03-05-2016

Incheon port sees 1Q box volumes rise 7.6pc to 579,495 TEU

Incheon

SOUTH Korea's Incheon Port Authority has announced that total container volumes in the first quarter rose by 7.6 per cent compared to the same period last year to 579,495 TEU.

Import cargo increased by 22,644 TEU year on year to 297,843 TEU, accounting for 51.4 per cent of the total cargo volume. 

Exports reached 275,098 TEU, up 17,045 TEU from a year ago. The volume of transhipment and coastal shipments stood at 4,226 TEU and 2,329 TEU, respectively, reported Business Korea. 

Trade volume with China grew by 8.1 per cent to 340,062 million TEU due to an increase in both imports from China and empty containers handled at the port. 

The trade volume with Vietnam came to 48,733 TEU, up 12.7 per cent from a year ago, due to Korean manufacturers' investing more in the Southeast Asian nation.

By region, the trade volume with Asia, including China and Southeast Asia, rose by 8.4 per cent and 8.2 per cent, respectively. Trade volume with Europe and the Middle East fell by 37.1 per cent and 31 per cent, respectively.

Bulk cargo volume over the reporting period registered an 11.5 per cent increase year on year, to grow to 31.44 million revenue tons (RT), which is the weight or volume unit to determine freight rates. 

The port authority's director of the operating division, Hong Kyeong-won, said: "As some 50 per cent of the newly built plants nationwide are concentrated in the metropolitan area, the vicinity of the Incheon port, the trade volume is expected to increase continuously."

Source: Schednet

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