Press Release

The Container Handing Volume by the Port of Incheon is expected to reach 3.08 million TEU this year

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2017.08.18. 1779

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[August 3, 2017, Incheon, Republic of Korea]

It appears that the container handling volume of the Port of Incheon would reach 3.08 million TEU, exceeding its annual goal (3 million TEU).

 

On August 3, the Incheon Port Authority (IPA) announced that its container handling volume for the second half of the year would be 1.61 million TEU, totaling 3.08 million TEU for 2017.

 

According to the ‘Analysis of 2017 Container Volume for the First Half and Estimation for the Second Half’ performed by the IPA based on the performances during the first half and current trends, it is expected to reach up to 3.08 million TEU, 14.9% increase from the prior year.

 

Recently, the Port of Incheon has revealed continued increase in trading volume. During the first half, it handled 1.47 million TEU and is forecasted to cope with 1.61 million TEU in the second half because container handling volume is usually higher in the second half than in the first half. In fact, the percentage of the trading volume for the second half to the first half has continuously increased (7.3-16.5%) since 2013.

 

In addition, empowered by the ongoing record-breaking pace renewing the highest monthly trading volume for 16 consecutive months starting March last year, the IPA is expected to reach 2 million TEU by September, one month earlier than the prior year.

 

In terms of the causes of such increase in container handling volume at the Port of Incheon during the first half of the year, the followings were mentioned: Additional opening of the Incheon New Port SNCT, Korea-China and Korea-Vietnam FTAs, global economic recovery and increase in the use of the Port of Incheon by the shippers in the capital region due to reflection effects from the collapse of Hanjin Shipping since October last year. The IPA predicts that this trend would continue in the second half, and that if the Incheon New Port HJIT grand-opens in November, the container handling volume would reach up to 3.08 million TEU, surpassing its annual goal (3 million TEU). 

 

In addition, with active marketing since Nam Bong-hyun was appointed as the President of the IPA in February this year, new container routes between the Port of Incheon and China/Vietnam have been developed. Furthermore, the cargoes from the Americas such as refrigerated and frozen livestock products have been imported in a consistent and stable fashion. Therefore, the container handling volume by the Port of Incheon has continuously increased.

 

In particular, the authority has been active in finding the factors which diminish the competitiveness of the Port of Incheon since last year to help port users such as shippers and carriers get logistics services conveniently and made continued efforts in improving logistics environments such as development of parking lots for trucks at the Incheon New Port, transport of empty containers at night and construction of bonded warehouse for the Incheon New Port LCL*. All these have had a positive effect on increase in container handling volume.

*LCL: It stands for “Less than Container Load”. It refers to a shipment that is not large enough to fill a standard cargo container.

 

Furthermore, the IPA has drawn positive responses from shippers through the establishment of a quick quarantine system for refrigerated and frozen cargoes such as livestock products and food materials in close cooperation with related organizations including the Central Regional Headquarters of Animal and Plant Quarantine Agency, Incheon National Quarantine Station and Incheon Main Customs. After all, all these efforts targeted to improve port users’ difficulties have paid off.

 

The IPA plans to continue current patterns in the second half of the year and promote concentrated marketing in connection with the shippers of target cargoes such as fruit and fresh food with a goal of accomplishing its goal (3 million TEU).

 

Nam Bong-hyun, President of the IPA, said “I’d like to thank the owners of goods who use the Port of Incheon and all people working for the Port of Incheon including the terminal operating companies (TOC), shipping companies, CIQ and port transport union that have been fully supportive in the development of the Port of Incheon and attraction of container volume”. He continued, “We are going to keep working hard to improve port logistics services and increase container trading volume”.

 

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