Sinokor Merchant Marine's logistics subsidiary Kookyang Logitech is investing US$38 million to develop a logistics facility in South Korea's second-busiest container port, Gwangyang.
Founded in 1998, Kookyang Logitech operates logistics facilities at five South Korean ports and two inland bases. In February, Yeosu Gwangyang Port Authority selected Kookyang Logitech as the preferred bidder to operate a logistics facility in the western hinterland.
Kookyang Logitech expects to generate additional container volumes of 80,000 TEU and create 100 new jobs.
YGPA is expanding Gwangyang port's eastern and western hinterlands, a move targeted at improving the utilisation of underused public spaces in those areas. The construction is expected to take a year, and is scheduled to be finished in early 2024. Around 200,000 square metres of space will be set aside for logistics facilities.
YGPA expects that more cargo to come from transhipments generated by the major container shipping alliances as the logistics facilities will be equipped to handle IMO Class 1 and 2 cargo.
An official of YGPA said, “Thanks to the interest in Gwangyang Port, we were able to successfully attract tenants.We will contribute to the establishment of self -sufficiency, cargo creation port and job creation through consultation with the selected priority negotiations.”
Martina Li
Asia Correspondent
