Incheon Port Container Throughput Surpasses 2 Million TEU... Targeting 3.35 Million TEU by Year-End

Incheon New Port Container Terminal [Provided by Incheon Port Authority]

[Asia Economy Reporter Park Hyesook] Incheon Port Authority (IPA) announced on the 28th that the cumulative container throughput at Incheon Port surpassed 2 million TEUs (1 TEU equals one 20-foot container) on the 18th of this year.

Since first reaching 2 million TEUs in December 2013, Incheon Port has shortened the time to reach this milestone each year. Last year, the 2 million TEU mark was achieved 15 days earlier (on August 3) than this year, but despite adverse conditions such as congestion at major Chinese ports, this year reached 2 million TEUs around the same time as last year.

As of April, the cumulative container throughput at Incheon Port was 1 million TEUs, down 11.5% compared to the same period last year due to the lockdowns at major Chinese ports and the Ukraine war.

However, the decline has gradually lessened since May, and in July, monthly throughput increased by 1.8% compared to the same month last year, showing signs of stabilization.

IPA has actively promoted the expansion of transshipment cargo handled at Incheon Port, resulting in a 32.4% increase in transshipment cargo volume compared to the same period last year. Additionally, it is strengthening services with Southeast Asian regions such as Vietnam, which have high growth potential, by attracting new shipping routes.

IPA plans to pursue various marketing activities to rebound throughput with the goal of reaching 3.35 million TEUs by the end of the year, including ▲ attracting new shipping routes and securing vessel space ▲ improving logistics environment through inter-agency collaboration ▲ activating sea-air combined transport ▲ operating programs to reduce logistics costs.

An IPA official stated, "The second half of the year is expected to be challenging due to factors such as US interest rate hikes, consumption contraction amid stagflation concerns, and ongoing global supply chain uncertainties," adding, "We will actively carry out marketing activities to achieve the 3.35 million TEU target by leveraging the growth in trade with Southeast Asian countries and Incheon Port’s geographical advantages."

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