ULSAN < invest Korea

According to Yonhap News,

(ULSAN = Yonhap News) The Ulsan Port Authority (UPA) announced yesterday that it will implement a new cargo incentive program for freight ship companies at the Ulsan Port.

Currently, incentives are paid if a shipping line’s imported container volumes increase. Under the new criteria, the BPA will also consider handling performance of a shipping line.

The authority will divide freight ship companies into three groups and offer KRW 5 million to KRW 20 million according to performance outcomes of cargo handling operations. A cargo carrier will also earn KRW 7,000 per TEU for each additional container it moves through the port.

The total incentive payment by the UPA this year will be KRW 150 million.

The UPA expects that the new incentive program will boost import cargo volume, which only accounts for about 10 percent of the Ulsan Port’s total cargo volume.

Companies that handle more than 3,000 TEUs of imported containers are eligible to apply for the incentive program.

Last year, the Ulsan Port handled a total volume of 159,000 TEUs of imported cargos, up by 4.6 percent from a year earlier. The total cargo volume was 386,000 TEUs during the same period, up by 3.3 percent from 2013.

hkm@yna.co.kr

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Source Text

Source: Yonhap News (Mar. 13, 2014)

** This article was translated from the Korean.