THE Incheon Port Authority is continuing to invest in facilities to handle larger containerships to lower costs for shippers and become a regional hub. 

The effort is coupled with plans to construct an extra terminal by early 2016 that is to be managed by Hanjin Shipping, IHS media reports.

The project will expand the New Port to one million square feet and one mile, respectively, as part of the first phase of the authority's 'New Port development plan.

The second phase of the development plan calls for the addition of six more berths by 2020. A high-tech container terminal with a two-mile quay and 23 million square foot area for stacking.

This facility is to be built and the existing depth alongside of 46 feet will be deepened to at least 52 feet by 2018 to accommodate 13,000-TEU vessels.

"The port aims to keep up with the recent trend of mega-carriers and the increasing traffic volume from China and other developing countries," IPA's president Yoo Chang-keun was quoted as saying.

"Acquiring better infrastructure contributes to the economy as it improves the price competitiveness of Korean products by providing consignees and shippers in the metropolitan area with a more efficient logistics channel that saves time and cost," he said.

"Ultimately, the developments will make the port a logistics and tourist hub in the northeast Asia and contribute to national competitiveness."

At present Incheon New Port can dock 8,000-TEU ships with its five rail-mounted quay cranes with reaches of 22 rows, and 14 automated gantry cranes of five tiers and nine rows at the Sunkwang New Container Terminal. 

Mr Yoo said he remained cautious about the frenetic activity among the shipping companies competing for mega-ship orders. "The expansion of port infrastructure should not reckless, but must be carefully decided," he said.