Incheon Port Expected to Handle 3.08 Million TEUs in 2017

The Incheon Port Authority (IPA) announced on August 3 that the total volume of container cargo transported via Incheon Port in the first half of this year will reach 1.61 million TEUs.

According to a report titled “2017 First Half Cargo Volume Analysis & Second Half Forecasts” released by the IPA, cargo volumes at Incheon Port are also expected to stand at 3.08 million TEUs this year, up 14.9 percent from a year ago, based on the results and trends of the container cargo volumes in the first half of the year.

Incheon Port has recently shown a continuous increase in cargo volumes and is expected to handle 1.47 million TEUs in the first half of the year and 1.61 million TEUs in the second half. The IPA said this is because the cargo volumes at the port are usually higher in the second half than the first half. Incheon Port has seen its cargo volumes grow 7.3 percent to 16.5 percent in the second half from the first half since 2013.

In addition, the IPA expected that the cargo volumes will surpass 2 million TEUs early September this year, a month earlier than last year, as the figures have been reaching a new monthly record for 16 months in a row from March last year to June this year.

The IPA said the increase in container volumes at Incheon Port in the first half of the year is largely due to an additional opening of Sunkwang New Container Terminal (SNCT) at Incheon New Port, South Korea’s FTAs with China and Vietnam, global economy recovery and shippers’ increasing use of Incheon Port which is an reflect effect of the Hanjin Shipping issue that has kicked in October last year. When the current trend continues to the second half of the year and the Hanjin Incheon Container Terminal (HJIT) at Incheon New Port completely opens in November, Incheon Port’s container volumes will amount to 3.08 million TEUs, exceeding its initial goal of 3 million TEUs.

“We wish to thank everyone who provides general supports to develop Incheon Port and attract its cargo volumes, such as terminal operators, ship owners, cargo terminal customs, immigration & quarantine (CIQ) service providers and port transportation union, as well as shippers who use Incheon Port. We will make more effort to improve the level of port logistics services and attract cargo volumes,” said Nam Bong-hyun, president of the IPA.