The Incheon Port Authority announced  that the container throughput at Incheon Port had surpassed the annual target of 3.5 million TEUs as of Dec. 26.

According to the IPA, there were concerns about meeting the target as the throughput performance from September to November showed a slowdown compared to the same period last year. However, on Dec. 22, Incheon Port exceeded its previous record of 3.46 million TEUs set last year, continuing its upward trend and surpassing 3.5 million TEUs.

Achieving the 3.5 million TEU target for container throughput this year faced several challenges. Firstly, due to merchant ships bypassing the Red Sea to avoid the Houthi rebels in Yemen, maritime freight rates surged from May to early July, resulting in a decrease in used car exports to the Mediterranean region from Incheon Port. Additionally, domestic private consumption stagnation led to a decline in import cargo from September onwards.

Despite these challenging domestic and international conditions, the container throughput from Incheon Port’s major trading partners, including China, Vietnam, Taiwan, and Hong Kong, showed robust growth. As a result, Incheon Port is expected to record an increase of approximately 90 thousand TEUs compared to last year.

Throughout this year, the IPA actively engaged in port sales efforts to attract new routes and increase throughput, targeting regions such as China, Southeast Asia, and Europe. Notably, in November, the IPA conducted joint marketing in Singapore with four container terminal operators from Incheon Port.

Lee Kyung-kyu, president of the Incheon Port Authority, stated, “Despite the difficult economic and logistics environment both domestically and internationally, we were able to achieve our throughput target thanks to the efforts of shipping companies, forwarding companies, container operators, and other port logistics businesses and organizations.” He added, “Next year, we will strengthen our marketing activities leveraging Incheon Port’s strengths to maintain the growth trend in throughput.”

Source: Business Korea