Port of Ulsan July cargo volume rises 12.8% from a year earlier as liquid cargo increases

【Financial News Ulsan=Choi Soo-sang】 The Port of Ulsan handled 18.32 million tons of cargo in July, up 12.8% from 16.24 million tons a year earlier. That was the third-highest monthly figure in the past five years. 
According to the Ulsan Port Authority on the 31st, the July performance was driven by the diversification of liquid cargo import sources. The port handled 15.17 million tons of liquid cargo, up 17% from 12.96 million tons a year earlier. The increase came from expanded imports of crude oil from non-Middle Eastern sources and higher imports of crude oil from the United Arab Emirates that was shipped without passing through the Strait of Hormuz. 
Liquid cargo normally accounts for more than 80% of the Port of Ulsan's total cargo volume.
By contrast, container cargo came to just 26,537 TEU, down 14.2% from 30,918 TEU a year earlier.
General cargo also fell 2.4% from a year earlier to 2.81 million tons, despite an increase in trade volume for other ores, as lower trade in steel products and anthracite weighed on the total.
Byun Jae-young, President and CEO of the Ulsan Port Authority, said, "The Port of Ulsan is recovering cargo volume based on its solid port competitiveness, even under difficult conditions marked by continued external uncertainty." He added, "We will continue to strengthen monitoring of crude oil supply volatility until uncertainty in the Middle East is resolved."

[email protected] Choi Soo-sang Reporter