A new international passenger terminal is being built in the port of Inchon. Inchon Port Authority(IPA) held a groundbreaking ceremony at A-am logistics complex(No.2) on 19th Sep. and began the construction. The project is on target to develop facilities which include 1 berth for the 150,000 ton class cruise vessel to come alongside, 7 berths for 30,000 ton class car-ferry boats and 1 passenger terminal building. There will be an investment of 560 billion Won until 2016. The construction will be progressed through 3 stages ; 2 berths enabling 80.000 ton class cruise vessel to enter bearing 201
The pier with the depth of 20m is going to be built in Busan New Port for the first time in the nation. Busan Port Authority(BPA) announced that they would start substructure work for the 2-5 phase of new port's west container terminal within this month. The new pier will be designed for next generation's 20,000 TEU class container vessel to be able to berth. The 700m key wall will let the two vessels berth at once and handle 800,000 TEUs a year, which expects to contribute a lot to productivity improvement and strengthening competitiveness for the port of Busan. The construction order, which
It is reported that 56% of domestic exporters have gone through increase in logistics cost in the first half of this year. According to KORCHAM(Korea Chamber of Commerce)'s recent survey of the current status of traders' logistics, 55.7% of exporters answered 'Increased' to the question asking the change of outbound logistics cost during the first half this year compared with last year. The increase percent has turned out to be 16.3% on average. The leading cause was 'rising oil price'(71.4%). Then it was followed by 'rise in incidental expenses such as transportation and forwarding charge'(12
City Airport, Logis Travel Korea(CALT) held a signing ceremony of establishing a foreign investment joint company to operate Ung-dong logistics center in Busan(CALT Logis BUD). There were more than 40 attendees at the ceremony particularly CEOs of CALT, NRS Corporation(Japan), Orient Shipping and Sinokor, all of which participated into the joint company. These companies are planning to construct logistics center of total 13,000㎡ in the hinterland area located on the west of Busan New Port. The center is supposed to start construction in May next year and launch its operation in Jan. 2014. CA
Hyundai Merchant Marine (HMM)'s 60,000 ton class bulk ship 'Pacific Pride' achieved a certificate for environment friendly vessel from Korean Register(KR) on 31 August. KR started to issue a certificate as of 1st July to assess the vessel's environment friendly aspect and management competency of the shipping company after reviewing vessel operation, management and the level of implementation of IMO's environment related agreements. 'Pacific Pride' is the first case in the nation to receive the certificate. The ship is equipped with PBCF(Propeller Boss Cap With Fin), which is a device to elev
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
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