The Port of Hong Kong is losing its prominent place on global trade maps. The city’s port, which was the world’s busiest as recently as a decade ago, slid to No. 5 after a steep drop in container business last year. Volumes has fallen for 18 straight months, as more ships skip the city’s crowded cargo terminals in favor of newer facilities in mainland China. The port ranked fourth in 2014. The slide is partly a symptom of China’s economic slowdown. But the reasons for Hong Kong’s tumbling trade volume run deeper: Ports outside cities such as Shenzhen, Shanghai and Ningbo can unload cargo faster and cheaper, and are closer to China’s manufacturing zones. The new class of megaships also are too big to fit into Hong Kong’s shallow channels fully loaded, but can enter deep-water ports along the Chinese coastline with ease. Hong Kong government officials acknowledge that […]