Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Friday, Mar 29, 2024

Star Ferry flounders in financial crisis as it records lowest passenger numbers ever

Star Ferry flounders in financial crisis as it records lowest passenger numbers ever

The Star Ferry Company revealed on Thursday that the sharp decline in passengers reached the lowest number ever and caused revenue to plummet this year.
According to a half-year report on franchised service released by the company today, the outlook of the ferry company was on the brink of being seen as ‘uncertain.’

The two franchised routes of the company carried about 3.2 million passengers in the first half of the year, noted the report, seeing a 26 percent drop in the same period in 2021 and a 68 percent decrease compared to 2019.

Fare receipts revenue was reported to fall below HK$10 million this year, 24 percent lower than in 2021 and 65 percent lower than in 2019, with an average income of HK$150 per voyage.

However, the company needed to pay costs of HK$1 million per week, including the total operating expenses, staff salaries, repairs, and maintenance fees.

“Border closure continues to cut the patronage by half,” quoted a spokesperson in the report providing the reasons for the company’s dilemma.

The newly established East Rail extension of MTR contributed to the further marginalization of the ferries, the spokesperson said, since the cross-harbor section of the railway reduced the journey time for passengers.

“The expiration of contact commitments involving some equipment led to a downturn in non-farebox revenue,” added the spokesperson.

Two routes are now in service of the Star Ferry - Wanchai to Tsim Sha Tsui and Central to Tsim Sha Tsui - with fares up to HK$3.20 on weekdays and HK$4.20 on weekends and public holidays.

Chow Cheuk Yin, Star Ferry’s current general manager, said in March this year that the company’s revenue saw a continuous drop from June 2019, accumulating a total loss of more than HK$ 70 million.

In order to maintain service, Chow said, the company has no choice but to pay off its estimated debt, which will likely remain unpaid until 2047.

The iconic ferries with over 124 years of history attract thousands of people around the world.
Newsletter

Related Articles

Hong Kong News
0:00
0:00
Close
It's always the people with the dirty hands pointing their fingers
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
'I am not your servant': IndiGo crew member, passenger get into row over airline meal
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
BMW driver…
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
×