South Korean port city Masan, which has been struggling to raise throughput volumes, has seen a breakthrough with the opening of Gapo New Port.
Masan Regional Oceans and Fisheries Administration said the city, which is in Gyeongnam province, has handled 7.351 million tonnes of cargo in the second quarter of 2015 (2Q15), up 12% year on year (y/y) from the 6.568 million tonnes handled in 2Q14 and attributed the growth to Gapo New Port’s opening on 30 January 2015.
This was evident in Masan’s container volumes, which rose 69% y/y to 6,288 teu.
Year on year growth was seen for both imports and exports.
Imports rose 8.3% to 1 million tonnes, while exports rose 13.2% y/y to 2.595 million tonnes.
Domestic cargo volumes rose 12.1% y/y to 3.755 million tonnes.
The cargoes comprised vehicles, sand, cement, oil, and iron products.
Vehicle exports, in particular, enjoyed strong growth, rising 29% y/y in 2Q15, with many heading for Mexico and the United States.
Masan has been working at getting South Korean shippers and shipping companies to use its ports by offering incentives.