The Ministry of Land, Transport and Maritime Affairs(MLTM) announced that the whole cargo throughput handled through Korean ports in July had slightly increased totalling 113.22 million tons, which is up 1.4% from the previous year's 111.7 million tons. The cumulative port traffic up to July this year reached 781.58 tons, up 3.2% from 757.4 million tons in 2011. Looking over July's traffic by the ports, the port of Inchon, Daesan and Pyeongtaek/Dangjin rose by 10.5%, 8.2% and 8.1% each thanks to increase in export/import of oil and iron ore products. On the other hand, the port of Pohang and U
It appears that Korea-US FTA has supported exports to the US a lot amid difficult surroundings. After FTA Information Business Support Center analyzed statistics for import customs clearance released by the US's International Trade Commission, Korea's exports to the US during the first half of this year came out to be 29,465 million$, up 5.4% from last year's 27,953 million. This is the result from increasing trend of export in items standing to benefit from FTA such as automobiles(including auto parts), machinery and textiles. Electronic goods and petroleum products, on the other hand, which
The logistics costs in domestic companies are reported to account for 10% of total sales. There is a comment that such high costs result from market domination and inefficient operation by conglomerate(Chaebol) affiliated logistics companies. According to the recent VIP report of 'The problems in domestic logistics industry and plans to upgrade the efficiency' published by Hyundai Research Institute(HRI), the proportion of logistics cost in the sales has appeared to be higher than that of developed countries. The concrete figure shows that Korea 10.8%, the US 7.6% and Japan 8.6%. Astonishingly
It is expected that the increase in passengers and cargoes using Pyeongtaek passenger terminal will speed up. Gyeonggi Pyeongtaek Port Corporation(GPPC) held a presentation meeting to explain the port's current status, vision and development plans to the delegation from the municipality and port of Rizhao, China on 13th August. The delegation's visit was to come up with some ideas to increase passengers and cargoes on the route between Pyeongtaek and Rizhao. GPPC gave them an intensive explanation about investment conditions, development plans and dock facilities of the port. Mr. Choi Hong Chu
The business results of domestic shipping companies in the 2nd quarter has been released. The situation looks better than the 1st quarter but a lot of companies still remain in the red. Hanjin Shipping recorded operating profit of 73.9 billion Won according to their consolidated financial statement, which is a successful turnaround in 6 quarters after turning to deficit in the 1st quarter last year. The company suffered an operating loss of 170.3 billion Won in the 2nd quarter of 2011. Against the expectations of returning to profit, Hyundai Merchant Marine(HMM) failed to be in the black in th
While the competition between Korea and China in shipbuilding industry is as fierce as ever, the received order quantity in both dockyards has sharply fallen. Oversupply of vessel tonnage had a strong impact on the fall of new orders, the specialists analyzed. Though China is aggressively promoting marine plant business, it hasn't lead to a tangible achievement. Shippers' Journal looked into the received order quantity in the shipyards of two countries. Domestic shipbuilding market seemed to turn for the better with order quantity of 3.31 million CGT in the first half of this year. It accounte
Yeosu Gwangyang Port Authority(YGPA) is holding the 7th ‘International Gwangyang Port Forum' from 15th until 17th August at the Renaissance Hotel, Seoul marking their 1st anniversary. Currently the port of Gwangyang is ranked 16th in the world ports based on annual container handling capacity of 5.48 million TEUs boosted by high-tech container terminals and huge hinterlands. Just in time for the forum, we had an opportunity to interview Mr. Lee Sang-jo, the president of YGPA and asked some questions about the current issues of the port. Q : Congratulate on 1st anniversary of YGPA! Could you g
It has been found that the Japanese earthquake of 2011 has had a great effect on the sharp increase in Korea-Japan trade volume via the port of Busan. The outbound sea traffic to Japan last year surged by 27.4% from the previous year recording 39.58 million tons while Jan-May period this year showed up 7.5% with 17.59 million tons. According to the report of 'One year after Japanese earthquake! The trend and prospect of logistics between Korea and Japan' published by the Korea International Trade Association(KITA), the rise in outbound traffic this year has important significance considering t
