270 billion won in losses from domestic port congestion

270 billion won was lost due to congestion in domestic ports in 2002.
The Ministry of Maritime Affairs and Fisheries submitted a report for government inspection to Mr. Taeyul Huh of the agriculture and maritime committee in the National Assembly. The report stated that average congestion rates in domestic ports 2002 rose to 3.9%, up 0.6% over the previous year. Congestion rates refer to the number of vessels that fail to enter the port as scheduled divided by number of incoming vessels. The congestion gave birth to delayed vessel circulation rates, overdue goods-delivery and additional warehouse storage, costing 270.1 billion won directly and indirectly 25.5% more.
Pohang showed 17% congestion rates, in which 460 out of 2,704 vessels couldn? get into the port on time last year. Gwanagyang, Mokpo and Inchon marked high congestion rates at 8%, 6.5% and 6.4% respectively. Inchon lost the most due to the congestion, 91.1 billion won, Pusan followed with 59 billion won, Ulsan with 41.1 billion won, and Pohang with 32.2 billion won in losses.
Mr. Huh pointed out that considerably more additional port hinterlands and related infrastructure would be needed in order to lower congestion rates. He also said that port facilities investment share of Social Overhead Capital must expand above the current 7~8% to more than 10%.