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Incheon Port records highest TEU per quarter in history

Incheon Port Authority (www.icpa.or.kr, CEO Nam Bong Hyeon) revealed on the 30th that the container volume handled by Incheon Port increased by 15.8% from 675,000 TEU in the same quarter last year to 781,000 TEU.

This is the highest number in the quarterly container volume handled in the history of Incheon Port and has set a new record after achieving 700,000 TEU in the 4th quarter last year. This year’s cumulative container volume is 2.251 million TEU.

According to Incheon Port Authority, out of the total cargo volume in the 3rd quarter of Incheon Port, import cargo took up 50.4% with 393,000 TEU, an increase of 45,000 TEU (12.9%) from the same quarter in the previous year. As for export, it was 381,000 TEU, an increase of 61,000 TEU (19.1%) from the same quarter in the previous year. As for transshipment and coastal cargo volume, it recorded 4,743TEU (25.0%) and 1,907TEU (△16.4%) respectively.

Per country, volume to China (470,114 TEU) increased by 19.6% (77,163TEU) and volume to Thailand (35,191 TEU) increased by 39.7% (9,995 TEU). Volume to Iran (11,821 TEU) experienced an increase in the volume since the establishment of the Middle Eastern Route service in June last year, showing a 94.9% (5,756 TEU) increase.

On the other hand, Incheon Port’s container volume last month recorded the highest in the September volume in history with 265,134 TEU which is a 19.6% increase from 221,727 TEU last year. The long festive season, Chuseok, at the beginning of October leading to early shipment seems to be the cause for higher volume in September this year compared to the predicted volume.

Kim Jong Gil, the director of Incheon Port’s Logistics Strategy Bureau stated that “the cargo volume to the Chinese port would continue to take up the highest share in the future but the cargo volume of South East Asia is expected to rise continuously” and that “in the future, we will strive to satisfy the needs of forwarders of import and export by diversifying the routes through the expansion of coast line services in not only South East Asia but also in the America region.”

In the past 5 years, in terms of the annual cargo volume scale of Incheon Port per foreign port, the top 5 ports were all ports in China, Shanghai Port, Qingdao Port, Weihai Port, Shekou Port and Dalian Port. As for Shanghai Port, there was a 10.5% increase in the annual average from 201,000 TEU in 2012 to 300,000 TEU in 2016. Followed by Qingdao Port with a 6.2% increase in the annual average from 214,000 TEU in 2012 to 272,000 TEU in 2016.

As of the cargo volume until September this year, the top 5 ports were Shanghai Port, Qingdao Port, Weihai Port, Shekou Port and Haiphong Port. Shanghai Port recorded 257,000 TEU, a 44,000 TEU increase from the same quarter in the previous year, maintaining its position as the biggest trading port of Incheon Port and Qingdao Port showed the biggest increase rate of 26.6% out of the top 5 ports with 242,000 TEU. As for Haiphong Port, Vietnam, there was a 26.1% increase rate in cargo volume from 85,000 TEU to 107,000 TEU in September’s cumulative last year.

In addition, as for the top 5 ports in terms of increase rate of annual cargo volume to overseas ports above 100,000 TEU of cumulative cargo volume in the past 5 years, Haiphong Port, Ningbo Port, Ho Chi Minh Port, Bangkok Port and Kaohsiung Port, indicating a strength in South East Asian port. Haiphong Port (Vietnam) showed an increase rate of 30.4% in the annual average from 42,000 TEU in 2012 to 122,000 TEU in 2016. Followed by Ningbo Port (China), it showed an increase rate of 19.8% in the annual average from 52,000 EU in 2012 to 107,000 TEU in 2016. Ho Chi Minh (Vietnam), Bangkok (Thailand) and Kaohsiung Port (Taiwan) recorded an increase rate of 18.8%, 17.9%, and 14.7% respective in the annual average.

Source: icpa
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