Weak throughput continues to haunt HPH Trust’s Hong Kong ports

April figures were down 9%.

Hutchison Port Holdings Trust (HPH Trust)’ Hong Kong ports are still struggling in April, though Shenzhen remains a bright spot.

According to a report by OCBC, throughput sank 9% YoY to 1.2m TEU for Hong Kong Kwai Tsing Container Terminals. On the flip side, Shenzhen’s monthly throughput inched up 4% to 1.9m TEU.

Thus far in the year, container throughput at Kwai Tsing is down 11.1%, while that at Shenzhen is flat at 0.1% lower than in the same period in 2015.

OCBC notes that smaller Asian and European container-shipping operators, including the world’s sixth biggest player by capacity—Hapag-Lloyd, have teamed up in response to the recent wave of dominant players’ consolidation.

Meanwhile, given the sustained weakness in container throughput at Kwai Tsing and the current consolidation, OCBC remains concerned that HPH Trust’s management-guided improvement in H2 operating results will not realize.