- HMM has partnered with other companies to operate a new, fully automated container terminal in Incheon, South Korea.
- The new terminal will boost Incheon Port’s annual capacity to 4.08 million TEUs. This marks HMM’s first involvement in a terminal in Incheon.
HMM is part of a consortium that has been chosen to operate a new container terminal in South Korea’s Incheon New Port Phase 1-2, reports the Loadstar.
First fully automated facility
The new terminal, the first fully automated facility in Incheon, opens in 2027 and, with three berths, can handle 1.38m teu yearly, enhancing the port’s annual capacity to 4.08m teu.
The other consortium members are South Korean intra-Asia carrier KMTC Line, 3PL Hanjin Transportation, LPG trading group E1 Corp and terminal specialist Sun Kwang.
It will be the first time South Korea’s flagship carrier is involved in a terminal in Incheon; the company had been operating terminals in Busan and other countries.
HMM’s spokesperson told The Loadstar: “HMM’s involvement in operating the terminal at Incheon New Port is a strategic move to enhance the company’s competitiveness and expand our business.”
Exports to the US, China and Vietnam increase
Incheon, being the main gateway to the Seoul metropolitan area, has seen exports to the US, China and Vietnam increase in recent years. In 2023, Incheon’s container traffic stood at 3.45m teu, a record high. Volumes for this year are expected to top 3.5m teu.
Incheon accounts for nearly 80% of the nation’s used car exports. Last year, exports of used cars hit 500,000 units, exceeding the previous high of 400,000 in 2019. Approximately 80% are exported in containers, significantly contributing to the increase in box traffic.
Incheon Port has expanded its container routes, adding eight last year, bringing the total to 70. New stops were added in the Middle East and Bangladesh, and a route to Indonesia was also opened.
Growing e-commerce trade between South Korea and China, as well as rising seafood exports have led to more containers and reefers being processed in Incheon.
IPA president Lee Kyung-kyu said: “We will strive for the new terminal’s success and achieve Incheon port’s goal of 5m teu annually by 2030.”
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Source: The Loadstar
