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South Korea Shipping Report Q3 2009Published by: Business Monitor International Published: Jul. 10, 2009 - 87 Pages Table of Contents
AbstractSouth Korea's shipping industry, the fifth largest in the world, has been one of the worst affected by thedownturn in sea-freight demand during the first three months of 2009. Seoul-based firm Samsun Logixfiled for bankruptcy in March citing a 'meltdown' in the dry bulk shipping market. To aid the country'sshipping industry, the South Korean government, through Korea Asset Management Corporation(KAMCO), has created a special fund to buy idle vessels that would otherwise have to be scrapped orsold to overseas lines at a low cost. Maeil Business Newspaper & MK Inc. reports that 62 vessels are to bepurchased for 3-4trn won.Throughput trends at South Korea's ports, BMI believes, will follow the pattern set by the country's tradesector in 2009. We predict that both imports and exports will fall, by 15% and 5% respectively. Arecovery is set to begin in 2010 with total trade growth forecast to increase by 3.8%. An average yearlygrowth of 4.9% between 2011 and 2013 is predicted after that. In 2009, we expect total throughput at the Port of Busan to decrease to 218.5mn tonnes, representing12.0% fall on 2008. We anticipate the recovery of throughput volumes to start in 2010. In the mid-term(2011-2013) we expect handling to increase by 4.7% on average a year, with the 2008 figure to beexceeded in 2012. According to our forecasts, in 2013, port's throughput will amount to 267.0mn tonnes.Container handling at the port, according to our estimates, will fall by 11.8% to 11.835mn TEUs in 2009. The recovery will start in 2010, and in 2012 the port will surpass its 2008 handling figure of 13.426mnTEUs. In the mid-term, between 2011 and 2013, the growth will continue by 4.1% per year on average. In2013, we expect the port to handle 14.092mn TEUs. The total cargo handling of the Port of Incheon is expected to decrease to 132.2mn tonnes in 2009,representing 6.8% fall on 2008, when the port handled 141.8mn tonnes of cargo. We anticipate therecovery of throughput volumes to start in 2010. In the mid-term (2011-2013) we expect handling toincrease by 3.0% on average a year, with the 2008 figure to be exceeded in 2012. According to ourforecasts, in 2013 the port's throughput will amount to 148.8mn tonnes. The handling of containers at the port, according to our estimates, will fall by 10.6% to 1.522mn TEUs in2009. The recovery will start in 2010, and in 2011 the port will surpass its 2008 handling figure of1.703mn TEUs. In the mid-term, between 2011 and 2013, the growth will continue by 7.3% per year onaverage. In 2013, we expect the port to handle 2.025mn TEUs. As well as an in-depth analysis of South Korea's shipping sector, BMI's Q309 South Korea ShippingReport offers a global overview of the dry bulk, liquid bulk and container sectors and overviews of the 11largest shipping lines and their strategies over the quarter to weather the downturn in trade volumes. Get Full Details About This Report >> |
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