Gwangyang Port expects 1.5 million TEU

Yeosu Regional Maritime Affaires & Fisheries Office set Gwangyang Port container wharf cargo expectations for 2004 at 1.5 million TEU (transshipment cargoes 424,000 TEU), representing an increase of 28% over 2003's 1.17 million TEU (transshipment cargoes 356,000 TEU).
The goal increased by 330 thousand TEU over 2003, according to the Gwangyang container wharf operation company. Expectations for some of the larger companies at the wharf are: KOREX 546,000 TEU, Hanjin Shipping 345,000 TEU, and Global Enterprise Ltd. 201,000 TEU. The numbers reflect expectations that all companies will handle 8~40% more cargo.
One insider from the office said, "We have faith that introducing the transshipment cargo incentive system, coastal shipping permission of foreign shipping and so on, will help develop Gwangyang Port," and added, "Shipping companies and operation companies will secure new cargoes actively and due to better terminal productivity through exchange of stevedoring equipment, like cranes, a steep cargo increase with phase 2-2 opening 4 berths, topping 1.5 million TEU won't present a problem."
Gwangyang Port container wharf has increased cargoes by 30% yearly on average since it opened in 1998, but the port increased cargoes by a meager 9% in 2003 due to strikes and space reduction. But business insiders said, "The goal is too high considering the actual results were only 1.17 million TEU and the original target in 2003 was 1.5 million TEU."