[June. 29^th, 2017. Incheon, Korea]

With the operation of LCL bonded warehouse in Incheon New Port, the logistics cost of importers and exporters using Incheon New Port is expected to be reduced and the foundation for activation of the New Port is expected to be reinforced. 

*LCL: As an acronym for Less than Container Load, it refers to small quantity freight that doesn’t fill up 1 container

Incheon Port Authority (www.icpa.or.kr, President B.H. Nam) revealed that a completion ceremony for Incheon Cross Dock Co., Ltd warehouse, one of 2 LCL bonded warehouses in Incheon New Port, was held in the afternoon of 29^th. The actual operation is expected to commence in the beginning of mid-July once various licenses and permits are completed. 

<General view of Incheon Cross Co., Ltd’s LCL bonded warehouse in Incheon New Port where the completion ceremony was held on the 29^th >

Incheon Port Authority (IPA) published a public announcement to recruit in-house companies in July last year in order to address the issue of the absence of LCL bonded warehouse that has been pointed out as a factor for increasing the logistics cost of import and export shippers using Incheon New Port. As a result, Incheon Cross Dock Co., Ltd and GNI Logitech Co., Ltd were designated as in-house companies for LCL bonded warehouse in Incheon New Port. 

^{<Completion ceremony for Incheon Cross Dock Co., Ltd’s LCL bonded warehouse in Incheon New Port was held on the 29th.>}

According to an official at IPA, the site concerned was reflected as a road site in ‘Incheon City’s 2030 General Plan’ but the detailed plan related to road establishment had not been confirmed. IPA delivered the details that ‘use of warehouse is possible pursuant to Road Acts’ numerous times and eventually, it was selected as an agenda for Incheon City’s Regulation Reform Committee, resulting in the establishment of LCL bonded warehouse in Incheon New Port. This is a model case study of regulation reform based on creating a bond of sympathy between IPA and Incheon City.

In the completion ceremony hosted on this day, B. H. Nam, President of IPA, Lee Ju Won, CEO of Incheon

Cross Dock Co., Ltd as well as over 100 executives and employees from relevant institutions, companies and groups participated. 

IPA hopes that following the operation of LCL bonded warehouse in Incheon New Port, more than

approximately 20,000 TEUs of container freight in a year would be newly generated. In addition, with the

omission of the bonded transportation process to the existing Inner Port and South Port, 8.6 billion Korean

Won of logistics expenses are expected to be reduced. 

B. H. Nam, the President of IPA revealed that “By reducing the logistics cost of importers and exporters using Incheon New Port, the competitiveness of each company will increase” and that “We will strive to improve

services and develop new services by actively reflecting the opinions of customers in the future”. 

Meanwhile, GNI Logitech Co., Ltd, the other LCL bonded warehouse in Incheon Port is expected to hold the completion ceremony in the afternoon of the 3^rd next month.