INTERNATIONAL Container Terminal Services, Inc. (ICTSI) said on Monday it welcomes the presence of a Taiwanese chartered vessel in Subic to mark the beginning of a new intra-Asian trade route from Subic Freeport.
Cape Fulmar, a 1,440-TEU (twenty-foot equivalent unit) chartered vessel of Taiwan’s largest shipping company, Evergreen Marine Corp., made an inaugural call in Subic on April 19 to launch the South Korea-Taiwan-Philippines (KTP) service.
The KTP was launched to boost regional trade among the three trading companies plying the ports of Incheon and Kwang Yang, South Korea; Kaohsiung, Taiwan; Batangas, Manila, and Subic Bay Philippines; and back to Kaohsiung.
“This is a welcome development as trade between Taiwan, Korea and the Philippines have been growing in recent years,” Robert Locsin, president of the Subic Bay International Terminal Corporation (SBITC), said in a statement.
SBITC is owned by the ICTSI Group.
Currently, the Subic Bay Freeport Zone hosts 52 Taiwanese companies with $500 million worth of investments.
Taiwan and Korea are the Philippines’ sixth and fifth largest trading partners, respectively.
Cape Fulmar is one of two vessels deployed in the KTP weekly service. The other vessel is the1,440 TEU-capacity Cape Faro.