• Title/Summary/Keyword: Drewry

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A Study on the Alternative Establishment of Global Terminal Operator(GTO) and Improvement of Legal System (글로벌 터미널 운영사(GTO) 설립의 대안설정 및 관련 법 제도의 개선방안에 관한 연구)

  • Sim, ki-sup
    • Journal of Korea Port Economic Association
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    • v.36 no.1
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    • pp.1-22
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    • 2020
  • The global container terminal market is predicted to see continued future volume growth. According to Drewry, global container shipments rose by 6.3% year-on-year to 750 billion twenty-foot equivalent units (TEUs) in 2017 and are forecast to experience continued growth to 9.3 billion TEUs in 2022. According to IHS Markit, the global terminal operator (GTO) market is forecast to grow more than 10% annually, up from $2.4 billion in 2017, to exceed $3 billion by 2022. However, Hyundai Merchant Marine is the only real GTO in Korea. In particular, the shipping and port markets are facing drastic changes, both at home and abroad, including a slowdown in the growth of domestic export and import shipments, environmental changes in the container market caused by the trade frictions between the US and China, and increased changes in container shipments caused by the trade frictions between Korea and Japan. In this study, we propose ways for domestic companies to participate in the continuously growing GTO market. After analyzing the current status of the global GTO market, the government expressed a desire to explore ways to establish GTOs through the Port Authority and the Korea Ocean Business Corporation. Therefore, four types of establishment plans were proposed, along with a legal framework for the establishment of GTOs.