Gwangyang Port Hinterland Cargo Volume Achieved Record High Last Year

700,000 TEU with a 29% Increase Compared to the Previous Year... Highest Growth Rate Nationwide

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] Yeosu Gwangyang Port Authority (President Cha Min-sik, hereinafter referred to as the Authority) announced that the cargo volume handled at the Gwangyang Port hinterland complex last year reached a record high of 700,000 TEU.

This represents an increase of 160,000 TEU (29%) compared to 540,000 TEU the previous year, marking the largest growth ever recorded. This achievement is particularly notable given that major port hinterland complexes such as Busan Port and Incheon Port experienced declines in cargo volume.

On the 24th, the Authority explained that this result was due to proactive responses to adverse external environmental changes such as the COVID-19 pandemic, temporary closures of Chinese ports, and the global shipping alliance restructuring, including attracting new companies, expanding investment in logistics warehouse facilities, and rent reductions.

They also added that through the expansion of container storage facilities and export transit volumes, a high cargo volume growth rate was realized despite the crisis.

In particular, it was noted that not only quantitative growth in cargo volume but also qualitative growth such as diversification of handled items was remarkable.

In addition to existing petrochemical and steel products, feed raw materials, and paper products, the industries and handled items have diversified to include marine industry R&D, export masks, and new renewable bio raw materials.

Lee Jang-mok, Head of the Logistics Complex Division, said, “Despite the domestic and international crisis caused by COVID-19 last year, we were able to achieve good results through solid operation of the hinterland complex and mutual support for resident companies. This year, we will contribute to revitalizing Yeosu and Gwangyang Ports and the regional economy through strategic attraction of global companies and creation of various port added values.”

Meanwhile, concerns have been raised that the immediately available Gwangyang Port hinterland complex is insufficient and that the cargo volume generation may have reached its limit.

In response, the Authority plans to prepare efficiency measures for the port hinterland complex and secure and supply leasable hinterland complexes in a timely manner through expansion of multimodal logistics and manufacturing facilities, acquisition of the Sepung Industrial Complex, and development of the northern hinterland complex.

This content was produced with the assistance of AI translation services.