Incheon Port Reaches 2.5 Million TEU Milestone

Incheon Port Container cargo volumes at South Koreas Incheon Port exceeded 2.5 million TEUs for the first time ever. With this trend going, Incheon Port is expected to handle a total of 2.68 million TEU container volumes by the end of this year, representing a 12% increase from last years 2.37 million TEU. Container volumes on a steady increase at Incheon Port are attributable to the efforts for negotiations, cargo volumes and developing new routes to improve service quality through joint efforts made by the IPA, the related governmental authorities, such as port, quarantine and customs authorities, and the private port-related organizations like port operators among others, Incheon Port Authority (IPA) said. Incheon Ports cargo volumes have been on a steady increase since reaching 1 million TEUs for the first time in 2005 when the IPA was established. The IPA reached 2.5 million TEUs in three years after hitting 2 million TEUs in 2013. Incheon Port aims to achieve 3 million TEUs in 2018. China, the largest trading partner of Incheon Port, was the country that led an increase in Incheon Ports cargo volumes this year, according to IPA. Cargo volumes for trade with China stood at 1.5 million TEUs by December 15, which is an increase of 10% from the previous year. In the same period, the IPA saw 25.2% increase in cargoes for trade with Vietnam compared to the previous year by handling 220,000 TEUs. Taiwan, the United States and Iran also recorded 96,000 TEUs, 19,000 TEUs and 9,000 TEUs, respectively. Incheon Port currently offers 45 routes, including three routes to the Americas, the Middle East and Africa.