The first container vessel in the new South Korea-Taiwan-Philippines (KTP) service has arrived at the International Container Terminal Services, Inc. (ICTSI)-operated Subic Bay Freeport container terminals, signaling the start of the new Intra-Asian trade route.
New container terminals 1 and 2 serviced the 1,440-TEU capacity Cape Fulmar’s inaugural call in Subic on April 19, marking the launch of the KTP service in the Philippines. Around 400 TEUs were jointly serviced by ICTSI subsidiaries Subic Bay International Terminal Corp. (SBITC) and ICTSI Subic, Inc.
Cape Fulmar is one two vessels deployed in the KTP weekly service. The other vessel is the 1,440 TEU-capacity Cape Faro.
Launched by Taiwanese carrier Evergreen Marine Corp, the KTP service is expected to boost regional trade between the three trading economies, plying the ports of Incheon and Kwang Yang, South Korea; Kaohsiung, Taiwan; Batangas, Manila, and Subic Bay, Philippines; and back to Kaohsiung.
“We are glad that Evergreen has chosen Subic as a key port of call for the KTP service. This is a welcome development as trade between the Taiwan, Korea and the Philippines have been growing in recent years,” Roberto Locsin, SBITC President, said.
The Subic Bay Freeport Zone currently hosts 52 Taiwanese companies with USD 500 million worth of investments.