Port of Inchon lower port lease fees

Inchon Regional Maritime Affairs and Fisheries decided to adjust the TOC (Terminal Operating Company) terminal lease fee to lower than originally planned by the Ministry of Maritime Affairs and Fisheries (MOMAF), and apply detailed increase plans for the headquarters within the third week of June. By this plan, the terminal increasing lease rates in this year will slow down to a little less than the 13.8 percent that MOMAF had originally set.

The Inchon Port Stevedoring Association held the hearing and discussions about the project of lease fee increases related with the TOC. The Inchon TOC includes representatives from Korea Express, Sunkwang, and the Youngjin Corporation.

"While the Port of Inchon couldn't recover cargoes after the Asian Currency Crisis, even declining or stagnating, it is hard to expect cargoes to increase in the wake of additional charges, extra costs, and huge security expenses in the Port of Inchon, and neighboring Port of Pyoungtaek supplied and invested by the government. And even under these rather oppressive conditions, we only asked to fix the rates increases to the same level as the last year," the Inchon Port Stevedoring Association revealed.