The port of Inchon is going through continuous decrease in cargo traffic. The container traffic handled in the first half recorded 956.449TEUs, which is down nearly 1.0% compared with the same period last year. If the situation went on, Inchon Port Authority(IPA) wouldn't be able to achieve their goal of leaping to the world's top 50 ports this year. Although Inchon's container traffic in 2011 hit an all-time high with 1,983,000TEUs, up 4.2% compared to the previous year, it didn't pass 2 million TEU barrier. On the contrary to last year's increasing trend, the situation at present looks criti
European shipping lines' domination in the world container shipping market is on the increase. In spite of continuous shipping recession triggered by eurozone financial crisis and oversupply of vessels, European shipping companies are more and more thriving. Their share in the world liner market accounted for 53% as of Jan. 2012, which is up 20 percent point from 33% of 1995. Vessel tonnage rate for Korea's Hanjin Shipping and Hyundai Merchant Marine(HMM), on the other hand, went through sharp fall compared with number 1 carrier from 47% and 30%(1995) to 19% and 13% each in Jan. this year. Kor
Hyundai Merchant Marine(HMM) is actively driving environment-friendly management. The company recently received a certificate from Korean Register(KR) that verifies greenhouse gas inventories as to all the vessels, terminals and even offices operated by HMM. As a result, total quantity of greenhouse gas emitted in 2011 was 7.41 million ton CO2-eq(equivalent emission), which decreased by 6.5% compared to the previous year of 7.93 million, Hyundai said. HMM submitted such a record verified by KR to CCWG(Clean Cargo Working Group), an affiliated organization of BSR(Business for Social Responsibil
The Ministry of Land, Transport and Maritime Affairs(MLTM) has announced that container traffic of whole Korean ports in June is expected to record 1.869 million TEUs, which is up 4.7% from the same month previous year(1.785 million TEUs). Among the total traffic, export/import cargoes anticipates to be 1,145,000 TEUs(4.1%↑), transshipment cargoes 690,000 TEUs(7.2%↑), and coastal cargoes 34,000 TEUs(19.2%↓). While the recovery is being delayed due to uncertainty of world economy and China's sluggish economic growth, export/import cargoes will slightly increase by 4.1%(45,000 TEUs) compared wit
The liquidity of ocean-going shipping companies in Korea appears to have continuously got worse since global recession in 2008. Consequently their business environments are badly affected as shown in difficulty getting additional loan from financial institutions. Focusing a discussion on the liquidity crisis in Korean shipping companies, Korea Maritime Institute(KMI) urged the government to come up with the solutions at the recent seminar on shipping market condition. As of 2011, short-term debt of the shipping companies increased by 2.3 times over the previous year. Total 190 domestic shippin
CyberLogitec Corp., an IT solution provider for logistics, announced that they recently delivered the document automation solution named 'D-Cube' to Hanjin Shipping so as to ease dealing with hundreds of thousands of shipping request(S/R) documents. Hanjing Shipping is expect to enhance their productivity and customer satisfaction rate by switching previous fax and e-mail base S/R to auto-input mode. Actually, document handling time has turned out to be reduced by 50% after introduction of D-Cube. It is common that S/R is conveyed through homepage or EDI whatsoever run by shipping company or V
Hyundai Logistics Corp(HLC), a total logistics enterprise as a member of the Hyundai Group, will purchase and operate the Asia's largest high-tech logistics center. The company recently announced an agreement to run a 'Osan logistics center' currently being built in Osan city, Kyeonggido for the next 7 years. HLC was also given a purchase priority for the center as of 2019 at the time the agreement is expired. Osan logistics center is scheduled to be completed in July. The center is 28 times as big as football stadium with total floor area of 200,291㎡ (plottage of 54,919㎡), which is the bigges
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