TIPC Ports Expand Revenue and Volume in 2024, Weathering Significant Global and Domestic Challenges

In its 2024 corporate performance report released today (January 9th, 2025), Taiwan International Ports Corporation (TIPC) details continued stable growth in its core business areas as well as progress in new growth areas such as offshore wind power business, waterfront development, and cross-sector investments. The NT$22.8 billion in total revenues for the year marks an all-time high for the company, while port cargo-handling (690 million RT) container-handling (13.92 million TEU) volumes both reflect increases over 2023.

TIPC Chairman Hsien-yi Lee pointed to numerous difficult challenges facing shipping last year leading to the global shipping sector growing by only 3.2% in 2024, which is below the 20-year average. However, he noted, TIPC made healthy gains in 2024 in spite of softer global demand for goods due to shipping threats in the Red Sea, war in Ukraine, and other challenges as well as the significant domestic disruptions to business and commerce caused by the 0403 Earthquake and Typhoon Krathon. Against these strong headwinds, TIPC remained on course, successfully pushing forward with multiple new investment promotions and infrastructure projects. Chairman Lee highlighted the full-scale opening of Port of Kaohsiung's new 7th Container Terminal in 2024 as a major new TIPC milestone. Taiwan's first automated smart container terminal, capable of handling four of today's largest 24,000TEU-class container ships simultaneously, is designed to handle up to 6.5 million TEU annually. Other key projects completed last year include land reclamation for phase 2 of Taipei Port's new logistics and warehouse district, completion of a new wharf at Anping Port (Wharf No. 11), and the refurbishment and expansion of passenger terminals at Suao Port and Port of Hualien. Furthermore, in line with national energy policies, infrastructure construction related to stage-3 wind farm development plans and future new energy development projects continued apace in 2024 at Port of Taichung's Wharf Nos. 37 & 38 and South Reclamation District. Also, the strong upswing in post-pandemic tourism saw 900,000 passengers handled through TIPC ports in 2024, already topping 85% of the pre-pandemic peak.

Long-term efforts to forge twin transition to address both digital and sustainability in TIPC ports continued through 2024, particularly in the areas of smart security system improvements and new AI applications, with vessel navigation anomaly detection and warning capabilities integrated into port VTS systems and AI-based image-recognition technologies integrated into port automated-gate lanes. The latter has reduced vehicle clearance time from 4 minutes to 10 seconds, further streamlining supply chain flows. In terms of sustainability, work to install smart energy-management systems at all TIPC ports wrapped up in 2024. These systems will effectively reduce port energy consumption by 7~10% and will be extended to port energy storage and power generation systems to maximize the amount of recovered and renewable energy used and further reduce the carbon footprint of port operations. To encourage port businesses to transition to green energy in line with global sustainability trends, TIPC launched the Green Port Incentive Program last year to incentivize "clean vessels" calls at TIPC ports, port businesses upgrading to electric-powered cargo handling equipment, and visiting vessels making use of shore-power systems for onboard power needs while at berth. As of the end of 2024, 11 high-voltage shore-power systems were operational at TIPC ports in Taiwan. Also last year, showing the fruit of TIPC's ESG efforts, the company earned a number of important corporate sustainability-related awards and honors, including the Executive Yuan's Integrity Award, the TCSA Corporate Sustainability Reports (CSR) Gold Award for the Transportation Sector, the TCSA Corporate ESG Performance Award for Circular Economy Leadership, HR Asia's "Best Companies to Work for in Asia" award, and a 104 Job Bank "Best Employer Award".

Chairman Lee stressed that over the course of 2025, TIPC would continue to steadily develop and expand port infrastructures. Key related projects include renovation works of deep-water wharves at Port of Kaohsiung's 3rd and 5th Container Terminals, reclaiming new land for phase 4 of Taipei Port's logistics and warehouse district, and effecting major improvements to passenger service and processing facilities in Magong Port's administrative building. In 2025, TIPC looks to grow handled cargo volume by 3% across its port group and increase the number of passengers processed through TIPC ports to at least 1 million. In terms of new opportunities for private sector businesses, TIPC plans to announce bids in 2025 attracting around NT$3.37 billion of private investment that are expected to generate some 1,300 new full-time job opportunities. Finally, TIPC will, by continuing with ongoing carbon inventory work, fine-tuning port carbon-emissions roadmaps, setting guidelines for new-construction carbon emissions, securing PAS 2080 certification, and the readiness of green-fuel bunkering service in port of Kaohsiung, lead the ports to state-of-the-art sustainable and smart port operations.

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