80% of Hong Kong fishing vessels grounded before moratorium due to high fuel prices

AdvertisementHong Kong economyHong KongHong Kong Economy80% of Hong Kong fishing vessels grounded before moratorium due to high fuel pricesMoratorium planned for May 1 but going out to sea already untenable for most fishermen as sector leader warns fish supply likely to fall 3-MIN READ3-MIN ListenOscar LiuPublished: 1:47pm, 8 Apr 2026Updated: 1:50pm, 8 Apr 2026Up to 80 per cent of Hong Kong’s fishing vessels have suspended operations nearly a month ahead of a planned moratorium, according to a sector representative, as the doubling of “red oil” prices caused by the war in the Middle East has made going out to sea untenable for operators. Representatives for local transport and maritime sectors welcomed the two-week ceasefire announced by the US and Iran and the subsequent reopening of the Strait of Hormuz, but called for targeted, temporary government subsidies to alleviate the financial strain of surging fuel prices. Cheung Siu-keung, chairman of the Hong Kong Fishermen Consortium, said on Wednesday that the maritime sector was among the hardest hit, and that 70 to 80 per cent of the local fishing fleet had grounded their vessels before a planned moratorium from May 1 to August 16, as they could no longer afford industrial “red oil”, whose price had more than doubled since the start of the war. Advertisement“Given the current value of fish catches, the income generated is not even enough to cover the cost of the diesel used,” Cheung told a radio programme, noting that fuel accounted for 30 per cent of fishermen’s total operating costs, and that 80 to 90 per cent of them had been operating at a loss. Red oil, or diesel which is dyed to indicate that it is tax-free for marine and industrial use, is a vital low-cost fuel for Hong Kong’s ferries and fishing vessels. AdvertisementCheung said the price of a 200-litre (53-gallon) drum of red oil had risen from around HK$1,000 (US$128) to over HK$2,000 since the US and Israel launched attacks against Iran on February 28. AdvertisementSelect VoiceSelect Speed0.8x0.9x1.0x1.1x1.2x1.5x1.75x00:0000:001.00x