Yeosu Gwangyang Port Authority Implements New Incentive System for 2022

Laying the Foundation to Achieve Gwangyang Port's Target Cargo Volume of 2.22 Million TEU This Year

[Gwangyang=Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] Yeosu Gwangyang Port Authority (President Park Seong-hyun) announced on the 18th that it will establish and implement a solid Gwangyang Port incentive system to achieve the 2022 container cargo volume target of 2.22 million TEU.

The 2022 incentive system was established within a budget of 6 billion KRW based on four major reform directions: supporting export companies' shipping space, increasing transshipment cargo volume, attracting one new service per shipping company, and setting targets for terminal operators.

In particular, the authority plans to actively support incentives for export shipping space to North America and other regions, compensate for increases in transshipment, strengthen route connectivity through newly established route incentives, and realistically set target cargo volumes for operators.

Since President Park Seong-hyun took office in December last year, the authority has been promoting company-wide "feet-on-the-ground sales" targeting major shipping companies at Gwangyang Port to attract new services and generate container cargo volume.

An official from the authority said, "Since President Park's inauguration, he has personally met with representatives of about 20 shipping companies over two months to lead cargo volume attraction. Currently, the container ratio between the country's largest port and Gwangyang Port is 11:1, and the sales strategy for this year is to adjust it to 10:2 within this year."

Meanwhile, in January, the authority signed a business agreement with the Yeosu Port Pilots Association to reduce pilotage fees for new vessels on European routes by up to approximately 240 million KRW annually, and revised usage fee regulations to reduce port charges such as container ship entry and exit fees by 50%.

Gwangyang=Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik hss79@asiae.co.kr

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