Maersk Korea keeps top place for agency fees

Maersk Korea repeated last year's performance, topping the agency fee results during the first quarter of 2001.

According to recently released reports from the International Shipping Agencies Association of Korea (ISAAK), Maersk Korea earned 2.21 million dollars during the first three months in 2001. This is 640 thousand dollars more than Woosung shipping, a domestic agent for the Israeli line Zim, which came in second with 1.57 million dollars. Evergreen Korea, joint ventured with another company this year, and marked third place, posting 808.98 thousand dollars. The monetary difference between second and third totaled 770 thousand dollars, a little larger that of first and second. The top three companies did not show any changes in their positions compared to the same period a year earlier.

Suhjin Agency jumped three steps to fourth from seventh a year earlier, with 802.84 thousand dollars. Pan Continental Shipping also upgraded its ranking one step to fifth with 782.37 thousand dollars.

While MSC Korea and Barwil Hyop Woon Agencies Ltd. made great strides during this period, OOCL Korea plummeted sharply by thirteen steps from fourth a year earlier.

Total member companies' agency fees decreased by 12.5 percent to 27.67 million dollars from 31.63 million dollars during the first three months last year. The number of member companies registered with ISAAK slightly increased to 317 from 312 last year. The average agency fee per company decreased to 87,289 dollars, falling 13.9 percent from 101,382 dollars.

The top 10 agencies took 34 percent of the total, or 9.4 million dollars, a slight decrease compared to last year's 35.9 percent.

For the January to March period, cargo amounts reflected the recent economic recession. Import cargoes shrank by 29.5 percent and exports by 11.9 percent.

Amongst import cargoes, general cargoes amounted to 25.8 million R/T (Revenue Ton), a decrease by 32.2 percent from 38.1 million R/T. Container cargoes also slowed to 242,128 TEU, a decline of 9.6 percent.

Export cargoes also mirrored the economic slump with a drop of 11.9 percent. General cargoes and container cargoes declined by 16.4 percent to 12,225,458 R/T and 3.5 percent to 389,379 TEU, respectively, from a year ago.