Valles

Priorities at the helm

Wellington Koo on issues he’d like to focus on during his tenure as the head of the Hong Kong Shipowners Association

Wellington Koo, executive director at Valles Steamship, was elected the new chairman of the Hong Kong Shipowners Association (HKSOA) last month, replacing Anglo-Eastern’s Bjorn Hojgaard who has completed his two-year term at the shipping body.

Speaking with Maritime CEO, Koo, the fourth generation at the helm of privately held Valles, said the key to ensure the southern Chinese city continues to grow as a maritime hub was to entice all strands of the industry to set up there.

Koo concedes that the commercial principals, such as shipowners, managers and traders, are the most important group to try to woo back to Hong Kong.

“They are the drivers of the maritime industry and generate business for the service companies. If more of these principals are attracted to Hong Kong, related service providers, such as brokers, insurance companies and maritime law firms, will follow,” Koo says.

Shipowners and managers may continue to leverage the support of a wide range of high value-added maritime services in Hong Kong. Government policies and financial incentives are helpful, Koo says. Last year’s tax concessions for ship leasing and the most recent tax concessions for shipmanagement companies are good examples of this.

Koo is also happy to see greater government spending going to bolster the Hong Kong Shipping Register, the world’s fourth largest shipping flag.

Now what Koo would like to see - ideally during his two-year tenure at the HKSOA - is a visionary, strategic plan.

“Through the Hong Kong Maritime and Port Board and in consultation with industry stakeholders, the government could formulate a comprehensive strategy to promote the long-term, sustainable development of the industry,” Koo urges, adding: “This is essential, especially as the world is now in the New Normal, there is requirement for thoughtful leadership and careful planning, as well as vision and determination.”

Another important part of Koo’s time at the top of the HKSOA will be fostering ties with southern Chinese cities as part of the Beijing-backed Greater Bay Area initiative.

“The Greater Bay Area development plan holds the potential to resolve certain structural issues, in particular the shortage of land and manpower resources, which over the years has limited maritime development in Hong Kong,” Koo says.

The Greater Bay Area also provides a “great opportunity”, Koo says, for the transformation of Hong Kong’s maritime industry into one driven by knowledge and innovation, especially as green and smart shipping are top priorities.

Expect the HKSOA to be working hard behind the scenes to resolve many local - and international - issues facing shipping while Koo is at the helm.

Once the two years are up, it’ll likely be his deputy, Angad Banga, from the Caravel Group, who will take charge - he’s profiled on page 35. ●