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Monday, October 22, 2018

Maritime Logistics Professional

January 11, 2018

Port of Incheon Volume Crosses 3 mln TEU

Photo: Incheon Port Authority

Photo: Incheon Port Authority

 The Container Handing Volume by the Republic of Korea's  Port of Incheon surpassed 3 million TEU that it has processed over 1 year. 

 
3 million TEU refers to 300 million container volume of 6.1m container box (Twenty-foot Equivalent Unit) and if the containers are connected in a line, it is equal to a distance of 24 route trips between Seoul and Busan (380 km)
 
Incheon Port’s 3 million TEU is a record achieved in 12 years after achieving 1 million TEU (2005) and in 4 years after achieving 2 million TEU (2013) and based on the 2016 performance, it is the best performance and accomplishment in history, putting it in 47th place out of the global container ports.  
 
Such container volume was handled with 49 sea routes. 49 sea routes is almost two folds from 2005 when Incheon Port Authority (IPA) was established with 26 sea routes, signifying that the services provided by Incheon Port has become diversified and the network has expanded, ultimately leading to the increase in the container volume.   
 
In addition, besides the container volume, the impact of Incheon Port on the regional economy is significant. The proportion of comprehensive port logistics industry out of Incheon region’s gross national product is 33.8% and 6.4 jobs are generated per 10,000 TEU so achieving 3 million TEU in 2017 equals to incurring employment of 1,920 people.
 
South Korea