Incheon Port Surpasses 3 Million TEU

 08 Jan 2018 04.35pm

Incheon Port in South Korea has processed 3.05 million TEU in 2017 to smash its previous record of 2.68 million TEU in 2016.

The result means that its moved ten places in the top global container ports table since last year, ranking it 47th based on TEU, but it projects that it can increase its container volumes by 13.5% in 2018.

At a ceremony held to celebrate the achievement, Incheon Port Authority announced it was setting a target to become one of the World’s top 30 ports by handling reaching four million TEU annually by 2025.

It plans to do this by investing in infrastructure developments and by attracting and pursuing new business.

Read a paper by Ho-Chul Park, Senior Director of Busan Port Authority, on new challenges facing the Busan mega port

Over the last two years, the port’s sea routes have also almost doubled from 26 sea routes in 2015 to 49 sea routes in 2017.

Growth at Incheon Port has had a significant impact on the region’s economy.

The port logistics industry holds a 33.8% share of Incheon region’s gross national product.

Incheon Port Authority (IPA) has reported that 6.4 jobs are generated per 10,000 TEU processed at Incheon — and that achieving 3 million TEU in 2017 has brought 1,920 jobs to the region.

In a statement, Nam Bong Hyeon, CEO, IPA, said: “We will sail more powerfully in order to achieve the 2020 target of 3.5 million TEU through continuous marketing on container volume and attracting sea routes without being satisfied with the present, will actively take part in the policy for generating better jobs and will try harder to work with the relevant companies and groups to increase high quality jobs.”

Kim Jong-gil, Acting Manager of Operating Division of the IPA, said: “We are going to keep making our best efforts to help the Port of Incheon fulfill its duty as a gateway to the capital region and hub port in Pan-West Sea Area through the development of infrastructure such as Incheon New Port hinterland and refrigeration cluster complex.”

Read more: South Korea has revealed that it plans to grow the country's industrial and logistics infrastructure by developing eight of its ports

Image credit: Incheon Port Authority

  Cargo Volumes and Throughput, Container Handling, Containers, Global Economy/Trade, Politics, Port Governance, Port Planning, Ports, Shipping