The location of Ocean Terminal was once a wharf pier on the west shore of Tsim Sha Tsui. Rebuilt and enlarged for use as a cruise terminal, it also served as a multi-story shopping centre. Ocean Terminal opened on 22 March 1966, signifying the increasing wealth of Hong Kong. Costing HK$70 million, its 112 shops made it "the largest shopping centre" in Hong Kong.
The annual berth utilisation rate of Ocean Terminal in Tsim Sha Tsui, which offers two berths accommodating vessels of up to 50,000 tonnes, rose to 76% last year from 71% in 2003. Between 2001 and 2005, some 11 cruise vessels had to berth mid-stream and at container terminals because Ocean Terminal could not meet market demand.