Positive Outlook for Q4 Due to Increased Inbound and Outbound Cargo Volume
Yeosu Gwangyang Port Authority (President Park Seong-hyun, hereinafter referred to as the Authority) announced that from June to September 2023, Gwangyang Port handled 640,000 TEUs of container cargo, a 12% increase compared to the same period last year (570,000 TEUs handled).
Looking at the quarterly changes in container cargo volume in 2023 compared to the previous year, the first quarter saw an 18.1% decrease, the second quarter a 5.6% decrease, the third quarter a 13.5% increase, and the fourth quarter a 15.4% increase, showing an upward trend in the second half of the year.
It is analyzed that the Authority’s efforts such as more than tripling on-the-ground sales activities compared to the previous year, the campaign to add one shipping company and one route each, Y.E.S. Day* customer-first management, and providing low rental fees and equipment support to container operators have positively contributed.
In particular, the recovery of export-import cargo volume has been remarkable due to the attraction of seven new routes this year, including two deep-sea routes (Europe and Latin America).
Examining the monthly changes in container export-import cargo volume in 2023 compared to the previous year, August saw an increase of 10,000 TEUs, and September an increase of 26,000 TEUs, with the attraction of two deep-sea routes significantly boosting regional export-import cargo inflow.
Meanwhile, an Authority official stated, “To accelerate the increase in container cargo volume, we will continue comprehensive marketing activities to attract new deep-sea routes among the 82 weekly scheduled routes at Gwangyang Port.”
Gwangyang = Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik hss79@asiae.co.kr
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