Yeosu Gwangyang Port Authority(YGPA) reported that their incentive system has been bettered and will be enforced to promote activities of the container terminals.

The system was reformed to concentrate on the cargoes that may be able to increase traffic volume of the port, breaking away from the hitherto allocation of performance based aid funds.

The port authority has decided to pay maximum 15,000 Won per TEU for the increase in import containers(exclusive of empty containers) and transshipment containers(inclusive of empty containers) in order to correct the imbalance of export/import traffic and to expand transshipment cargoes.

The aid fund will be paid at the rate of throughput of related shipping company within the scope of 800 million Won for import and transshipment traffic other than increased one. Further, another incentive is to be provided for the transshipment traffic increased through replacement of the ships in line with new deploy of ultra large ships over 10,000 TEUs

If any transshipment cargoes occur from the replaced ships over 3,000 TEUs, the relevant shipping company is able to receive maximum 15,000 Won per TEU by agreement with the port authority.

Contrary to another incentives that are paid in March or April next year, an incentive for the replaced ships will make the payment feasible right at the time of its completion. Another incentive for the coastal shipping supports 6,000 Won per TEU within 200 million Won along with the government's green growth policy.

In case of port mileage paid to the shippers and freight forwarders, the port authority also adjusted target companies' standards to over 100 TEUs for shippers and to over 50 TEUs for freight forwarders  in consideration of the chances of cargo attraction and implementation of intensive shipper marketing.

The payment target for the best clients' port mileage has also been adjusted to 1,000 TEUs to reinforce marketing campaign towards small and medium freight forwarders.

A staff at the port authority commented "Recently mega ships like 14,000 TEU class MSC and 13,000 TEU class Hanjin started their calling one after another. We've got a green light for the traffic increase in the port of Gwangyang."

He continued "Starting with an incentive reformation, the port authority is going to devote all the energy to marketing campaign for shippers from April so as to increase the traffic."