Hong Kong Owners and Managers Staying Put

by K.K. Chadha, Hong Kong

The exodus of shipowners and managers from Hong Kong, expected by some in the run-up to the British colony’s handover to China next July, has not materialized. But some companies have, over the past five years, relocated their technical and operations divisions to other countries, mainly Singapore and Canada, while retaining their corporate headquarters in Hong Kong.

At the time of writing, 82 shipowners and ship managers were among the 220 member companies on the register of the Hong Kong Shipowners Association. The attractions of Singapore and Canada are mainly the tax breaks, but most companies did not consider them tempting enough to make the move. Among the big owners, bulk carrier operator IMC Holdings, which is listed in Hong Kong, and tanker and bulker operator World-Wide Shipping Agency, have moved some operations to Singapore.

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