Press Release

Aggregation results shows Incheon Port achieved 215,976TEU in February, the highest February record in history

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2018.04.03. 586

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○ Incheon Port Authority (www.icpa.or.kr, CEO Nam Bong Hyeon) revealed on the 29th that the container volume handled by Incheon Port in February recorded the highest container volume in history followed by January with 215,976TEU*. It increased by 11.9% compared to 193,040TEU of container volume in the same month last year. 

* TEU (Twenty-feet Equivalent Unit) Unit of 1 20 feet container box

 

○ As for Incheon Port’s container volume in February, import was 112,427TEU, taking up 52.1% of the entire volume. Compared to the same month last year, approximately 310,000TEU increased. As for export, it was 101,730 TEU, an increase of approximately 130,000TEU compared to the same month in the previous year. As for transshipment and coastal cargo volume, it recorded 1,366TEU and 453TEU respectively. 

 

○ Per country, volume to China was 121,484TEU which is a 23.5% increase (23,133TEU) despite concerns for THAAD revenge and trade friction between America and China, pioneering the increase in the entire volume of Incheon Port. As for Vietnam, it also increased by 35.3% compared to the same month in the previous year with 23,421TEU. 

 

○ Per region, it increased by 29.1% (32,968TEU) with 146,286TEU for Far East Asia, 23.3% (50,227TEU) with 40,720TEU for South East Asia. In addition, an increase of 33.3% (1,244TEU) was seen with 4,980TEU. 

 

○ The main cause of increase in container volume last month is assumed to be the mitigation of trade volume reduction despite the long Spring Festival in China and stabilization effect of domestic economy following the North Korea’s x-confirmation to participate in the PyeongChang Olympic Winter Games in January. 

 

○ A total of 212 fleets of full container vessels* have come into Incheon Port in February which is an increase of 2 fleets compared to the same month in the previous year while the handling volume per fleet is average 911 TEU which is a 13.0% increase compared to the same month in the previous year.

* Dedicated container vessel

 

○ Looking at the main product items of increase, other miscellaneous showed an increase rate of 48.5% (152,000RT) compared to the same month of the previous year with 465,000RT* while vehicle and parts increased by 24.3% (330,000RT) with 171,000RT. Out of the 29 product items that have been handled, the volume increased in 25 product items and an increase in volume was seen in the majority of product items.

 

* RT (Revenue Tons) Refers to the revenue ton that becomes the standard for ocean freight charge claim and with regards to freight charge with regards to the freight, in general, the bigger is used for calculation out of weight tonnage and measurement ton.

 

○ Kim Jong Gil, the director of Incheon Port’s Logistics Strategy Bureau stated that “we will do our best to achieve this year’s target of 3.3 million TEU in a year following the increase in container volume” and that “we will endeavor to enhance the Incheon New Port’s Container Terminal operation efficiency by operating logistics support facilities such as empty container shed in Incheon New Port within the first half of this year”.

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