Boston, MA -- (SBWIRE) -- 08/02/2013 -- Hong Kong's freight transport sector's outlook is looking brighter in 2013, with the country set to benefit from recovery in the US, one of the major demand markets, which the country caters for in its role as a maritime and aviation hub.

US demand is set to continue on its recovery course in 2013, while eurozone remains a lingering concern, although we believe that the crisis has migrated from an acute to a more chronic phase. On balance however, these will have a positive effect on throughput at Hong Kong's port, which caters as a container shipping hub for Asia, and also the country's air freight volumes, with Hong Kong boasting the busiest cargo airport globally. The port of Hong Kong's return to growth in box throughput in 2013, however, was hindered by a 40-day strike at the port. Hong Kong's air freight volumes are forecast to increase by 2.4% in 2013 after a growth of 2.2% in 2012.

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Domestic freight volumes have been negatively hit in 2012, with the country's road freight declining by 1.8% on the back of a slowdown in macroeconomic growth, with Hong Kong's real GDP in 2012 slowing down to 1.4% from 4.8% in 2011. In 2013 the country's economic growth is forecast to expand y-o-y by 3.3%, which will boost demand for domestic freight. We therefore project improved growth dynamics for Hong Kong's road freight leading to a negative growth of just 0.1% in 2013.

Headline Industry Data

- 2013 Air freight tonnage is expected to grow by 2.4%.
- 2013 Port of Hong Kong throughput is forecast to grow by 1.2%
. - 2013 Road freight is forecast to increase by 0.1%.
- 2013 Inland waterway freight is forecast to decrease by 1.0%
- 2013 Total real trade growth is forecast at 2.4%.

Key Industry Trends

Cathay Acquires Three More Boeing 747-8 Freighters: Cathay Pacific purchased three more Boeing 747-8 freighters from Boeing Company in March 2013. The delivery is expected in 2013. Besides these three planes, the company also acquired options to purchase five Boeing 777-200 freighters. In addition, Cathay Pacific and Boeing agreed to cancel an existing order for eight Boeing 777-200 freighters, and Boeing also will acquire four Boeing 747-400 converted freighters from Cathay. The order for the eight Boeing 777-200F was made in August 2011, with planes scheduled for delivery from 2014 to 2016. As a result of these transactions, Cathay Pacific has five 747-8 freighters on order, to be delivered in 2013.

HKIA Continues Growth: Hong Kong International Airport (HKIA) has kept its position of the world's busiest airport for the third year in a row since overtaking Memphis International Airport in 2010. Memphis currently occupies the second place after both airports demonstrated a y-o-y growth in excess of 2% in 2012, with HKIA handling 4.06mn tonnes of cargo.

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