The Port of Incheon’s container handling volume reaches 2 million TEU
The Incheon Port Authority (IPA) announced that it reached 2 million TEU on September 2 according to the imaginary aggregate of its container handling volume. Compared to last year when the landmark was hit on October 12, this year’s pace is 40 days faster, the company said in its press release.
According to the government agency, the Port of Incheon’s container handling volume reached 2 million TEU for the first time on December 6, 2013. Since then, the pace achieving the landmark has gotten faster every year: Nov. 10, 2014, Nov. 7, 2015 and Oct. 12, 2016.
The IPA said that the Port of Incheon has been able to reach 2 million TEU earlier every year because of increase in trade volume with China and Vietnam after the ROK-China FTA and ROK-Vietnam FTA. In addition, new port facilities with cutting-edge unloading systems such as SNCT and HJIT have opened since June 2015.
With increase in trade volume and new infrastructure, the Port of Incheon has opened new regular container lines covering China, Vietnam and Thailand this year: KHX (March), HP3 (June), TIS (July) and TVX (August). As a result, the trade volume with major countries such as China and Vietnam has dramatically increased from the prior year. Right now, the Port of Incheon has 49 regular container lines.
KHX (Mar. 2017): Incheon – Gwangyang – Busan – Hong Kong – Hai Phong – Xiamen – Incheon
HP3 (Jun. 2017): Incheon – Shanghai – Hai Phong – Yantai – Hong Kong – Busan - Incheon
TIS (Jul. 2017): Incheon – Zhangjiagang – Taicang – Incheon
TVX (Aug. 2017): Incheon – Gwangyang – Busan – Ho Chi Minh – Laem Chabang – Bongkok – Laem Chabang – Ho Chi Minh – Incheon
Furthermore, the IPA has collaborated with container terminal operators, quarantine & customs clearance authority and port service businesses to provide better logistics environment and services. Such efforts have brought increase in trade volume.
It is forecasted that the IPA would enter the world’s top 40 container ports if it adds new container routes, and current favorable domestic and international economic conditions continue until the end of this year. Last year, the South Korean port handled the largest volume (2.68 million TEU, 1TEU = 20-foot container) in its history and ranked 57th, increase by 10 positions from 2015.