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Carriers anxiously await new competition law in Hong Kong

"If we continue to run business they way we are doing now, then we will be operating in defiance of the legislation from January 1," says Tim Smith, Maersk Line's CEO of North Asia.

Photo: Maersk Line

Container carriers in Hong Kong are holding their breath in suspense. They are waiting to see what will happen with the new competition law, which could entail liability claims of 10 percent of the companies' annual revenue. The shipowners are demanding that an exception be made for container ship companies, according to Bloomberg News.

The government has yet to decide when the law, which was passed in 2012, will take effect. But this is expected to happen at the beginning of next year.

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