Hong Kong eyes shipping boost from China's new silk road, Iran

Athens

HONG Kong's crucial shipping trade is hoping China's overseas infrastructure plan and closer business ties with Iran will enable the city to tackle the downturn in the seaborne sector and tougher competition, officials said.

The global container sector, which transports everything from bananas to iPhones, as well as the dry bulk shipping market hauling commodities including iron ore and coal, is struggling with a glut of ships, a faltering global economy and weaker consumer demand - pressuring freight companies as well as ports that handle the volumes.