Hanjin Launches Full-Scale Fundraising for Construction of Incheon Global Logistics Center

(From left) Baek Seung-kyo, CEO of Dongdong Shipping, Kim Yang-su, President of Korea Ocean Business Corporation, Ryu Kyung-pyo, CEO of Hanjin Co., Ltd., Ryu In-kwan, CEO of Incheon Global Logistics Center Co., Ltd.

[Asia Economy Reporter Dongwoo Lee] Hanjin announced on the 8th that it has signed a business agreement with Dongyoung Shipping Co., Ltd. and Korea Marine Transport Finance Corporation to support funding for the Incheon Global Distribution Center (IGDC).

According to this agreement, the Marine Transport Finance Corporation will establish a fund to provide the necessary capital for creating the operational foundation of the project, including the construction of the logistics center.

Last year, Hanjin formed a consortium with Dongyoung Shipping and was selected as a tenant company for Phase 1-1 of the Incheon New Port hinterland complex. This consortium established a joint venture, Incheon Global Distribution Center, in March of this year.

They plan to complete the logistics center by May next year, establish the project foundation, and begin full-scale operations such as export-import container cargo storage services.

A Hanjin official stated, "This agreement has secured a stable operational foundation for the Incheon Global Distribution Center," adding, "We expect to provide services linking the port and container hinterland complex to customers using Incheon New Port, and also contribute to the revitalization of Incheon New Port."