Up to 80% of Hong Kong fishing vessels have halted operations due to fuel price surge
Between 70% and 80% of fishing vessels in Hong Kong have suspended operations as the rising cost of diesel fuel has made fishing economically unviable.
Source SCMP
Zhang Shaoqian, chairman of the Hong Kong Fishermen's Consortium, reported that income from catches no longer covers fuel expenses, forcing many vessels to remain docked. Diesel prices increased by 30% in Hong Kong and around 20% in mainland China due to US and Israeli attacks on Iran.
Fuel used in marine and industrial sectors, which is tax-exempt, has more than doubled in price. This development threatens to reduce seafood supply in the near future.
The fishing industry in Hong Kong faces significant challenges due to external geopolitical factors and economic pressure affecting the cost and profitability of fishing operations.
Hence, the high fuel prices may lead to further declines in active vessels and consequently reduce local and export fresh fish supplies.
The situation is likely to prompt authorities and the fisheries sector to explore cost compensation measures or alternative fuel sources to sustain the fishing industry.
