FS said the government is ready to handle the fallout from the Strait of Hormuz's closure
發佈日期: 2026-03-01 20:57
TVB News
Amid escalating tensions in the Middle East,Iranian authorities have shut down the Strait of Hormuz stoking fears of a surge in the cost of transportation among the business sector.
This as Financial Secretary Paul Chan said the government has sufficient contingency plans to deal with the situation.
Iran's Islamic Revolutionary Guard Corps earlier announced a full-scale closure of the Strait of Hormuz --one of the world's most essential routes in the oil trade connecting the Persian Gulf with the Gulf of Oman.
Hong Kong's import and export sector noted few of the city's cargo ships pass through the strait,but expects shipping costs and insurance will experience an upward trajectory as a result of skyrocketing oil prices coupled with the effects of tariffs.
This would affect the costs of items
such as daily necessities and clothes imported from abroad.
Peter Hui, the Chairman of the Hong Kong Shippers' Council,believes the rising costs could have a significant impact on more sensitive sectors,but stressed that any major surge in costs in the near future is unlikely, owing to February and March traditionally being low seasons for shipping.
He added that with the mainland seeking to expand its Middle Eastern market via the Belt and Road Initiative, the continuation of the conflict does not benefit anyone in the business sector.
This as Financial Secretary Paul Chan noted the Middle Eastern conflict has brought about many uncertainties and destabilised financial markets, and urged for the speeding up of cash flow.
The FS further said Hong Kong is prepared for the volatility and it's possible Hong Kong may serve as a safehaven for Middle Eastern capital with many in the region seeking shelter for their assets.
