Business Monitor International


South Korea Shipping Report

Published 17 December 2014

  • 125 pages
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$1,295.00
South Korea Shipping Report

Exports are forecast to grow by just over 6% in 2015, down on the double-digit growth of 2014 (10.48%) which, nonetheless, should prove a boost to the country's shipping industry. In 2015, we expect to see a broadly similar situation as 12 months previous, with the Port of Busan once more leading the way in terms of year-on-year (y-o-y) tonnage throughput growth, while the Port of Incheon will lead in box terms.

In our view, the signing of the Korea-China free trade agreement (FTA) between the two close trade partners will benefit both parties, with the bigger portion of the economic benefits accruing to South Korea. According to South Korean government estimates, the implementation of the Korea-China FTA is expected to help boost annual trade volume between the two countries from USD229bn in 2013 to USD300bn in 2015. The agreement between Asia's fourth largest and largest economy is further expected to increase bilateral ties and further the currently warm South Korea-China relationship. China is currently South Korea's largest trade partner, accounting for more than a quarter of South Korean exports and 16% of Korean imports.

The FTA, which consists of 22 chapters, will lift trade and investment barriers in 17 economic sectors including investment, services, financing and government purchases. Furthermore, 90% of tariffs on goods traded between China and South Korea will be eliminated over the next 20 years. While the deal has been largely finalised, it needs to undergo a legal review before the FTA can be sent to the respective parliaments for ratification. The Chinese government therefore expects the FTA to be implemented by the middle of 2015.

Headline Industry Data

  • 2015 tonnage throughput at the port of Busan forecast to increase by 5.50%.

  • 2015 tonnage throughput at the port of Incheon forecast to grow by 2.00%.

  • Container throughput at the port of Busan is set to rise by 5.00% in 2015, while the port of Incheon is predicted to see a 10.0% increase.

Table of Contents

BMI Industry View
7
SWOT
10
Shipping
10
Political
13
Economic
14
Business Environment
15
Industry Forecast
16
Port Of Busan Throughput
16
Port Of Incheon Throughput
20
Table: Major Port Data (South Korea 2011-2018)
23
Table: Trade Overview (South Korea 2011-2018)
24
Table: Key Trade Indicators (South Korea 2011-2018)
25
Table: South Korea's Top Import Sources, 2004-2012 (USDmn)
26
Table: South Korea's Top Export Destinations, 2004-2012 (USDmn)
26
Market Overview
28
South Korea Container Shipping Overview
28
Industry Trends And Developments
34
Company Profile
37
STX Pan Ocean (STX)
37
Hyundai Merchant Marine (HMM)
41
Hanjin Shipping
45
Shipping - Global Industry View
52
Container Demand:
52
Container Supply:
59
Container Rates:
65
Global Company Strategy
69
Maersk Line
69
Mediterranean Shipping Company (MSC)
82
CMA CGM
87
Evergreen Line
97
COSCO Container Lines Company (COSCON)
104
Macroeconomic Forecasts
111
Downside Risks Rising From Corporate Korea
112
Table: South Korea - Economic Activity
113
Demographic Forecast
114
Table: South Korea's Population By Age Group, 1990-2020 ('000)
115
Table: South Korea's Population By Age Group, 1990-2020 (% of total)
116
Table: South Korea's Key Population Ratios, 1990-2020
117
Table: South Korea's Rural And Urban Population, 1990-2020
117

The South Korea Shipping Report has been researched at source and features latest-available data and Business Monitor International (BMI)'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