South Korea Shipping Report

Published 29 June 2015

  • 110 pages
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$1,295.00
South Korea Shipping Report

BMI View: Our forecasts for Busan and Incheon, South Korea's two largest ports, reflect our concerns over a strengthening won, a slowdown in Chinese growth and uncertain demand among other key export partners. We have downgraded our forecasts for 2015 relative to 2014. For Busan we expect tonnage throughput to increase by 4.46%, down from 2014's 6.71%, while at Incheon we expect growth of 2.19%, a fall from 2014's 2.72% growth.

South Korea's exports declined in April, as the won's strength began undermining the competitiveness of sales abroad. This has an impact on the country's shipping industry, with shipments overseas falling by 8.1% year-on-year in April 2015, according to the Ministry of Trade, Industry and Energy. Bloomberg quoted Suh Dae Il, a Seoul-based economist for Daewoo Securities Co, as saying: 'Recovery in South Korea's export destinations including Europe remains uncertain, and the won's relative strength is also negative for exports.' A weak Japanese yen and falling Chinese demand will also provide headwinds to exports in 2015.

Headline Industry Data

  • 2015 tonnage throughput at the port of Busan forecast to increase by 4.46%.

  • 2015 tonnage throughput at the port of Incheon forecast to grow by 2.19%.

  • Container throughput at the port of Busan is set to rise by 5.52% in 2015, while the port of Incheon is predicted to see a 10.00% increase.

  • Real total trade growth in 2015 is set to be 2.15%.

Key Industry Trends

New Far East-Latin America Service Launched

In March 2015 Hanjin Shipping, Hyundai Merchant Marine and Yang Ming Marine Transportation Corporation announced plans to establish a new service linking the Far East with the west coast of Central and South America from July 11 2015. The WLX (West Latin Express) or SA2 (South America Loop 2) service will be operated with 10 4,500-5,500 twenty-foot equivalent units (TEU) ships on a weekly basis. The port rotation will be Shekou, Kaohsiung, Ningbo, Shanghai, Busan, Manzanillo (Mexico),...

Table of Contents

BMI Industry View
7
SWOT
10
Shipping
10
Political
12
Economic
13
Operational Risk
14
Industry Forecast
17
Port Of Busan Throughput
17
Port Of Incheon Throughput
21
Table: Major Ports Data (South Korea 2012-2019)
24
Table: Trade Overview (South Korea 2012-2019)
26
Table: Key Trade Indicators (South Korea 2012-2019)
26
Table: Main Import Partners, 2006-2013, USDmn
28
Table: Main Export Partners, 2006-2013, USDmn
28
Market Overview
30
South Korea Container Shipping Overview
30
Company Profile
35
Pan Ocean
35
Hyundai Merchant Marine (HMM)
40
Hanjin Shipping
44
Shipping - Global Industry View
52
Container Lines To Prosper In 2015
52
Global Company Strategy
57
Maersk Line
57
Mediterranean Shipping Company (MSC)
68
CMA CGM
74
Evergreen Line
84
COSCO Container Lines Company (COSCON)
91
Macroeconomic Forecasts
100
Economic Activity
100
Government Spending Will Provide Some Support-
101
But Insufficient To Overcome Headwinds
102
Table: Economic Activity (South Korea 2009-2018)
104
Demographic Forecast
105
Table: Population Headline Indicators (South Korea 1990-2025)
106
Table: Key Population Ratios (South Korea 1990-2025)
106
Table: Urban/Rural Population & Life Expectancy (South Korea 1990-2025)
107
Table: Population By Age Group (South Korea 1990-2025)
107
Table: Population By Age Group % (South Korea 1990-2025)
108

The South Korea Shipping Report has been researched at source and features latest-available data and BMI Research's independent forecasting, critically analysing international transport of dry bulk and containers. The report evaluates the global commodities and trade backdrop, alongside in-depth country-specific analysis of trade prospects. The report also contains company profiles covering leading multinational and national shipping companies and analysis of latest industry news, trends and regulatory developments in South Korea.

BMI's South Korea Shipping Report provides industry professionals and strategists, sector analysts, business investors, trade associations and regulatory bodies with independent forecasts and competitive intelligence on the shipping industry in South Korea.

Key Benefits

  • Benchmark BMI's independent shipping industry forecasts for South Korea to test other views - a key input for successful budgeting and strategic business planning in the Korean shipping market.
  • Target business opportunities and risks in South Korea through our reviews of latest industry trends, regulatory changes and major deals, projects and investments.
  • Exploit the latest competitive intelligence and company SWOTS on your competitors and peers including multinational and national companies.

Coverage

BMI Industry View

Summary of BMI's key industry forecasts, views and trend analysis covering shipping, major investments and projects and significant multinational and national company developments.

SWOT Analysis

SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis of the state's shipping sector, which carefully evaluates the short- and medium-term issues facing the industry.

Market Overview

Analysis of the capacity, terminals and planned development of the major ports in each country, including data on throughput and total tonnage.

Industry Forecast Scenario

Historic data series (2008-2012) and forecasts to end-2018 for all key industry and macroeconomic indicators (see list below), supported by explicit assumptions, plus analysis of key downside risks to the main forecast, including:

Major port freight throughput (tonnes/teu); overall freight throughput (teu); total imports (US$bn) and exports (US$bn).

Company Profiles

Company profiles include business activities, leading products and services, company strategy, trends and developments and economic performance analysis.

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Testimonials

'An essential, multi-faceted research tool. BMI’s thorough understanding of the major market players enables an informed – and informative – review of the sector’s actual performance, together with useful insights into current industry issues, which are topped-off with detailed and invaluable forecasts of industry and macroeconomic trends.’

Senior Research Analyst, ABC International Bank plc