Yeosu·Gwangyang Ports Handle 145 Million Tons of Cargo in First Half of This Year

Export and Import Cargo 128 Million Tons... Maintaining No.1 Status Domestically

Expected to Exceed This Year's Target Volume of 295 Million Tons

[Asia Economy] Yeosu Gwangyang Port Authority (President Cha Min-sik) announced on the 2nd that the total cargo volume handled at Yeosu and Gwangyang Ports in the first half of this year (January to June) reached 145 million tons, an increase of 5.8% compared to the same period last year.

Despite the global economic difficulties caused by COVID-19, Yeosu and Gwangyang Ports handled 128 million tons of import and export cargo, firmly maintaining their status as the top port in South Korea for import and export cargo handling.

The authority expects to smoothly achieve this year's target cargo volume of 295 million tons.

By item, steel-related cargo played a leading role in growth, recording 50 million tons, a 15% increase compared to the same period last year, thanks to the unprecedented boom in the steel industry.

Petrochemical cargo handled 75 million tons, a 2.6% decrease compared to the same period last year, due to reduced demand in the petrochemical industries of South America, China, India, and other regions caused by COVID-19.

Container cargo volume was 1.01 million TEU, a 7.9% decrease compared to the same period last year, influenced by COVID-19 and other factors.

The decrease in container cargo volume was analyzed by the authority as being due to frequent skips on deep-sea routes caused by congestion at North American ports and a significant reduction in transshipment cargo following the restructuring of deep-sea shipping fleets.

Accordingly, the authority revised this year's container cargo volume target to 2.18 million TEU, a 1.0% increase compared to last year.

An official from the authority stated, "Although there are many difficulties in the shipping environment due to COVID-19 and other factors, all employees will do their best to achieve the target cargo volume through productivity improvements such as the integration of container terminals."

Gwangyang = Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik hss79@asiae.co.kr