Cargo throughput at the Port of Ulsan fell 18.1% year on year in August amid the impact of the Strait of Hormuz blockade

【Financial News Ulsan=Choi Su-sang, Reporter】 Cargo throughput at the Port of Ulsan fell 18% year on year last August. Throughput totaled 14.52 million t this year, down from 17.73 million t last year.
According to the Ulsan Port Authority on the 20th, liquid cargo was the main driver of the decline. It accounts for more than 80% of the Port of Ulsan's total throughput and fell 14.9% year on year. By major category, crude oil fell 18.0%, petroleum products declined 14.7%, and chemicals decreased 10.6%. Crude oil briefly increased in July as imports of non-Middle Eastern crude expanded, but returned to a downward trend as instability in the Middle East continued, including another blockade of the Strait of Hormuz.
By contrast, petroleum gas and other gases rose 2.3%. On a cumulative basis from January through August, they increased 21.9% from the same period a year earlier. The increase was attributed to higher liquefied natural gas (LNG) imports following the full-scale commercial operation of Energy Hub Phase 1 (KET).
General cargo fell 34.1% year on year. Vehicle and parts shipments dropped as much as 46.6% due to fewer operating days during the automobile industry's summer vacation period and production disruptions at some automakers.
Container throughput totaled 27,590 TEU, down 1.7% year on year. The cumulative total through August was 216,761 TEU, a 7.6% decrease from the same period a year earlier.
The Ulsan Port Authority said that changes in external conditions, including the situation in the Middle East and production and export conditions in the region's key industries, are having a major impact on cargo throughput at the Port of Ulsan. It added that it is monitoring the flow of major cargoes.

[email protected] Choi Su-sang Reporter