government for its support. He believes that the budget initiatives will help to address some of the challenges faced by Hong Kong's maritime sector, including geopolitical developments and global decarbonization trends. The association is therefore pleased that the government is taking steps to promote the industry's growth and development.
The HKSOA has also called on the government to review and expand the scope of the Maritime and Aviation Training Fund. This fund provides financial support for training programs in the maritime sector, but the association believes that it should be made available to more young people. By doing so, the government can help to address a major shortage of skilled workers in the industry.
The launch of the Maritime Talent Cultivation Alliance is seen as a positive step forward for the industry. The alliance brings together industry, education, and government stakeholders to promote industry-education integration and provide more opportunities for young people to develop careers in the maritime sector. The association believes that this initiative will help to address some of the challenges faced by the industry, including talent shortages and skills gaps.
The overall impact of these initiatives is likely to be positive for Hong Kong's maritime sector. By supporting shipowners, promoting green shipping technologies, and driving talent development, the government can help to consolidate Hong Kong's position as a leader in the global maritime sector. The association believes that these initiatives will help to promote the industry's growth and development, while also addressing some of its major challenges.
The budget initiatives are seen as a major boost for Hong Kong's economy, which is heavily reliant on international trade and shipping. By supporting the maritime sector, the government can help to promote economic growth and stability in the region. The association believes that these initiatives will have a positive impact on the industry's competitiveness and attractiveness to investors.
The future of Hong Kong's maritime sector looks promising, with many new initiatives aimed at promoting its growth and development. By supporting shipowners, promoting green shipping technologies, and driving talent development, the government can help to consolidate Hong Kong's position as a leader in the global maritime sector. The association believes that these initiatives will have a positive impact on the industry's competitiveness and attractiveness to investors.
The government's efforts to address the challenges faced by Hong Kong's maritime sector will likely have a positive impact on the industry's growth and development.
