Yeosu Gwangyang Port Authority Steps Up to Support Petrochemical Companies in Industrial Complex

Shipping Company and Shipper Matching Day Held
"Establishing a Cooperative System"

Yeosu Gwangyang Port Authority (President Park Sunghyun, hereinafter referred to as the Authority) announced on the 10th that it held a Shipping Company and Shipper Matching Day on the 9th to support major petrochemical companies in the Yeosu Industrial Complex that are struggling due to the recent downturn in the petrochemical market.

The Shipping Company and Shipper Matching Day was organized to provide networking opportunities by inviting 10 major petrochemical shippers from the Yeosu Industrial Complex and shipping companies from Gwangyang Port, to promote the differentiated logistics competitiveness of Yeosu Gwangyang Port, and to increase port cargo throughput.

Yeosu Gwangyang Port Authority recently held a shipowner and cargo owner matching day on the 9th to support major petrochemical companies in the Yeosu Industrial Complex facing difficulties due to the downturn in the petrochemical market. Photo by Yeosu Gwangyang Port Authority

On this day, the Authority requested shipping companies to open new shipping routes to address the shippers' concerns about "insufficient routes and vessel space," and actively worked to revitalize Gwangyang Port by identifying cargo demand by destination port from shippers and presenting this information to shipping companies to solve the issue of "insufficient regional cargo demand."

In particular, amid concerns over a global economic downturn, the Authority expects to significantly reduce logistics costs by analyzing cargo volumes by shipper and proposing current container liner service routes, thereby providing stable port logistics services.

The Authority stated that, based on the participating shipper (Company A), using regular liner routes at Gwangyang Port could save up to approximately KRW 8.6 billion in annual logistics costs.

In addition, the Authority has set "customer first," "active sales," "safe port," and "coexistence with the local community" as its four main management policies, and carried out about 164 comprehensive sales activities last year alone.

With the global shipping alliance (a group of major shipping companies connected by joint operation agreements) restructuring ahead, the Authority conducted port sales targeting global shipping companies, attracting seven new routes (including Europe and the Americas), greatly contributing to reducing corporate logistics costs.

This year, the Authority plans to continue actively reflecting issues such as developing new routes, strengthening corporate marketing, and improving routes for large vessels in its operations, further reinforcing its customer-first management in all areas.

Meanwhile, an official from the Authority stated, "This event served as a platform to seek practical solutions to overcome the difficulties in the petrochemical market and strengthen the competitiveness of the regional industry," and added, "We will continue to establish a close cooperation system between local shippers and shipping companies in the Yeosu Industrial Complex."