INCHEON Port Authority in South Korea is expecting the ports growth to be flat this year owing to lower cargo volumes to Europe, which is mainly attributed to the weaker spending power of Russia as a result of the sanctions.
"We will handle around 2.35 million or 2.36 million TEU this year and, conservatively, we expect to handle 2.4 million TEU in 2016," president of Incheon Port Authority, CK Yoo, was quoted as saying in a report by IHS Media. The port had originally targeted handling 2.6 million TEU in 2015.
The ports throughput in 2014 was 2.33 million TEU, accounting for nine per cent of South Koreas total container throughput. The port of Busan handled three-quarters of the countrys throughput with 18.6 million TEU.
Incheon Newport Terminal A is due to commence operations on March 1, 2016, according to Mr Yoo. The new terminal covers a total area of 1.5 million square feet, has a quay length of 2,624 feet, and a depth alongside of 46 feet.
The Incheon Port Authority opened Terminal B in 2014, allowing the port to accommodate 10,000-TEU ships for the first time.
"Before the expansion, we only handled cargo trade with North China and Southeast Asian countries," said Mr Yoo. "The average vessel size was 2,000 or 3,000 TEU. The effect of cascading means that now even regional services deploy 4,500-TEU ships. With the expansion, we can bring in different kinds of business and service markets further afield."